New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-29
A FIELD DAY FOR BEARS.
MORE RECORDS SMASHED.
fiction by Knor against Steel Trust
Suggested an Wall Street.


There WIS plenty Of excitement at the Stock
Exchange yesterday when nearly a million
shares were dealt in and the market seemed
on the point Of utter Generalization, due 70
heavy and continuous liquidation and short
selling IN which several stocks made new low
records. United States Steel touched Is, the
preferred selling down 20 591s and steel bonds
~ 6TZ. with sales OF more than 10000 shares
of the common and preferred issues. Pennsyl-
wanna declined from 119 10 ll5ik. while So 123
shares were sold. Brooklyn Rapid Transit
made a new low level at 29l4 on sales Of $1,000
shares Louisville and Nashville dropped from
- 10 81. the raid On that stock being the specu-
iative feature % the market at the opening.
While Pennsylvania LED the break in the after
noon.
The decline n prices At the Stock Exchange
began Immediately after the opening. There
we're some weak and Ineffective rallies. prices
tun5lng again in = few minutes after each up
ward movement There were some queer Cue
tuations IL AnalEamated Copper and General
Electric, and prices broke t,ro or three points
between sales Among the stocks IN which
comparatively low levels were reached. in a6di-
ion % those which made new low records. were
The following: An1algamated COPPER. 57a. Cen
ersl Electric. 1876. Baltimore and Ohio. 72ls:
Union Pacific 67S. St Paul lS5ll: Metropolitan
Street Railway, 100: Missouri Pacific, Sc: Nor
folk snd Western, 54%; Reading common. 43ls:
Atchison common. SOS; Sugar Refining 1OslA.
Pressed Steel Car. 29s Peoples Gas. S7S..
southern Railway. IA Western Union. s0is.
and Westinghouse Electric and Manufacturing
which dropped II points. 1856.
STEEL COMMON STILL 4 PUZZLE.
Tn the face II continued decline in Steel COM
mon stock. many brokers were asking a1xiouslv
how much lower stock which has been pay
ing per cent dividends could he expected TO go
Al -. II the stock continues 10 pay its usual
aivloencs. an Investor would get over &c per
cent Interest on his money. The belief that
people on the inside know that the dividends
ere TO be passed is The main reason for the
extraordinary decline IN Steel common: hrt
while there have been no end Of reports IN the
Street nobody has spoken with authority on
the subject
The most general explanation heard among
We brokers' yesterday regarding the heavy de-
cline n values was that many people who
have been supporting new issues which the
country has not "digested" have been com
PEELED 10 unload good securities at any prices OBJ
tainoble In order 20 meet the demands % the
hanks. The course Of stocks in which Standard
Oh Interests have been identified was watched
closely yesterday by many brokers. and II was
reported that those interests were calling IN
loans
In view OF the Continued heavy liquidation in
the Street il was surprising 10 many that 10
failures were announced. By many IL was
thought that some adverse development was
hanging over the market and the familiar re-
ports Of houses being IN trouble were heard. II
was also suggested that, in case al a decision
against the Northern Securities Company in the
supreme Court action would be taken At once by
Attorney General Knox against the United States
steel Corporation on the ground that il is ex-
isgng In violation Of the Sherman Antitrust
law. T. rs considered probable that If the At
torney General should proceed against the
United States Steel Corporation he would feel
compelled 70 take similar action inst various
other Industrial concerns. wall Street in its
present depressed mood is thinking Of many
aossi hilities. which at the moment appeal 10 il
rs likely 10 develop into certainJies. The course
~ values suggests 10 many minds that are not
given 70 exaggerated notions the idea that. in
addition 10 the influence Of forced liquidation
brought on BY the entanglement Of capitalists
IN deals that have not been successful some
fhing o. greater adverse importance Undernes
The present decline.
J. r MORGAN WON'T TALK
J. p. Morgan declined TO talk about the situa-
ton. apparently feeling that anything he might
sav might be twisted 70 the advantage of the
bears. Jacob II. Schif SAID.
- s. simply z selling fever which must run its
course lust had q b-yICC fever years
$50. ord even last year: Reason counts Tor moth
fng with people while the fever lasts No matter
what may BE- salC about the causes which have
brought about the present situation. the prevailing
-crciriors throughout the country 90 not Justify
the existing declines fri the prices or substantial
securities. The time VIII come when people VIII
wonder how conditions such could
have obtained u does not appear likely that the
much feared money erriUgeuCy viii rnaterialize
Money is abundant NON. only those who control
the supply are atratc IN the uncertain state OF
zfalrs u part with 30. The result is that we have
supers oundart supply II money Oh call. while
ZINE money cannot e. had In large amounts Il s
almost certain that with tie inability ~ corpora
lions % finance Their requirements. general huSi-
ness VIII fan on. and then shall have q large
amount 81 funds seeking employment and demand
trF Eecu-fties II may seem paracoNiCal. hut II is
cot unlikely that when railroad earnings begin 20
decrease because of reduced general business the
value OF railroad securities viii begin 10 Increase
rrain.