The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-09
DAY is BAD FOR STOCKS
NO RELIEF TO THE WEAKNESS
FROM START TO FINISH
Net Declines of One to Two Points
Are General Throughout the List
Disgust and Discouragement Are at
the Bottom of the Liquidation.

NEW YORK, Oct. s. = There was
practically no relief to the weakness or
today's stock market from start to fin
ish. There was an occasional pause
in the downward course Of prices,
which was simply lull in the sell
ing movement, but the usual rebound
on short covering was in every case
feeble and Ineffective. The last prices
were practically the lowest of the day
and the closing was weak.
Net declines of 1 to 2 points and up
wards are quite general throughout
the list. There was nothing to show
that the liquidation was due to con-
traction of credits, such as forced the.
heavy selling in the recent past, al
though there are time loans, maturing
from time to time, which are called
for payment and difficult to secure
any extension for. But today'S iqui-
dation seemed to be prompted more by
sentiment of disgust and discourage
ment with the whole situation in the
securities market. The extended re-
ports this morning of the testimony
ELECTED yesterday in the hearing of the
legal hearings connected with the
United States shipbullding combina-
ton created a profound impression
throughout the financial world. The
details there set forth of the process
Of corporation promotion, underwriting
and stock fiOtation gave rise to dis
turbing analogies with a large mass
of industrial securities which have
come into the market in the last few
years and are now lying there in a
practically water-logged position.
The assumptions growing out Of
yesterdays disclosures were of SO
grave a character and applied to such
important quarters as to unSettle the
mind of the financial public over the
most conservative convictions. The
gravity of the situation received it's
recognition in the unusual course of
the public statement issued later in
the day, formally disclaiming the i'm
plicationS of the incident by J. P. Nor
gan & Co. Following the widespread
disturbance of sentiment in the mar
ket caused by the reduction of the
dividend on United States Steel the
individual stocks had bad day Of 1t.
Reaches Previous Low Record.
United States Steel common sold
down to it's previous low record at 14B
and the preferred stock was even more
severely handled with a decline of 2B.
Yesterdays argument that the reduc-
tion of the dividend on the common
increased the security for the dividend
on the preferred lost its force in face
of computations that the decrease in
net earnings was at rate greater than
the. reduction in the dividend disburse-
ment.
Amalgamated Copper was the fellow
sufferer most acutely affected. The
stock fell to a new low record at 35%
in the late dealings, after some show of
support had been accorded above SO.
1t was argued that the reaction in the
iron and steel market must extend to
copper, while the relative price of
Amalgamated and United States Steel
on similar dividend level was again
used to the disadvantage of the former
stock. Brokers whose operations yes
terday on the buying side in various
stocks were attributed to inside sup
porting orders turned sellers today,
with corresponding effect on the gen.
eral sentiment. The weakness was by
no means confined to the industrials,
and the railroads suffered quite gen.
orally in the general depression which
weighed the market. Specific news
was entirely lacking to account for the
selling pressure all through the mar
ket.
The bond market behaved better
than stocks and showed some evidence
of investment absorption. Total sales,
par value, SO, 900. United States 2s
declined II per cent on the last call.
Closing List.