The Birmingham age-herald., 1903-10-16
STOCK MARKET
 IS WEAK KNEED Attempt 10 Shake Off Bad In-
 huence Fails SOON FALLS INTO NEGLECT Reported Disruption of Southern Pig Iron Association and Decline m Copper Served as Evidence
 of Trade Depression.
SOON FALLS INTO NEGLECT

New York, october 15.-The pro1ession- al traders in stocks renewed 'nen tempt today to divorce the movement oA the railroad stocks from the oepressiiis influences now overhanging the ihous- trial securities The effort met "ien rather less success, even than was 'ne case yesterday. There was more pusi- ness done during the first hour' than a' any other time during the day Alter that. the market fell into neglect oWins to the evident futility of the efforts to at ract buying for the railroads. Ihere was no urgent or general liquidation mahi7 fest, but the industrial securiues coh'inu- ed to suffer in spots. The reported uls- runt,on of the southern pig iron associa- lion. a further slight reduction in the price of northern pig iron and oeciine i. in the official prices of copper, were point ed to as concrete evidence of unlaVora- ble trade conditions. This view was not frightened by the rather negatively fa- vorabIe oninion of the Iron Age, which asserts that "evidently consumption IS keeping up much better than would pc supposed from the discouraging reports
 
 crucible steel preferred at Pittsourg, with the official intimation of possible passage of the dividend, was another un- favorable factor, and the explanation that this might be necessary to carry lne Clairton steel plant, the sale or Which to the United States Steel corporation mas fallen through, gave an lmpressloli ol growing friction in the trade Operators in stocks also kept one eye on the pro- fv1 ho CbinhI1tldtnR hearing day. While the Wall street mind may be supposed to be sufficiently sophistica- ted to have been already instructed OH some of the methods of corporation aa- ministration which are being disclosed Wall street has grown exceedingly rear full of the effect upon the pupnc al iarse' which may result from the heated lnter- est now focused upon this hearing.
 The poor market for industrials, while due in part to a state of mind on the part of the public, has a serious erect upon their susceptibility as collateral. some of their weakness is plainly due to the fact that bankers are throwing them out of collateral for loans, owing to the un- steady market that now exists for them. Amalgamated Copper shared in the early weakness of this department, and made a new low record. There was an active speculation in this stock on its dividend chances. But the announcement that the regular dividend had been declared passed almost unnoticed. The decIaration or an initial dividend on Reading second pre- ferred immediately following the Amal- gamated announcement, seemed to have a cumulative effct, and there was sharp scramble amongst operators to cover short contracts at the very last minute.
 Norfolk and Western, Baltimore and Ohio and Chesapeake and Ohio were ex- ceptionally heavy in the railroad list ap- parently on the report of a reduction in freight rates on soft coal to the sea- board.
 The rumor that the Gould interests would acquire the Seaboard Air Line pos sibly had some influence also upon this group. Money continued to work easier, and sterling exchange was inclined to harden, the cotton bills in the market be- ing insufficient to supply the demand for bills to cover exchange sold previously.
 The bond market was dull and inclined to be heavy. Total sales, par value, $2- 004. 900.
 United States bonds were unchanged on the last call.