The Birmingham age-herald., 1903-10-14
STOCK MARKET
 CLOSES 'STAGNANT Some Strength Shown During
 Early Part of Day HAS MANY UPS AND DOWNS Organized Party of Professionals Made an Attempt to Start Prices Upward,
 But the Effect Was Not
 a Great Success.
HAS MANY UPS AND DOWNS

New York, October 13.-Today's stock market passed through number of phases and ended the day in nearly stagnant condition, and with prices TOT the most part not far from last nights level The market enjoyed It's period or de- cided strength during the early part or the day when the selling pressure, which has been so conspicuous recently, seemed to be entirely withdrawn. An organized party of professional traders made an at- tempt to start prices upwards perceivlng a number of circumstances which might work in favor of the attempt. The most notable of these was the building up or a large short interest which gave evidence of it's existence by an eagerness to borrow stocks for delivery, causing number Of industrials to command a slight premium for that purpose in the loan crowd Lon don was inclined to take more cheer full view of the financial outlook, and felt somewhat reassured over the pros poets in the far east, and decidedly so over the absence of trouble in the progress of the stock exchange settlement. Buying for the new year in London was disposed to buy a few stocks here. But the most Important effect of the London position was it's relaxation of pressure here. Spec ulative circles were inclined to attach im- portance to some very large and concen- trated buying of United States Steel pre- ferred, which was noted yesterday, and gave rise to reports of a very important accumulation. That stock in consequence recovered to 60, and inspired hope that its downward course had been arrested at last The importance attached to the shipbuilding case was indicated by the good effect of rumor that the suit was to be adjusted and discontinued. At the same time there was some talk of divi- iend on Reading second preferred.
 downward plunge in United States Steel preferred to 5714, the lowest price Of record had a chilling effect on the whole movement and caused a reactionary ten dency. The selling of the stock was asso- ciated with the renewed stock market furry in Pittsburg, and 1t was rumored that the steel preferred offered in the market, came out of collateral for a loan which was affected by the Pittsburg mon ey troubles. A three-point break in West inghouse Electric, and decrease of Il in
 
 their origin at the source. The slump of nine points in Colorado fuel had no news to explain 1t, but it was supposed to be connected with speculative accumula- tion of stock, while its control was still disputed. As minority stock, the de- r1rand has so far fallen off as to offer little market for forced sale. The railroad equipment companies were still notably weak under the influence of the official admissions of large measures of economy by the great railroad systems which are expected to become general throughout the railroad world. A sale of old ROCK Island stock at a decline of b points at- tracted some attention.
 The break in Canadian Pacific just at the close was attribeuted to orders from Montreal The western demand for cur rency is still deferred and New York ex- change at Chicago went to 15c premium. The money market is correspondingly easy in tone. but the bankers maintain degree of caution on the possibility that the demand, though late, may still come up to the normal
 Outside of the fluctuations in steel bonds the bond market was narrow and unim- portant Total sales par value &, ,S42, 900. United States 2s advanced 1s per cent on the last call.