The Birmingham age-herald., 1903-10-01
STOCK MARKET
 HAS A SETBACK Brisk Upward Movement Gave
 Place to DuIIness FORMER GAINS WIPED OUT Opening Advance Was Much Helped By the More Cheerful Tone In Lon
 don-stocks Were Sold
 to Take Profits.
FORMER GAINS WIPED OUT

New York. September S0.-Stock mar ket operators showed lack of confidence in the market today in the absence or the large buying by the great banking interests, which supported prices yester- day The brisk upward movement gave place to dullness and hesitation followed by slow downward movement and end ing with decided weakness and drop which wiped out a good part of yester- days gains.
 New developments were quite without influence on the movement and the en- tire interest of operators semed to be centered on the question whether the leading banks and capitalists of the coun- try would continue to lead buying movement and whether the urgent nqul- dation to secure relief from emparrass- ment, caused by the over-extenslon py various syndicates and capitalists was 5nished. The opening advance was much helped by the more cheerful tone in Lon don. The completion of the stock market settlement there without embarrassment afforded great relief and led to sharp rebound in British consols. There seem- ed to be a good demand also for Amerl- can securities over there. It was sug- gested that Americans who desired to go long of the market might have preferred to do so in London, as the closing up Of the contract would be deferred for two weeks until the next stock market set clement. It soon became manifest in the course of the animated trading of the first hour that stocks bought yester- day were being sold to take profit. This seemed to demonstrate the simple pur- pose of that buying to support the mar ket and check the disorderly declines and took away the investment character of the buying The selling of the United States steel second 5s on the two-point rise was especially conspicuous and caus- ed a fear that it had been marked up to market holdings. The renewal of the urgent pressure against Pennsylvania completed the discontinue of the newly formed bull sentiment and turned the tide distinctly downward Pennsylvania fell 2ss below last night and a number of the other market leaders as much as two points, while the general run of the mar ket was 16D2 points lower than last night The closing was heavy and without eff fective rally. A feature of the day. news was the payment by the sub-treasu- ry of over a million dollars on account of
 
 ed at the San Francisco sub-treasury. Redemptions of United States 5s and the government interest payments due tomor- row were further assurances against any immediate stringency in money. Ster- ling exchange weakened owing to the con- viction that the belated crop movement soon will make an abundant supply in that market The decision of pig iron producers to reduce their output for October 20 per cent was not perceptibly weakening factor, and is, in fact, re- garded as a factor toward stability in the market. The decision of the United States Steel corporation finance commit tee to guarantee the redemption of it's preferred stock at the end of five years at the price subscribed for by it's officers and employees, was not known until after the close of the market. The reports of the national banks of the United States was disappointing, inasmuch as the loan item had increased some degree over pre- vious statements The increase in cash holdings for the same period amounts to only little over S2.O00,0O0 compared with last year however, the percentage of cash on hand in the redemption fund and due from reserve was 2669 per cent against 25.74 on September 15 of last year.
 The bond market was irregular. Total sales. par value. $3.S40.000 United States old fs declined N per cent on the last call.