The Birmingham age-herald., 1903-09-29
STOCK PRICES ON DOWNWARD COURSE Another Day of Liquidation
 Kept Things Alive FAVORABLE NEWS IGNORED Buyers Showed No Inclination to Bld' But Simply Waited for Stocks
 to Be offered Them--oe-
 mand ParaIyzed.
FAVORABLE NEWS IGNORED

New York. September 2S.-Another day I,o,idation in the stock market kept ap- prehension alive and was as much out specific explanation as that "in0A has gone before. The liquidation was mostly in small amounts and came rum all ouarters. There was a considerapie accumulation of these selling oroers oVel Sunday, and there seemed to pc so'" deal of selling out by commission houses whose notification to customers Tor anoi- tional margin had been ignored over euii- day. All the foreign centers' WHICH eoiU any appreciable quantity of American se- curities, also figured in the sehihs' Al. news of g. favorable tenor was lgnoreo and the demand was practicaiiy par alyzed. Except for occasional puyinB Ds uncovered shorts at periods or pause III the liouidation. there was no demand distinouishable The buyer who forms the complement for every seller seeineo 'o wait for stocks to be offered to nm anu made no bid There was consiuei@ @o'e amount of this sort of buying wnich "as traced with confidence to some oi '"e largest banking interests, who saeisheu themselves with this measure or support for the market. It was quite ineffective in preventing the sharp downward course of prices, although it may nave prevent ed a demoralization which was feared. All three United States steel securiues lo"- cred their record prices by wide mar gins. the common touching 15, the prefer red 59H and the bonds 67s4. The pressure upon the last named was espeeiany UT gent and vigorous. The only attempt to explain this selling was by rumor tnal it came from that part of the membership of the syndicate underwriting the stock conversion plan, which desires to aVolu the terms of the extension Of the synoi- cate. The local traction stocks were an other center of weakness led by Metro politan street railway which fell to With in a shade of par. This weakness was yariously explained as due to the hquloa- tion forced by overextension Tn other quarters and by unfavorable internal oe- yelopments. Part of the selling Tn lnls stock was said to come from Philadelphia, which also was an enormous seller or pennsvlvania. The pressure upon Penn sylavania carried 1t down Az at the last and was the factor in unsettling the close.
 Previous to this last slump in Pennsyl- vania there had been quite an enectlve rally all around, due to the reief teit by the apparent cessation or the urgent liquidaton in the United States steel is- sue Amalgamated copper was another stock which was severely handled and It was suspected that the abandonment or plan for an upward campaign by a pool was the cause of this selling. The news of the day was not an influence. A batch of favorable railroad net earnings for August was ignored. Money rates hardened both on call and on time' but gave no indication of stringency In any case. The closing was active and irregu- lar.
 Bonds were weak In sympathy with stocks. Total sales, par value, $5,O56,OOO United States 2s declined A per cent and the Ss and As 1s per cent on the last call.