The Montgomery advertiser., 1903-10-09
WALL STREET. REVIEW PRACTICALLY NO RELIEF FROM START TO FINISH. Occasional Pause in the Downward Movement of Prices Only Due
 to a Lull in the
 Selling.

NEW YORK. Oct. e.-There practically no relief to today's stock market from start to finish. There was an occasional pause in the downward course of prices. which was simply due to lufl in the selling movement. but the usual rebound short covering in every case feeble and ineffective. The last prices were practically the lowest of today and the closing was weak Net declines of i@2 points and upwards are quite general throughout the list. There was nothing to show that the h- such as forced the heavy selling in the recent past. although there are time loans. maturing from time to time which are caled for pay ment and difficult to secure any extension for. But today's liquidation seemed to be prompted more by sentiment of disgust and discourage ment with the whole situation in the securi- ties market. The extended reports this morning of the testimony elicted yesterday in the hearing of the legal proceedtngs connected with the United States Ship Building Combine cre- ated profound impression throughout the financial world. The details there set forth the process of corporation promotion under writing and stock lotatton. gave rise to dis- turbing analogies with large mass of indus trial securities which have come into the mar ket in the last few years and arc now lying there in a waterlogged position. The assump- tions growing out of yesterdays disclosures were of so grave character and applied to such important quarters to unsettle the mind of the financial public over the most conservative convictions The grsTity of the occasion Eeceived its recognition in the unusual course nf the public statement issued later in the day. formally dsclaiming the implications Of the Incident bysJ. F. Morgan & Co. Follow ing the widespread disturbance of sentiment in the market caused by the reduction of the dvi- dend United States Steel. the industrial stocks had . bad day of 1t. United States Steel common sold down to It's preivcuE low record at i4M and the preferred was even more severely handled with decline of 2B. Yesterdays argument that the reduction of the dividend the common increase the se- cuffty Hors the dividend on the preferred lost it's force in face of computations that the de- crease in net earnings was at rate greater than the reduction in the dividend dsburse- snent in Amalgamated Copper the fellow sufferer most acutely affected The stock fell fo q new low recor1 at 3Sts in the late deal- angs after some show of support had been ac- corded above 36. It argued that the re- action in the iron and steel market must ex- tend to copper, while the relative price of AFnaigamated and United States Steel a similar dividend level was again used to the disadvantage of the former stock Brokers whose operations yesterday on the buying side in various stocks were attributed to inside sup porting orders turned sellers today, with responding effect on the general sentiment. The weakness was by no means confined to the lndustrials and the railroads suffered quite generally in the general depression, which weighed the market. Specific news entirely lacking to account for the selling pressure all through the market.
 The bond market behaved better than stocks and showed some evidence of investment ab- gorption. Total sales tpar value). S3, 552. 900. United States bonds declined | per cent. on the last call