The Montgomery advertiser., 1903-07-22
WALL STREET REVIEW
STAND MADE AGAINST SCAT
 TERED LIQUIDATION.
Slump in United States Steel Stock at Close of Trade, However,
 Cost All the Days Gains,

NEW YORK, July 2I.-The stock market made pretty good stand during the greater part or the day against scattered liquidation or the same kind as that of yesterday But the slump in the United States Steel stocks at the end of the day cost the market 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 senti- ment as the headlong downward plunge in the United States Steel stocks The common sold at 22 and the preferred with the quarterly divi- dend of Y per cent. deducted since yesterday. sold at 70, making extreme declines of SIS for the common and A. for the preferred. In the May 9 panic of ieoi the common sold at 24 and the preferred at 69. Today's drop was in the face of open buying by banking inter ests which conducted the corporations syndi- cate transactions. The financial authorities of the corporation declined to be officially quoted as to the truth of current rumors that the next dividend on the common stock was to be passed The usual rumors circulated also that the urgent liquidation was due to financial embarrassment by this the other important capitalists. But the market seemed to take these rumors with good deal of equanimity and there was a considerable absorption of standard railroad stocks, that prices in many instances rose at one time a point or more over last night New York Central was in notable demand. There was demand for this stock also in the loan crowd the ex- change which caused impression that a considerable short interest had been built up In the stock. The shorts were element in
 
 in the days news to explain the action of the market. The weather bureaus weekly bule- tin on the crops was considered less than re- assuring as to the Spring wheat situation, and the action of the wheat market on the publication of the bulletin confirmed this i'm presson. The only notable effect in the securl- ties market a sharp decline in the Burling- ton joint fours. Great Northern preferred. how ever. jumped 6 points, in the face of the general movement of the market Denials were forthcoming of some of the recent rumors of additional borrowings by railroad. corpora tions, but the possibility began to be can vassed that Improvements would be cut off, except where necessary to be carried out be- cause already entered upon. rather than sven- ture on temporary loans in the present strin- gency of the money market News of railroad earnings favorable. the Louisville and Nashville and the Illinois Central making good returns for net earnings for June. The action of the Erie directors in raising the semi annual dividend rate the first preferred from l F to per cent not known until after the market closed. but it confidently ex- pected. previous expectation that the sec ond preferred stock would get dividend had been abandoned apparently that stock was weak.
 There weak spots in the bond market but the market a whole was irregular. To- tai sales (par valueI. S2. 377, 900. United States bonds unchanged on call
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