The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-09-29
EiatatrcfaI.
YESrERDAY1s sTOCA MARKET.
Heavy Selling and Declines -steei's
Now Low Neeord.

Heavy Selling and Declines -steeI's
Now Low Record.
New York, Sept. 2S.--Another days
liquidation in the stock market kept
apprehension alive and was as much
without specific explanation as that
which has gone before. There was a
considerable accumulation of selling or
ders over Sunday and there seemed to-
be a good deal of selling out by COM
mission houses whose notifications to
customers for additional margin had
been ignored over Sunday. All the for
eign centers which hold any apprecia-
Bile quantity of American securities also
figured in the selling. All news of a
favorable tenor was ignored and the
demand was practically paralyzed. Elk
cept for occasional buying of uncovered
shorts at periods of paused liquidation
there was no demand distinguishable.
The buyer who forms the complement
for every seller seemed to wait for
stocks to be offered to him and made no
bid. There was a considerable amount
of this sort of buying which was traced.
with confidence to some of the largest
banking interests. who satisfied them
selves with this measure of support for
the market. 1t was quite ineffective in
preventing the sharp downward course
of prices, although it may have pre-
vented a Generalization which was
feared. All three United States Steel
securities lowered their record prices by
wide margins, the common touching 10,
the preferred So Ia and the bonds 81 "a.
The pressure upon the last named was
especially urgent and GVelun1ifeus. The
only attempt to explain this selling
was by rumor that 1T came from that
part of the membership of the syndi-
cate underwriting the stock conversion
plan which desired to avoid the terms Of
the extension of the syndicate. The
local traction stocks were another CEN
ter of weakness led by Metropolitan
Street Railway, which fell to within a
shade of par This weakness was va
riously explained as due to liquidation
forced by over-extension in other
quarters and by unfayorable internal
developments. Part of the selling in
this stock was said to come from Phila-
delphia, which also was an enormous
seller of Pennsylvania. The pressure
upon Pennsylvania carried it down four
and one-quarter at the last and was
the factor in unsettling the close. Pre-
vious to this last slump in Pennsyl-
vania there had been quite an effective
rally all around, due to the relief felt
by the apparent cessation of the urgent
| liquidation in the United States Steel
issues. Amalgamated Copper was an
other stock which was severely handled
| and 1t was suspected that the abandon
ment of plan for an upward campaign
| by a pool was the cause of this selling.
The news of the day was an influence.
A batch of favorable railroad net earn
ings for August was entirely ignored.
Money rates hardened both on call and
| on time but gave no indication of
| stringency in any case. The closing
| was active and irregular.
Bonds were weak in sympathy with
| stocks. Total sales par value So, 055 900.
United States twos declined IA per
cent. and the threes and new fours 1-2
per cent. on the last call. ...