The Montgomery advertiser., 1903-09-20
WALL STREET. REVIEW ANOTHER DRIVE AGAINST
 United States Steel. So Fierce Was the Attack That AL most the Entire Industrial List
 Felt the Effect-steady at the Close.

NEW YORK. Sept. l9.-The opening of busi- ness on the Stock Exchange today was the sig nal of another aggressive drive against United States Steel common and the Industrial list generally. So fierce was the attack that the decline in prices embraced practically the en- tire list and many stocks found new low levels steel common going of full point Some of the so-called gilt-edged industrials registered severe losses. a in point being Westing- honse Electric, which sold off over 20 points. with loss of almost half much in the preferred stocks. Other issues that bore the brunt of the opening onslaught included Re- public Steel preferred. Sloss-Sheffield, United States Rubber preferred and Amalgamated Cop per. The railroad list also declined. St. Paul. Rock Island New York Central. Canadian Pa cihc, Chesapeake and Ohio, Norfolk and Wes- tern and Erie second preferred all making ma- terial recessions In the break in the railers however,, probably resulted in the selling of Atchson stock by a Western firm, which was recently prominent the long side. The demonstration against steel common was be- gun. by specialist who offered the stock at l73kt and then down another fraction Bear traders then took hand and successfully ham. mefed ft down to l7. The market steadied be- fore the end of the first hour. support being given to steel and other industrlais. The amount of short covering also was very extensive. After a brief reaction prices again steadied and following the publication of the bank statement gradually improved to the close which was steady and moderately strong. The one favorable feature of the statement was the contraction of more than S4 500 900 in loans. survey of the week the Stock Exchange shows that in most essentials 1t was a repetition of the previous The mar ket movement was again narrow and irregular and always under professional control the outside demand for stocks being too small to merit serious consideration. In few isolated instances traders who thought the mar ket had been oversold made feeble efforts to turn the tide. but attempts to bid up prices met with such offerings that these attempts were speedily abandoned. The result was steady saEging of prices One of the redeem ing features of the week yet unexplained
 was the steady buying of certain high grade railway shares, chiefly Atchison the Pacifics and Few others of this group, at almost every recession. The absorption of Atchison stock revived the old story of change of control
 The coal stocks were not in much damage at any time. although reports of restriction of the anthracite output probably exagger- ated. Rumors of crop damages came thick and fast and helped largely to depress prices dur ing the early week, but these. too. proved false in large part In fact a much more hopeful view regarding crop conditions prevailed at the weeks end and resulted in considerable short Covering. in for much discussion and were largely re- sponsibIe for the decline of the steel stocks and those of an. 'ated companies to new low levels. Steel common was conspicuous through out for its absolute weakenss and was by long odds the most depressing feature of the list It was heavily sold both for home and foreign account Thousands of shares were poured out and at times the stock was really the football of the market. The new low level of I7 was reached Saturday, the further decline affecting practically all stocks in the same class. In the past month steel common and preferred have lost over points each
 making a shrinkage in the market value of the total issue of those stocks of over S63- OOO. 900. Some of the other isues referred to have lost from to IS points in the same