The Montgomery advertiser., 1903-09-25
WALL STREET. REVIEW
THE MARKET IN A sLoUa OF
 DEsFoND.
Closing Showed a Resumption of Generalization Which Character ized the Market Gf July-the
 Traders Seem Discouraged.

NEW YORK, Sept 24.-The stock market widowed in a slough of despondency today. Prices crumbled away first here and then thefe and the closing showed . resumption of the tone of demoraiization which characterized the markets of July. The break in prices was un- accounted for by any new developments All news whether good or bad was interpreted in an unfavorable way by discouraged traders. The relief measure of the United States treas- ury announced yesterday. which seems to make S20, GOO. 900 readily available to the money market was used by the traders on the Stock Exchange to insinuate dark possibilities undis- closed in the situation which made necessary this unexpected measure of relief The air was fuil of rumors of something overhanging the market" Diligent inquiry in the banking community and in brokers offices failed to disclose any definite information of this mys- terious 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 measure to afford comfort to holders of securities as we'll as the prevailing low rate for money Is a pretty reliable indi- cation that the trouble is not with the money condition. Those who can borrow money at all can borrow 1t on reasonable terms. This points to the conclusion that those who are being forced into liquidation are those who cannot borrow money on 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 syrnp- tonlatic. Over-extension In new enterprises whose securities 1t Is impossible to float is be- lieved to be bringing a new crop of casual ties into effect, which Is reflected in the large selling of such stocks as have any market to make good those casualties. It was reported also that some of the large commission houses which have carried long standing accounts have grown tired of failures to respond to repeated calls for additional margin and have been selling out very extensively. United States Steel preferred. which was the sensation of the days market, was said to be affected in this way. The growing realization of and the increasing frankness of the admissions as to the contraction in the iron and steel trade. of course, aggravated the weakness of this stock. All sorts of assertions were in circulation of cancellation of orders fin different lines of i'm dustry. Sales for account of Philadelphia and Pittsburg were again reported to be on large scale and these were believed to be the effect in a general way of the iron and steel trade situation. The downward plunge in United States Steel preferred with the list carried it to 63, where 1t closed at net loss of 4h. The market closed active and weak at the lowest.
 Bonds were in sympathy with stocks. Total sales (par value). S2, 76o, ooo United States 2s declined ls per cent. on the last call.
 Treasury Balance.
 WASHINGTON. Sept 24.-Treasury bal. ances, s237, ,754oII: gold. SilI.3ie.457
 New York Stock List.