The Birmingham age-herald., 1903-09-27
STOCK MARKET IS
 STILL UNSETTLED
Renewed Signs of Liquidation
 Makes Traders Nervous
BAD BREAK IS THREATENED
It Is Considered Undesirable to Under take Any Campaign for an Advance in the Face of the Money Re-
 quIrements for Crops.

New York, September 26-roday's stock market was kept unsettled and feverish by signs of renewed liquidation at some points of the urgent and preeipitate char acter which threatened the situation on Thursday, and which was checked by yesterdays protective measures taken by the great banking interests The course of the London market this morning in- dicated that the stock purchased yester- day for supporting purposes, would be for sale again at any favorable market opportunity. This had the effect of dis couraging the professional operators who were planning for a turn on the long side of the market, having closed out their short accounts yesterday The mar ket also developed evidences of support on declines The obvious purpose Is to bring about condition of greater stabil- fly pending the working out of the finan- eial situation A disorderly break in prices is dreaded for the panielSY cond- tons which 1t might bring about. but the feeling continues generally that there is liquidation still to be effected. It Is also considered undesirable to undertake any campaign for an advance in face of the money requirements for the crops. The hank statement was regarded as satis- factory, especially in the loan contraction of upwards of S5, ,000,0O0 rehecting the good progress made in the necessary process of liquidation. Hopes are entertained that this process will begin to be effective in restoring the impeachment of credit which has overhung the market like a cloud and infected all minds with distrust and apprehension The most notable selling pressure today was in the United States steel securities, Baltimore and Ohio, and the fractions. United States steel fell to yesterdays low record and the preferred to within one-fourth of it, while the bonds made a new low record at 70A The weakness in these securities conttnued 10 have a large sentimental effect elsewhere In the list. The selling which developed on the favorable bank statement was also evidence of the continued purpose of prob ably necessity to sell stocks on every available opportunity. The market closed unsettled and irregular
 The dull and sagging tendency of prices during the early part of the week gave way to acute weakness and semi-demor- alization later. giving the market on Thursday evening much the appearance 1t had in July. The serious break m prices induced some support later by the larger nnanclal llJefeSls. lhe UT SSiie "i'Ns continuous liquidation was not explained by any developments in the business or financial world and a number of inci- dents which were favorable in their character were actually ig- nored. The news from the va rious crops and the price. movement of the great agricultural staples were convincing of the growing assurance of a safe harvesting of sufficient supply to afford a good exportable surplus The hafvests of the. year, have been looked upbn for many months as a vital point in the problem of the working out or the involvements in which capital and enterprise had become entangled. This news was taken advantage of to market stocks. The offer of the secretary of the treasury to redeem at once the govern ment 5s with the six months interest to maturity, was accepted as a practla guarantee against stringency in the Tall money markets.
 It Is evident notwithstanding reassur- ing statements, profound distrust and apprehension have taken hold Of the speculative mind.
 Bonds have declined in sympathy with stocks.
 United States new 4s advanced ss; the Ks 1. the old registered 2. The 2s de- eilned 11s per cent, as compared with the closing call of last week.