The Birmingham age-herald., 1903-10-12
STOCK DEMAND
 WAS VERY LIGHT Apathetic Attitude Made the Market Vulnerable AN ATTACK ON U. s. STEEL Contest Was Wholly Professional and Not Based on Any News, So Far as Known--London Helped
 the Depression.
AN ATTACK ON U. s. STEEL

New York, October 10.-Demand for stocks was apathetic today and left the market vulnerable to very light selling. Some of this was palpably professional short selling, and there seemed to pc professional contest in the late dealings. The party of reaction centered their at- tack on United States Steel preferred forcing it down 2% to 59 This stock solo at 5sat last month, but otherwise never sold before as low as today's price. The party favoring support in the market seemed most active in Amalgamated cop per- That stock resisted the general de- pression and was marked up at one time 1A over last night. There was some sys- tematic buying also of Chicago and Alton. The contest was wholly professional and not based on any news, so far as known. London helped the depression here some what and sold stocks more steadily. Fears are entertained there that next week stock exchange settlement may uncover some endorsements. The tone Of the weekly trade reviews was somewhat con- servative and reflected the state of doubt which has been caused by the reduction
 
 decline in profits in the iron and steel industries. The reports of weekly bank clearings show sharp contractions as a whole compared with the corresponding . week of last year. But in the analysis, 1t is found in this case, it is wholly due to shrinkage in New York Boston and Pennsylvania, the four other leading cities showing considerable increase, and the ,iff oil ffa- crease The market seemed encouraged by the bank statement and rallied mo- mentarily. The increase in cash was con- siderably larger than expected.
 But the statement Is so much com plicated by the merger operations of the National Bank of Commerce and the Wes- tern National, as to throw it out of bal ance, It is inferred from the small loan change that commercial borrowing has kept pretty steady pace with the liquida- tion in the stock market. The market closed easy and quite active.
 Developments during the week have re- suited in a new outpouring of securities on the market and an almost entire paraly- sis of demand for the stocks most largely pressed for sale. The effect has been q renewal of the feeling of depression and gloom, which always gathers over Wall street in a period of declining prices. The liquidation has been of a different char Rcter from that of the recent past, which was manifestly forced by financial neces- sites, due to the failure to find market for many of the new securities formed out of recent promotion projects. This week the selling is attributed to distrust on the part of holders over the industrial outlook and over the future earning-power of shares incorporated. There has been an occasional account liqudated which seem- ed to be caused by the maturing of a loan, on which extension could not be had. and for which the collateral therefore came upon the market But the prevailing topic In Wall street has been the irritation and disgust of shareholders over the develop ments regarding the properties in which they have embarked their money, leading them to abandon hope of better condi- tions, and to throw over their holdings for what they would bring.
 Iron and steel, as a barometer of gen eral trade conditions have high author ity in Wall street. and the proportions of the reaction in that market thus reduced to statistics made deep impression. The dread of general trade reaction Is thus aggravated Stocks of companies in the . metal industries were most immediately affected In sympathy especially amalga- mated copper and the railroad equipment companies. But no part of the list es- capped the influence of the depression. The enormous market shrinkage in the steel securities, and the final outcome in the dividend reduction, gives rise to disgrunt- led complaint of the original dividend pay ments, as nearing on stock market ex- igencies, as much as on financial policy. This spirit of irritation over conditions of promotion and Notation is enormously ag- gravated by the disclosures contained in the testimony in regard to the United States shipbuilding fiasco.