The Birmingham age-herald., 1903-07-16
PRICES TUMBLE DOWN
 UPON MANIPULATORS
Noteworthy Decline in Leading Stocks Including Union Pacific, N. Y. Central and U. S. steeI-cor-
 porations Borrow.

New York, July 15.-Demora1ization ruled in the stock market today, mak- Ing 1t up to the time of the closing rally one of the most disastrous days since the memorable panic of May g, 1901. New low records for the year were made in the trading on a heavy volume of busi- ness. Some of the declines in high grade investment stocks for the day ran All the way from to 20 points.
 In the early dealings there was a rush to sell. Prices dropped sharply and In some cases precipitateIy, with active stocks down ? and points each, and with an extreme break of over 50 points report ed in St. Louis and San Francisco, and Chicago and Eastern Illinois certificates The decline was especially noteworthy, however, in such stocks as St. Paul. New York Central, Union Pacific, Canadian Pacific, Missouri Pacific, United States Steel and General Electric.
 In the last half hour the covering of shorts and investments by bargain hunt CTS were responsible for partial recover- les in many issues. and complete reeoy- cries in few like St. Paul. which closed
 
 tations.
 Selling Causes Uneasiness.
 Traders were naturally disposed to view the selling of high-grade investment issues with considerable uneasiness, on the theory that 1t represented forced sell ing by important interests who were compelled to part with their securities to raise funds to protect speculative ac- counts elsewhere in the market. Sev- eral important market interests were sellers of stocks that had been carried On borrowed money for long period, the soies being induced by the attitude of the banks, which directed the calling in of loans to strengthen their position. pre- paratory to the expected heavy calls on their resouces for crop movement pur- poses.
 A distinctly unfavorable impression was created by the announcement of an issue of short-ti time notes by the Union Pacific to the amount of ten million dollars, also smaller loans by several other railroad companies. Following the borrowing by the Burlington. the action of the Union Pacific and other roads in going into the market for money naturally affords ground for uneasiness in speculative cir cles, particularly the companies are forced to pay stiff rates for their accom- modations.
 U. p. Announcement Factor.
 It is believed that the Union Pacific an- nouncement was an important factor in the demoralization and that the new de- mands of various railroads for money were responsible for the liquidation of many stock market accounts at serious losses.
 The United States Steel issues, which were under pressure the greater part of the day. made new low-record prices. Buying of these shares on the decline was said to be for the account of inter- ests identified with the property, but the support was not sufficient to offset the sales as an influence of values.
 To Wall street the unpleasant feature of the situation is that corporate borrow ings seem to be becoming greater rather than less. While this feature persists, it is pointed out, the street cannot hope for easy money.