The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-15
STOCKS ARE
FREELY SOLD
Operators Puzzled to Solve
the Situation.
WHO IS SACRIFICING?
Quotations Have PerSistentIy
Dropped Recently.

New York, July 14-After occasional
resistance to the decline, prices of stocks
sold off sharply late this afternoon to
practically the low level of the year and
the market closed active and weak with
the declining tendency apparently in full
force. The sharp recovery in the latter
patr OF yesterday and a further advance
in London this morning aroused some
hopes that the fall in prices was ended.
temporarily at least. But the slight open
ing advances here attracted heavy selling
and while there were later occasional
checks to the decline. there was no fur
Their attempt OF consequence made 20 put
up prices. The selling was entirely based
on general considerations and was chief
" interesting for its sources. which have
remained a mystery. Who il is selling
such enormous amounts OF stock and at
such tremendous sacrifices based on any
possible purchase price for two years
past, is a subject OF most earnest surIaise
The interest attached 10 the subject
sauses il To be surrounded with a vast
deal of gossip and rumor, which flies back
and forth and not only within the Wall
street circles. but over the cables from
continent to continent. Authoritative and
reliable information on the subject is not
to hand But the volume and the method
of the liquidation put it beyond question
that it is urgent and that it is for account
of powerful financial interests. a great
nv
the large liquidation in consolidated gas
which carried it down SIS points. St
Paurs break in the late dealings to a
level at 40 supplemented the influence Of
the consolidated gas. The public utilities
of Greater New York suffered in sym
patty with consolidated gas as did peo-
pies gas. The drop in the United States
Steel stocks later IN the day TO new low
records was coupled with reports that
the cut made in prices of iron had not
resulted in bringing in buying orders.
High priced investment stocks continued
to be sold at mild price concessions The
condition of the money market was the
only development of the day TO account
for the acute weakness OF the stock II
was generally accepted that the great rail-
road companies are active bidders Tor
monye for fixed periods at per cent
rather than attempt any issues OF New
capital at this time. Bankers and money
lenders are in consequence extremely 10th
to consider any request for loans but those
of the highest grades. 1t is current report
that not only the grade of collateral but
the intended use of the money is closely
scrutinized by the leaders There was a
story current of a refusal by one Of the
great Wall street banks 10 lend something
over a million dollars on the highest grade
of collateral because the industrial pur-
pose for which the loan was designed did
not meet the approval of the bank Off
Gals
It is pointed out by the financial Chron-
icIe that the same adjustment Of value
to a higher interest basis which has been
in progress on the stock exchange for 50
long has been going on recently in the
municipal bank field. in which the list Of
offerings which met with no bids is con-
stantly lengthening.
The advance in the money rate had the
effect Of weakening bankers. and the
sharp rise in the premius on New York
Exchange at Chicago indicated the pres
sure to remit to this center.
The weather bureaus weekly crop re-
port had an unfavorabIe effect as II con-
cerned wheat. but the good promise Of
corn and cotton would have been sufficient
to offset this influence in the stock mar
ket All news Of a favorable character
was ignored, although =. & o. showed
some early resistance 20 decline on its
favorable showing or net earnings for the
year
The Toledo. ST Louis and Western
stocks were marked Up on rumors of a
traf7c agreement with St Louis and san
Francisco and Pittsburg c. c. ard St L.
made five point recovery from its re-
cent break Pennsylvania again broke
through the subscription price OF I'D and
closed at Ils 81 New York Central was
weak but did not get back 10 yesterdays
low level
Bonds were weak in sympathy with
stocks. Total sales. par value 3 % leo
United states bonds were all unchanged
on the last call
Yesterdays stock market closed az fol
lows: