The Birmingham age-herald., 1903-10-09
NJ RELIEF COMES ID STOCK MARKET Entire List Weak Almost from
 Start to Finish LAST PRICES WERE LOWEST Liquidation Seemed to Be Prompted More By Sentiment of Disgust and Dlscouraeement With the
 Whole Situation.

New York. October s.-There was prac- days stock market from start to finish There was an occasional pause in the downward course of prices, which was simply due to lull in the selling move- ment but the usual rebound on short covering was in every case feeble, and ineffective. The last prices were practi- cally the lowest of today and the closing was weak
 Net declines of one to two points and upwards are quite general throughout the list There was nothing to show that the liquidation was due to contraction of credits, such as forced the heavy selling in the recent past, although there are time loans, maturing from time to time, which are called for payment and difficult to se- cure any extension for. But today's H. quidation seemed to be prompted more by sentiment of disgust and discourage ment with the whole situation in the se- curities market. The extended reports this morning of the testimony elicited yes terday in the hearing of the legal proceed ings connected with the United States Shipbuiding combination created pro- found impression throughout the finan- cial world. The details there set forth the process of corporation promotion, under writing, and stock hotation, gave rise to disturbing analogies, while a large mass of industrial securities which have come into the market in the last few years are now lying there in a water-logged posi- ton.
 The assumption growing out of yes- terday's disclosures were of so grave 8 character and applied to such important quarters as to unsettle the mind of the financial public over the most conserva. tive convictions. The gravity of the sit uation received its recognition in the usual course of public statements issued later in the day, formally disclaiming the implication by J. P. Morgan & Company. Following the widespread disturbance of sentiment in the market. caused by the reduction of the dividend on United States Steel, the industrial stocks had bad day of it. United States Steel common sold down to it's previous low record at 14B. and the preferred was even more severely handled with decline of 2B Yesterday s argument that the reduction of the divi- dend on the common would increase the security for the dividend on the preferred, lost its force in face of computations that the decrease in net earnings was at a rate greater than the reduction In the dividend disbursement. Amalgamated Copper was the fellow sufferer most acutely affected. The stock fell to a new low record at 359s in the late dealing after some show of support had been accorded above 36. It 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 div idend level was again to the disadvantage of the former stock. Brokers whose oper- ations yesterday on the buying side in va. rious stocks were attributed to inside sup porting orders turned sellers today, with corresponding effect on the general senti- ment. The weakness was by no means confined to the industrials, and the rail roads suffered quite generally in the gen era depression, which weighed the mar ket. Specific news was entirely lacking 10 account for the selling pressure all through the market
 The bond market behaved better than stocks and showed some evidence of in- vestment absorption Total sales par val ue sS552, OOO
 United States bonds 2s declined 14 per cent on the last call.