The San Francisco call., 1903-09-25
EASTERN MARKETS.
Nc1g York Stock Market.

NEW YORK. sept. 2A-The stock market
Ha-Cwed in a slough OF dependency to-day.
lr.ces crumbIed away first here and then there.
Ia--r ot deln0ralization which characterized the
markets ID July. The break in prices was UH-
a.t9lttel tlf 10y any new developments. All
lras, whether good on bad, was Interpreted in
-u unraRCrable way by discouraged traders.
-le relief measure OF the United States Treas
uIl lluouucel yesterday. which seems TO make
--..-trouuo readily available 10 the money mar
Asr. used by The traders the stock Ex-
lsaDEe 70 iusinuale dark posi- bilifies Cndis-
ll--eo n the situation which made necessary
-n.s unexpected measure Of relief. The air was
-uI ri rumors Ol something 0Yerhanglng the
market Dillgent inquiry in the banking com
1lllIty and In brokers offices failed to disclose
amy Qe-nlle ll-llrinellon OF this mysterious
F--i-e-i--s Lle pel elsisteilt ana Arsent cnarac-
Cog pr The selling. however gave force 10 the
I-ulors ana kept sentiment disturbed and ner-
.'-1 an -a4- me lLllllly OF the treasury re-
leI measure 70 AFFORD comfort 10 holders Of Sc
cur ties, as W-l az the prevailing low rate for
money d a pretty reliable indication that the
r-1uble is not with the money condition. Those
uo can borrow money at all can borrow IL
easy terms This points 10 the conclusion that
thase who cannot borrow money any terms
al least tor employment in the projects for
81 l-ch they seek FUNDS The Consolidated Lake
tuf eriOr episode is looked upon 10 some extent
as slmptomatic. Ire extension in new enter
Iri=es whose securities IL Is impossible 70 float
is believed % b. bringing a new crop Of casual
iies into effect. which is reflected in the large
make good these casualties II reported
that some of the large commission houses
grown tired ~ failure 10 respond 70 repeated
calls for additional margins and have been sell
ing out some extensive accounts. United States
steel seconds. which was the sensation Of the
uaEs market, was said 10 be affected in this
way. The growing realization OF and the in
creaslnE frankness Of the admissions as to the
contraction in the iron and steel trade OF
course, aggravated the weakness Of this stock
All sorts ~ assertions were in circulation OF
cancellation Cf orders In different lines Of in
cus-ry. The downward plunge in United States
steel preferred at the last carried it to O.
where ft closed. net loss of n Losses ran
20 about points IN Baltimore and Ohio Read
INK. Mon Facilc and St Paul. which was
among those most acutely affected Losses of
% over per cent were quite general through
cut the list The grangers showed some carly
resistance. owing 80 the reported escape from
damage ~ the corn crop from Last night g
frQsts, but they shared fully IN the later weak
ness. The anthracite carriers weak On
The argument for the selling of the bitunfnous
carriers was that the accumulation OF steam
sizes ~ anthracite threatened the extension OF
Tho soft coal trade which resulted from last
Years anthracite strike A fall in New York
Exchange a. Chicago 20 Is cents discount
roiufrd ~ the approach Of the currency move
r1ant 90 the West Many news items were is
sued to traders simply surmises explain
she continuous Liquidation which seems 10 be
really duc no the widespread impairment OF
credit which makes necessary the closing out
lf ventures for which no further support can
De- had from the financial world. The market
closed active and weak At the 1Dwest.
lf1ncs were weak and In sympathy with
TtcclzH. Total sales, par value. 50, 7e0. 600
United States . declined = per cent on the last
cam