The Birmingham age-herald., 1903-09-29
Wall Street Spends Another
 Day of Gloom and Anxiety
LIQUIDATION NOT CHECKED
While Leading Brokers Say There Is No Real Danger Ahead, Traders Feel Very Uneasy and Fear
 Violent Break.

New York September 2S.--Wall street spent another gloomy day which was de- voted mostly to trying to puzzle out where the intending stream of liquidation came from, and what caused 1t. Infor- nation on the subject, or even authorita- tive opinions, were extremely hard to get It is pointed out that the great bankers, and capitalists were not heard of in warning last year during the high range of prices. while they were seeking profitable market for their holdings at that level. From this, it Is inferred that the buyers of class which decides market movements, would not be heard of melting others to buy if they were themselves seeking securities on cheap terms in the present market.
 There is in fact rather notable lack of public quotation of authorities point ing to the cheapness of stocks which has been heard from time to time during the course of the long decline, and at price levels considerably above the present. But 1t Is equally true that men seeking market to realize ready money at forced sale of securities are not likely to miss any means of concealing their transactions. The source of selling or ders in the present market is a baff1ng mystery, and differences usually drawn from the personality of the brokers en- ployed are almost invariably at fault.
 Considerable Apprehension.
 The conditions which prompt the liqui- dation and the probable limits of it's ex- tent are consequently the subject of grave disquiet and apprehension. It was the failure of stock-jobbing operations that brought the early selling and the losses represented were almost wholly on paper, as the previous gains had been But later episodes represent the failure of enterprises in which extensive capital had been embarked at demonstrably un- productive employment. Capital thus sunk is capital lost.
 Comptroller Ridgley's opinion expressed before the Maryland and Washington bankers that "a large percentage of the loaning power has gone into unproductive interests" formulates the dread of Wall street over the present situation.
 The reaction in the iron and steel in- dustries, the high interest rates especial ly on mercantile paper and the curtail- ment of production in other lines caused the fear that over extension has spread to industrial and commercial lines represent ing additional "unproductive interests to be followed by Liquidation and con- traction"
 Banks Attending to Other Needs.
 The present course of the banks is di- rected toward conserving the commercial and industrial needs for credits and to this end they are memorable to all promo tions and financing projects. The miscar- riage of these projects is still the cause of most of the liquidation.
 While the majority of Wall streets prominent men show a disnclination to totI for 41,a very highest financial interests, elcts statements that nothing of a serious or untoward character is apprehended.
 Jacob H. Schiff of Kuhne, Loeb & Co.,, commenting upon the stock market and financial condition said:
 "It is simply a fever which must run it's course just as we had a buying fever two years ago, and even last year. So the selling fever has now taken hold of the people and reason counts for nothing.
 "No matter what may be said as to the cause which brought about the present situation, prevailing conditions through out the country don't justify the existing great decline in substantial securities. The time will come when people will wonder how conditions such as we see could have existed.
 Ut does not appear likely that the much-feared money stringency will ma terialize. In fact. money is abundant; only those who control the supply are afraid in the uncertain state of affairs to part with it. The consequence is we have superabundant supply of money on daily call, while time money can not be had in large amounts.
 But this change, especially as 1t is almost certain that with the inability of corporations to finance their require ments, general business throughout the country must for a time fall off, and when that moment arrives we shall have a large amount of funds seeking employ ment These surplus funds will to some extent determine the value of our. for ordinary purposes, superabundant volume of currency, and we shall again witness an increased demand for securities. So, that 1t is not at all unlikely. though this may seem paradoxly, when railroad earn ings begin to decrease because of re- duced general business, the values of rail- road earnings will again begin to in crease"