The Birmingham age-herald., 1903-09-25
STOCK MARKET |S BADLY YDEMORALIzED Prices CrumbIed Away
 Throughout inc List WOLLOWED IN A SLOUGH All News, Whether Good or Bad, Was interpreted In an Unfavorable Way
 By Discouraged Traders.
 Everything sIumped.

New Yor., September 24-The stock market wallowed in a slough of despond- ency today. Prices crumbled away first here and then there, and the closing showed a resumption of the tone of the demoralization which characterized the markets of July. Prices was unaceounted for by any news developments. All news whether good or bad was interpreted in an unfavorable way by discouraged trad CTS. The relief measure of the United States treasury announced yesterday, which seems to make $20, 100000 readily available to the money market, was used by the traders on the stock exchange to insinuate dark possibilities undiselosed in the situation which made necessary this unexpected measure of relief. The air was full of rumors of something overhanging the market" Diligent inquiry in the bank ing community and in brokers offices fail- ed to disclose any definite information of this mysterious something. The persist ent and urgent character of the selling. however, gave force to the rumors and kept sentiment disturbed and nervous all day. The futility of the treasury relief measure to afford comfort to holders of
 
 rate for money, is a pretty reliable in- dication that the trouble is not with the money condition. Those who can borrow money at all, can borrow 1t on reasonable terms This points to the conclusion that those who are being forced into Hquida- tion, are those who cannot borrow money on any terms, at least for employment in the projects or which they seek funds. The consolidated Lake Superior episode is fNNfl- atic Over extension in new enterprises whose securities it is impossible to float, is believed to be bringing a new crop of casualties into effect, which is reflected in the large selling of such stocks as have any market to make good those casualties. It was reported also that some of the large commission houses which have carried longstanding ac- counts, have grown tired of failures to respond to repeated calls for additional margin and have been selling out some very extensive accounts. United States steel preferred which was the sensation of the days market was said to be af- fected in this way
 The growing realization of and the in creasing frankness of the admissions as to the contraction in the iron and steel trade of course aggravated the weakness of this stock. All sorts of assertions were in circulation of cancellation of orders in different lines of industry. Sales for account of Philadelphia and Pitts burg were again reported to be on large scale and these were believed to be the effect in a general way of the iron and steel trade situation. The downward plunge in United States Steel preferred with the list carried it to e3 where it closed at a net loss of AZ. Losses ran to about 3 points in Baltimore and Ohio, Reading. Union Pacific and St. Paul, which were among those most acutely affected Losses of to over per cent were quite general throughout the list. The gangers showed some early resist ance owing to the reported escape from damage of the corn crop from last nights frosts but they shared fully in the later weakness The anthracite carriers were weak on reports on shutting down of col- lieries, while the argument for the selling of the bituminous carriers, was that the accumulation of steam sizes of anthracite threatened the extension of the soft coal trade which resulted from last years anthracite strike. A fall in New York exchange at Chicago to 15 cents discount pointed to the approach of the current movement of the west while the flow to New Orleans continues. But these vari- ous news items were used by the traders simply as surmses to explain the con- tinuous liquidation, which seems to be re- ally due to the widespread impairment of credit. which makes necessary the closing out of ventures for which no further sup port can be had from the financial world The market closed active and weak at the lowest.
 Bonds were weak in sympathy with stocks Total sales, par value, $2, 760 GOO. United States 2s declined F per cent on the last call.