The Montgomery advertiser., 1903-09-29
WALL STREET. REVIEW.
ANOTHER DAY SPENT n
 LIoUTDATIo1r.
As Much Without Spsciic Explana- ton as That Which Has Gone Bsfors-selling Hosrly in
 Small Amounts.

NEW YORK, Sept 2a--Another days iicui- dation in the stock market kept apprehension alive and was as much without specific ex- planation as that which has gone before. The liquidation was mostly in small amounts. and came from all quarters. There was q consid- erable accumulation of thees selling orders over Sunday, and there seemed to be good deal of selling out by commission houses whose notifications to customers for additional mar sin had been ignored over Sunday All the foreign centers which hold any appreciable quantity of American securities also figure in the selling. All news of a favorable tenor was ignored and the demand was practically paralyzed. Except for occasional buying by uncovered shorts at periods of pause m the H. duidation, there was no demand distinguish able. The buyer who forms the complement for every seller seemed to wait for stocks to be offered to him and made to bid. There was a considerable amount of this sort of buying which traced with confidence to some of the largest banking interests, who satisfied themselves with this measure of support for the market It was quite ineffective in pre- venting the sharp downward course of prices, although it may have prevented a demoraliza- ton which was feared. All three United States Steel securities lowered their record ing i5. the preferred 69A and the bonds 67E. The pressure upon the last named was especi- ally urgent and vigorous. The only attempt to explain this selling was by rumor that 1t came from that part of the membership of the syndicate underwriting stock conversion plan which desired to avoid the terms of the exten- NS were another center of weakness led by Metro politan Street Railway, which fell within Q shade of par. This weakness was variously ex- plained as due to the liquidation forced by over-extension fin other quarters and by un- favorable internal developments. Part of the selling in this stock was said to come from Philadelphia, which also was an enormous seller of Pennsylvania The pressure upon Pennsylvania carried 1t down 4k at the last and was the factor in unsettling the close. Preivous to this last slump in Pennsylvania there had been quite an effective rally all around, due to the relief felt by the apparent cessation of the urgent iduidation in tn United States Steel issues. Amaigamated Copper was another stock which was severely handled and 1t was suspected that the abandonment of a 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 favor able railroad net earnings for August was fg- nored. Money rates hardened both on call and on time, but gave no indications of stringency in any case. The closing active and ir- regular
 Bonds were weak in sympathy with stocks. Total sales tpar value). $5, 900. United States 2s declined per cent. and the 3s and 4s per cent. on the last call.
 Treasury Balance.
 WASHINGTON. Sept. 2e-Treasury balances. s24o. 37o. .63o; gold. Sii T.922,e25.
 New York stock List.