The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-25
FINANCIAL AND COMMERCIAL.
THURSDAY. Sept. "a.


selling Of stocks, most OF 1t apparently
representing genuine and urgent hquida-
ton, depressed the prices OF nearly all the
active issues from 1 To "A points IN the
security market to-day, the story OF the
days market is told almost as completely
and in as sufficient detail ~ il column
of space were devoted to it, From the
sounding Of the gong on the Stock Elk
change at the opening Of business to It's
closing stroke at o'clock, securities were
offered for sale almost continuously. Only
one or two times during the day did the
downpour of stocks pause n little, but at
those times no reactionary upward move
ment in prices manifested itself, even that
which would naturally be expected from
the covering" Of purchases of spectators
for the fall The largest drop in the price
of any one stock was in United States Steel
preferred, where a sensational fall OF "a
points carried its quotations to 81, or much
below its previous low record. United
States Steel bonds made new low
record at ~, but neither these bonds
nor the United States Steel common
shares participated in any degree worth
speaking of in the weakness OF the preferred
stock. Other declines We're such as points
in Union Pacific common, 2Is in st. Paul
and Rock Island, IA in Atchison. IA IN
Missouri Pacific, go in Baltimore and Ohio,
%. in Reading. 2}s in Erie, ~ in Pennsyl-
vania, in Consolidated Gas, in Peoples
Gas and "a in General Electric. Much Of
the selling seemed to be, and undoubtedly
was, in the nature of an execution OF stop
loss orders The particularly heavy fall
in United States Steel preferred was. ac-
cording to trust worthy observers, brought
about by the peremptory selling OF 10000
shares of tho stock under an order which
became operative when the price quotation
touched s.. Save in this one stock the
pressure was. however heavier in the gen.
eral railroad list than in the industrial
quarter Of the market, and much OF 1t pro-
ceeded from the largest commission houses
in Wall Street. The fact has been ac-
corded due prominence here that for some
time the granger shares have held with
noteworthy frmness and that because OF
the good crop promised in the West and
the excellent business prospects generally
in the agricultural section Of the country,
there seemed some justification for the
hope that these ISSUES had separated them
selves from the general depression Of the
market But it was proved to-day that
large quantity OF the granger stocks are
still! or were carried on margins and
that the holders thereof had given their
brokers directions to sell them upon any
marked display OF weakness in price. 1t
is quite possible. of course that professional
bear spectators, realizing this, made a
campaign against the grangers to-day
and so caused these selling orders to be
carried into effect. Whether or not this
is true, the Western railroad shares suffered
severely Baltimore and Ohio was the
feature at the opening of the market, and
the consensus was that the liquidation
here was due to the same reasons in opera
ton yesterday namely, TO force sales
for the account of Philadelphia and Pitts
burg interests which have become involved
in the collapse Of various industrial enter
prises In the bond list pressure to sell
the Consolidated Tobacco per cent. bonds
attracted attention and was supposed to
be in some way connected with the fact that
the life of the syndicate underwriting the
bond issue expires on Dec. 8, although,
of course, an extension Of the syndi-
cate agreement is entirely possible. The
Wabash debenture bonds were also weak,
but these are a semi-speculative issue and
their price generally shares more or less
acutelv in the course of the stock market.
Apart from these instances, general TRANSACT
lions were devoid Of special or peculiar
Importance. The borrowing demand for
tbo IL or h.
showed decided enlargement of the short
Interest.
Any such weak and active stock market
as that seen to-day inevitably provokes in
qliry az to the immediate cause Of the
trouble. Throughout the day the i'm
preston was very general in the minds Of
the great ma jority Of those who were giving
the market close attention that promulga-
ton Of bad news of some sort or other was
impending which would explain the days
occurrences. Diligent inquiry both before
and after the close OF business failed to re-
veal anything which could plausibly ac-
than the broad operation of the general
financial conditions with which everybody
is familiar. There is. in other words, moth
ing hanging over the market" or if there
Is, the keenest and most widely informed
authorities in the local banking and finan-
oial world profess entire ignorance OF it.
Routine news developments Of the day were
inconsequential. The Bank OF England's
minimum rate Of discount was not raised
this morning and few people really e1-
pected that it would be. The bank S weekly
return of it's condition. however WAS not
quite as strong as that made last week.
Time money was quotably frmer and ster-
ling exchange was slightly easier, but these
are matters with which the stock market
is bothering itself little at present. Corn
and wheat were weaker and large e1.
port business in them was done.
New York Stock Exchange Sales, Sent. "a,