The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-15
FINANCIAL AND COMMERCIAL.
TUESDAY. july Il,

Prices for securities broke with violence
in the final dealings to-day and there was
further evidence OF urgent liquidation,
particularly of the high-grade issues. While
buying orders on scale from important
financial interests were undoubtedly in the
market, they failed to check the decline.
the selling pressure easily carrying the
prices of many securities under the low
points which were reached yesterday
the lowest for the year up to that time.
The elimination of the weaker short interest
in the market in the recovery of yesterday
afternoon was reflected early in the day
by tho ease with which prices fell away
after business had opened. London set
a higher range OF cabled quotations for
American shares and at the start of the
local market there was some improve
ment in prices. but under the selling which
this Improvement induced the market
failed to hold Special weakness. for which
there was no particular explanation,
developed in Consolidated Gas, which
fell three points under the low price
touched Yesterday. II was, of course.
guessed that some important line of this
stock was being idlidated, There was n
renewal of active operations on the bear
side on the part of the room trading ele-
ment, which had turned TO the long side
with the rally in prices yesterday afternoon
This element hurried out of the stocks
thew had bought and went short. The
weakness Of Consolidated Gas tempted
the traders to raid Peoples Gas. which
quickly broke Yesterdays low point. falling
..l.- L.. . he,rx, a in
position TO cover shorts and this checked
the decline with activity lessening, but in
tie late afternoon selling pressure again
developed
st Paul stock was especially weak and
under what appeared to be heavy forced
liquidation quickly broke through the low
figure established yesterday, falling to
1ioIs, which was its closing price Many
other stocks reached new low prices for
the year under the further selling that
came on the market in the closing dealings
Among these stocks were United States
Steel common at 27ss; United States Steel
preferred, 70; Missouri Pacific, 9sA; Illinois
Central 1926; Brooklyn Rapid Transit, 52H;
Rock Island, 3o%; Hooking Valley, 7s,
and Tennessee Coal and Iron, Az Other
stocks, like Pennsylvania. at 1917, and
Union Pacific, at 77b, equalled the low
point or came within a small fraction of It,
There were few unimportant exceptions
in the general decline, about the only one
worth noting being represented by the
shares of the Toledo. st. Louis and West
ern Railroad, in which there was APP
parently an attempt early in the day
at pool manipulation based upon re-
ports Of combination Of some sort with the
Grand Trunk. The course of the local
market again presented unusual oppor-
tunitiea for arbitrage dealings with the
London market, permitting the sale OF
stock abroad and its recovery here upon
profitable turns, the London market not
declining as fast az this market. The
London purchases were estimated at about
IS 1000 shares There were no sales for
London account. In the bond division Of
the market weakness was also pronounced
the lack OF demand for high-class bond
issues being contributory bearish factor
rIron stocks Az was the case yesterday.
there were a lot Of discuieting r,Imors in
circulation, but careful Investigation, after
the market closed, failed to disclose tangible
basis for these rumors.
With liquidation in violent progress
little attention was paid to news Of any
sort and none at all to rews Of favorable
nature. The development attracting most
attention was the hardening Of the money
market. While call money failed to-day
10 advance above per cent, time money
was decidedly firm, with six months money
quoted at So to Per cent. The announce
mcnt that the Chicago. Burlington and
Quincy Railroad Company had secured
a temporary loan Of $1,000 900, on notes
due next March, at an interest rate, with
commission, figuring out approximately
q per cent. on per annun basis. was looked
upon as evidence that the time money
market was working toward a higher basis
which would naturally have reflection
upon security prices. The firmer ten
dencv of money had an influence upon for
eign exchange rates, which were distinctly
weaker with demand sterling declining
about Is points to 81 $685. Bankers loan
bills were freely offered, as well as some
bills against London purchases of stocks
here. An excellent showing as to cotton
crop conditions by the weekly Govern
rnent report was reflected in a weaker
COTTON market, but while the weekly
Government report as to grain conditions
was generally favorable, corn especl" lily
being reported az having made splendid
growth and rs much improved the grain
markets recovered after an early decline
II should he noted, however, that there
was n fair export demand for gr lin in the
local market. The annual statement of
Tho Baltimore and Ohio Railroad Company
made M to-day. would no doubt have
attracted attention under ordinary cir
CumstnnCes as II shows the iarHest earn
ings in the comp7ny's hist 0rv. with an
.ir,rre- go of 1856 O22 in gross and an in
cre7se Of 50 on in not. The June earn
INCA of tho company are stated To repre-
sent a new high mark for monthly earn
inrs. the gross receipts having been
az s35 500 an incren So over the same month
~ veor of s7i7 ,5sa, and the net receipts
81. $50, $40, an increase of S5'9.A5 The
directors of the Buffalo. Rochester end Pits
burg RpiIwav Company to-day declared II
seni-annual dividend Of 3 per cent, on The
ccr,ucu stock, which ~ an increase of
one-half of per cent
New yor't Sto,K Exchange Salos. July IA.
UNITED STATES AND STATS BONDS I'm 81 COOS
7US 3Sr...,...................... OS
CLOSING PRICES or UNITED STATES BONDS.
BID Asked. BID Asssd.
1880 lO6% lOTle l93S.... 3SA 1876
US2s C. y Stsc.
1881. ...lO0aa lO7's is3S.... 35,s 1904
US ssr USss,r
isOs-ts. IO7Nt 1854 iSO4....lo3 loa
USssc U = S.,
isos-ls los'a 1904 1904, .lo3 lo4
UkAsr uS2sSs.r