The Birmingham age-herald., 1903-09-18
INTEREST CENTERS
 IN STEEL ISSUES The Crop Situation is of Secon-
 dary Importance HEAVY SELLING OF I. c. 6 l. Material Losses In Republic Steel and Pressed Steel car-Foreion Ex- change Declines sharply-The
 Bond Market Is Irregular.
 
HEAVY SELLING OF I. c. 6 |.

New York, September 17-Interest in today's stock market centered largely around the Steel issues and certain other industrial securities. The crop situation, concerning which further contradictory reports came to hand, was of secondary importance compared with the impress sion conveyed by the further heaviness of Steel common, which established new new low record of 1S1a. There was little pressure against Steel preferred and the per cent bonds were steady com- pared with the previous days margins. Under normal conditions, prices in New York probably would have shown some advance at the outset if only from the fact that the Bank of England's dis count rate showed no advance, but per sistent selling of Americans by London and the suspension of a prominent Liver pool cotton house helped to produce an irregular opening.
 Buyings of standard railway shares by brokers commonly supposed to represent strong interests, together with heavy covering turned the course of the market upward before noon. Atchison was taken in large amounts by a western commis- sion house and some of the Pacific stocks advanced under buying by brokers that have been prominent in these issues re- gently. Brooklyn Transit, concerning which many rumors were circulated, was again irregular. Practically all of the mornings improvement was wiped out later when trading became dull and mar TOW and prices once more sagged In the last hour the weakness of the industrial group became more acute Tennessee Coal selling off points, and Steel com mon touching the low figure of the day. There were material losses in Republic Steel and Pressed Steel Car. The break in Tennessee Coal was not explained. Some of the high grade railway shares participated in the decline, which was followed by a rally in the course of which prices recovered to a level ap- preaching yesterdays close. Steel com mon made a net decline of ss per cent and the preferred was unchanged. The market closed steady
 It developed after the close of the mar ket that much of the selling of Tennes- see Coal came from a Philadelphia house and was said to be based on adverse trade reports. London's sales on balance were estimated to be 10000 shares, and purchases were normal.
 Foreign exchange declined sharply to 4S6.25, due largely to demand for bills to, meet maturing ninety-day loans. A feature of the day was the sale of 100 shares of United States shipbuilding at $1 per share.
 The sub treasury made another ship ment of $100,000 to New Orleans in addi- tion to which further direct shipments to the west and southwest were reported. The banks have thus far lost about $3. . 0O0,0O0 as against a gain of $1, 469 900 in the same period last week.
 The bond market showed some slight irregularity in sympathy with the wide fluctuations in United States Steel. Total sales, par value, $1,420.000. United States 2s and old As advanced F per cent on the last call