The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-22
LATE SLUMP
IN STOCKS
1t Knocked Outthe Early Gains
of The Day.
DOWNWARD PLUNGE MADE
United States Steel Stocks
Decline Greatly.

New York, July A.JThe stock market
made pretty good stand during the
greater part of the day ;-gainst scattered
liquidation OF the same kind as that of
yesterday. But the slump in the United
States stocks at the end OF the day cost
the market about all the gains that had
been achieved in the course of the days
trading. Other specialties scored losses
OF fairly sensational proportions but
they were with no such influence upon
sentiment as the headlong downward
plunge in the United States steel stocks.
The common sold at p and the preferred
with the quarterly dividend OF Il. de-
Quoted since yesterday. sold at 20. max
ing extreme declines OF is for the
common and IA for the preferred In
the May panic of 1901, the common sold at
a and the preferred at e9. Todays drop
was in the face OF open buying by bank
ing interests, which conducted the COR
porations syndicate transactions. The fl
nancial authorities of the corporation de-
clined TO be officially quoted as 10 the
next dividend on the common was 10 be
passed The usual rumors circulated also
that the urgent liquidation was due 10
financial embarrassment by this or the
other important capitalists. But the mar
ket seemed to take these rumors with
a good deal of quantity and there was
a considerable absorption of standard rail-
road stocks. so that the prices in many
instances rose at one time point or
more over last night. New York Central
was in notable demand There was a de-
mand for the stock ais IN the loan crowd
on the exchange whichosused an impress
sion that considerable short interest
had been built up in the stock. The
shorts We're an element in the buying at
other points There was little in the days
news 20 explain the action of The market.
The weather bureaus weekly crop bull
letin was considered less than re-assur-
ing as the spring wheat situated the ac-
tion of the wheat market on the publica-
ton of the bulletin confirmed this i'm
preston. The only notable effect in the
securities market was a sharp dacline IN
the Burling ton joint As Great Northern
IONthris o4N tc4tae1 -
face OF the general movement of the
market Denials We're forthcoming OF
some OF the recent rumors Of additional
borrowings by railroad corporations. but
the possibility began 10 be canvassed
that Improvements would be cut OF. eN-
cept where necessary 10 be carried out
because already entered upon. rather than
venture on temporary loans in the pres
ent stringency of the money market. News
of railroad earnings was favorable. the
Louisville & Nashville and the Illinois
Central making good returns of net earn
ings for June The action of the Erie
directors in raising the semi-annual divi-
dend rate on the first preferred from IA
TO per cent was not known until after
the market closed. but IL was confident
" expected 4 previous expectation that
the second preferred would get a dividend
had been abandoned apparently as that
stock was weak. There were spots In
the bond market. but the market as
whole was irregular. Total sales par
value. $2.3T.0
United States bonds were unchanged
on the last call.