The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-09-25
New YORK Stock

Wall Street, New York. Sept. Is
SSI0,ClSS-Ihe opening dealings in stocks
points, but support was accorded in 9TH
ers. The result was a feverish and irreg
ular one. United States Steel securities
opening at new low records. The sales of
l,590 shares of the preferred carried it Il
point under yesterdays closing at the low
record price. There were AGO. shares of
pared with II last night and the second
mortgage bonds sold at 7115, a decline of
z point. Tennessee Coal fell IL points
ana there were running sales of 1.20O
pared with 62ss last night. The changes
otherwise were fractional and pretty even
~ mixed between gains and losses.
When support was renewed the re-
action the bears covered freely and lifted
prices considerably higher. generally, than
on the first rally. Reading, B. and O.,
New York Central. Union Pacific, Missouri
Pacific and Amalgamated Copper were the
IL rgest gamers Lake Erie and Western
I fell points. International Pump pa points
and Iowa Central "a points, Pullman 81
points and Linseed preferred and Snuff
preferred points. The market was slight
~ lower but dull and steady at noon.
Bonds were irregular at noon.
a sale of 1,oC0 shares of United States
Steel at 49, the lowest. marked the end
of the opening declines. Supporting orders
made their appearance in all quarters and
prices were bid up rapidly on large trans
actions. Prominent stocks rose well above
| i to 1is noints in St Paul Missouri Pa
and o., Reading. Louisville New York
Central and Amalgamated Copper. Uni
ted States Steel rallied TO ia and the pre-
ferred to 64IS. The support did not follow
the advance far and prices reacted, but
sfeadied again With a quieter market. a
| few losses of note occurred before the raj
| ~ became effective. including IA points in
General Electric, points in Hooking Val
/ ley and Wheeling and Lake Erie first pre-
/ feired and 5 points in Wisconsin Central
preferred.
The bear drive against United States
I Steel nrPfarTeN tn loss orders
broke the price to 60A and precipitatcd
heavy louidatio in the standard stocks
and specialties. United States Steel
touched Is and the second mortgage per
cent bonds n. Many of the active stocks
ularly Missouri Pacific Reading. Rock Is
! land and St. Paul. Railroad stocks gen.
orally did not get much away from yes
terday's final prices. Support appeared
against United States Steel preferred and
/ its recovery to 60 carried the general list
/ up point or more in many instances
! Trading became very quiet on the rally.
The market showed more stability or
/ its last rally. The manifest buying for
support in many stocks induced more gen.
| eral short covering and the market re-
/ traced its course to the high level of the
were obtained. but advances of a point or
over were well distributed throughout the
active list
The seaviness of the general market
was reflected on the curb The most
noteworthy feature there being a 5 per
cent decline in marlborough Rapid Tran
sit. break of over points in two days.
4 The industrials on the curb were all weak.
The Evening Post said today: Prom
| inent banking interests announced today
that after the close of yesterdays mar
ket they had undertaken an investigation
| to see whether there were any weak
houses in the Wall street region. This in
vestigatiOn. although informal con-
Quoted by interests of such extensive
| connections to make it unusually trust
worthy. They made the unequivocal state
ment today that TIE examination had de-
veloped no dangerous features and that
not a single stock exchange house was in
! the slightest way embarrassed. They said.
| however, that the feeling of uncertainty
| prevailing in most quarters had given rise
to many rumorS. all of which were with
| out foundation so far as they related to
| the stability of any large interests"
| The attack of United States Steel at
! midday brought additional support to
| those stocks and the list made prompt re-
steel issues and some other industrial
| stocks the tone of the list was generally
| better than at any time earlier in the day
and in the last hour prices were at their
best. Prominent brokerage houses report
ed some investment demand and the
Their rally. report that $4,000 shares of
Steel preferred and 10000 shares of COM
mon had been taken over by the CONVEX
sion syndicate at private sale was author
itatively denied.
There was very little change during the
final hour. The market was very dull but
held firm and a few stocks made slight
further advances. LackaWanna rose
points, but lost it. and United States Rub
Der preferred fell points and rallied 21z
ties recovered practically all of their de-
1 clines. The market became unsettled in
the final dealings and prices receded from
the best Pullman broke 81 points and