The Birmingham age-herald., 1903-07-12
MARKET SUBJECT
 ID SEVERE SELLING
Pressure on N. Y. Central the Most Conspicuous Feature
COMBINATIONS DlSIRUSTED
Heavy Liquidation In United States Steel, Caused By Reports of Aecu-
 muIatIns Stocks of Pig Iron
 and Cut In Steel RiIIets.

New York. July 11.-The stock market was again subjected to severe selling pressure today under the impulse of the ssme motive as has prompted the sell ing for the two days previous. The pres sure upon New York Central was the most conspicuous feature of the market and carried the price down to 114si an extreme decline from yesterday of 41s and from last week of 11%. The attack upon the market was obviously in professional hands but 1t was equally evident that the bear tac- tics were based upon knowledge or convic- tion of the existence of large orders to liquidate in the market. Beyond the un- shaken conviction of the necessity of an early increase in New York Central capi- tai issues, there was no immediate news to account for the general decline and 1t seemed to be based as much as anything on a general belief that readjustment of the price level of securities must be made to conform to new conditions in the money market and industrial affairs be- fore any real demand for securities can be attracted. The renewed weakness of Penn sylvania and its break through the pre- viously protected minimum at 123 to 121ss had almost as much effect.
 The effect of this development upon the stock market of the latter part of the week has been aggravated by the heavy liquidation manifested in the United States Steel stocks in face of the official claims of satisfaction with the quarterly earnings of the corporation published dur ing the week. The declines in net earn ings compared with the corresponding quarter of last year is obtained by the prevailing blockade on the railroads, which obstructed the supply of material as well as the delivery of the product, But reports from the iron and steel trade of increasing production of pig iron ac- cumulating stocks, yielding tendency in the market for products and rumors of a cut in steel billets, proved more influ- ential upon the market for the securities than the claims for earnings Stocks of independent iron and steel companies and stocks of the metal industry gener- ally became weak. The successive devel- opments of difficulties in the financial affairs of the newer industrial combina- tions keep alive a somewhat indiscrimi- nate feeling of distrust of that whole class of securities. The direct news from the crops has been considered favorable and the weather bureaus weekly sum mary reported the most favorable week of the season. But prices in the cereals have advanced and the fear of an unfa- vorable showing of condition by the agri- cultural departments monthly report hayed proved the dominant factor in the grain and stock markets The element of risk for the corn crop by reason of it's lateness has also been much dwelt upon in stock market circles.
 Prices of bonds have settled to a lower basis generally, although some of the fla forite active issues have been compara- tively steady. 4sA
 U. s. 2s advanced s, the Ss and old As 5k and the 5s A per cent, as compared with the closing call of last week.