The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-04-14
A SLUMP IN PRICES
MARKED THE DAY IN THE NEW
YORK STOCK EXCHANGE.
HOLDERS GLADLY LET GO
WITH THE RESULT THAT SHARES
DECLINED STRONGLY.

Northern Securities Shares Set the
Pace-They Were Weak and Sold
Several Points OH-They Exerted
ket, and Stocks Began TumbIing.
Operations Were Heavy-I,2S0,316
Shares Changed Hands-Second
Highest Number of the Year.
New York, April 1S.-The sales of
stock on the Stock Exchange to-day
1,2S9,S16 shares were the second largest
of the year, the high record to date be-
ing 1,546,0S0 on Jan. 8. This is the
fifth day this year that a full days
trading has exceeded one million shares,
the first being on Jan. 6, when they
amounted to 1,156,669 shares, the second
Jan. s, 1,1SS,9O3 shares; the third Jan 8,
the fourth 1,O06, $50 on March 10, and
the fifth, to-day.
Shares of the Northern Securities
Company were extremely weak on the
curb to-day, selling off to 9S1ac, a de-
cline of SIS points from last Thursdays
closing quotations. During the early
session much of the selling came from
Stock Exchange houses, and there
seemed to be no support.
There is little doubt that some of to-
days selling was of a forced character.
The course of Northern Securities
was not without it's effect on the gen.
eral stock market, prices yielding con-
siderably Declines of 2 to points were
common.
Call money was offered at per cent
but the demand was light. During
the noon hour Northern Securities
broke to 81 and then rallied a point.
The break in Northern Securities was
followed by increased weakness all
through the active stock list.
A number of standard railway
shares made new low records for the
present move, including Pennsylvania
and New York Central The decline
in these issues was less severe than
in a number of others, for example,
Atchison and Baltimore and Ohio,
Northwest, St. Paul, Delaware and
Hudson, Union Pacific and Rock Is
land, all of which broke or more
points. Lackawanna fell 10 points on
very light trading, st. Louis and San
Francisco common 6lA, Reading Az,
and Erie seconds Az.
1nSTe Was d ~ point ueCllIle OH
American Express on a sale of 100
shares. Southern Pacific sold off to
within a traction of its recent low
record, and a number of the minor
railroads registered material declines.
Common report attributed the Sc
we're break to heavy selling by the
Western clique and a prominent local
operator. So far as could be learned
in the early afternoon, the banks were
not calling loans, but brokers were
demanding additional margin from
customers.
Lower prices were reached in the
afternoon in all the active issues. Trad
ing was large in volume all day, and
exceeded that of any day for weeks.
The few stocks that reflected inside
support included Sugar Brooklyn Rap
id Transit and the United States Steel
issues. On the curb, however. the new
per cent. of the Steel Corporation
sold off to 1914, the lowest price vet
reached. There were intermittent rail-
lies, but these were invariably sue
ceeded by still lower prices. Stocks
were offered with the greatest free
dom.
There were some buying orders, not
a few from out of town. Liquidation
was steady, however, and the heavy
tone was maintained throughout.
Another drive against prices was
made just before the close. Northern
Securities sold down to "a on further
offerings by Stock Exchange brokers,
and closed at 94s4 095. Steel bonds sold
off to SO, a decline of 2 per cent, and
the preferred stock of the International
Mercantile Marine Company changed
hands in fairly large lots at 341z, a de-
cline of 3B points from last weeks
closing price. Later this same stock
was freely offered at "a, with no sales.
On the Stock Exchange the market
was feverish and heavy, but closing
prices were slightly above the lowest.