The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-25
WALL STREET is BLUE |
STOCK MARKET WALLOWs IN A
SLOUGH OF DEsPOND AGAIN.
Money Cannot BE borrowed on Many
Securities, and There Is "a Feeling
OF Disaster Near at Hand.

NEW YORK. Sept. 24-The stock mar
ket wallowed in slough of despond to-
day. Prices crumbled away first here and
then there and the closing showed a re-
sumption of the tone of Generalization
which characterized the markets of July.
The break in prices was unaccounted for
by any news developments. What news
that came, whether good or bad. was In
terpreted in Infavorable way by dis
couraged traders. The relief measure of
the United States treasury, announced
yesterday, which seems to make S-0,O00,000
readily available to the money market, was
used by the traders on the Stock Exchange
TO insinuate dark possibilities undisclosed
in the situation, which made necessary
this unexpected measure of relief. The air
was full of rumors of something over
hanging the market" Diligent inquiry in
the banking community and in brokers
offices failed to disclose any definite in
formation OF this mysterious something.
The persistent and urgent character of the
selling, however, gave force to the rumors
and kept sentiment disturbed and nervous
all day.
The futility of the treasury relief meas
ure to give comfort TO holders of securities,
as well as the prevailing low rate for
the trouble is not with the money condition
Those who can borrow money at all can
borrow IL at reasonable terms. This points
to the conclusion that those who are be-
ing Forced into liquidation are those who
cannot borrow money at any terms, at
least for employment in the projects for
which they seek funds. The consolidated
Lake superior episode is looked upon as to
some extent symptomatic. Overextension
IN enterprises whose securities ii is i'm
possible TO float Is believed to be bringing
new crop OF casualties into effect, which
Is reflected in the large selling of such
stocks as have any market to make good
| those casualties 1t was reported also that
some or the large commission houses
| which have carried long-standing accounts
have grown tired of failures to respond to
LtePeateo calls Tor additional margins and
nave been selling out some very extensive
| accounts.
United States Steel preferred. which was
the sensation OF the days market, was
IN shs tSs hns
| frankness OF the admissions as to the con-
traction in the iron and steel trade of
stock: All sorts of assertions were In cir
culatlon or cancellation OF orders In differ
ent lines of industry. Sales for account of
| ported to be on large scale and these
We're believed TO be the effect in a general
way or the iron and steel trade situation
| The downward plunge in United States
| Steel preferred at the last carried il to S.
| where 1t closed at net loss of Az. Losses
ran to about three points in B. G. o.. Read
|
were among those most acutely affected
| Losses of to over per cent. were quite
| general throughout the list The grangers
showed some early resistance, owing to the
| reported escape from frosts of the Kansas
corn crop, but they shared fully in the
| later weakness The anthracite carriers
| were weak on reports Of shutting down of
| collieries, while the argument for the SELL
| Ing or the bituminous carriers was that
| that accumulation of steam sizes of an
| thracite threatened the soft coal trade
| which resulted from last years strike The
| fall in New York exchange at Chicago to
| 10 per cent. discount pointed to the ap-
| proach of the currency movement to the
| West, while the flow to New Orleans con-
| tinues But these various news items were
| used by the traders simply surmises to
| explain the continuous liquidation, which
seems to be really due to the widespread
impairment Of credit, which makes neces-
| sary the closing out of ventures for which
no further support can be had from the
| financial world. The market closed active
and weak at the lowest.
Bonds were weak in sympathy with
! stocks. Total sales at par value, 81 76O 0O0
United States twos declined u per cent
on the last call.
Following are the days share sales and
the recorded price changes: