The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-22
FINANCIAL AND COMMERCIAL.
TUESDAY. july Fl

Heavy selling pressure again to-day
converged upon the shares OF the United
States Steel Corporation. with the common
stock breaking the low record established
in the panic Of May 0, 1901, and falling to 20
The preferred stock at the same time fell
&c 10 which was but point from the May Z
panic level The closing prices for both
the common and preferred shares were al
but small rallies from the lowest figures
Nothing of an explanatory sort bearing
upon the business Of the Steel Corporation
Was to be found in the days news to ac-
count for the selling Of the shares. Further
heavy liquidation occurred in Rock Island
shares. hut while they established a new
low price. there was some indication of
support for the first time in several days.
There was "A distinct cessation in the selling
pressure, 80 evident yesterday, upon the
group Of stocks headed by the shares of
the St Louis and San Francisco Railroad.
Brooklyn Rapid Transit and Amalgamated
Copper, after an early weak spell, rallied
very sharply on large covering Of short
contracts, but they failed to hold the full
extent of the recovercs. The best re-
sistance to the general bcarishness was
shown by the standard railroad stocks.
New York Central, in fact, recorded net
advance of 4 Of n point for the day, while
Pennsylvania and st Paul each closed 4 of a
point higher. Broadly speaking, the market
displayed decided differentiation between
the railroad and the industrial shares.
The special weakness of the latter group
was exemplified in many other stocks be-
sides United States Steel. Notable instances
were the United States Realty shares, the
common making a net decline of pa points
and the preferred net decline Of ~ points;
Tennessee Coal and Iron. with net decline
of points; New York Air Brake. 4 points:
Pacific Coast 5 points; National Enamel
ling and Stamping. points; Interna-
tonal Pump. 4 points. and American Ex-
press. points. There was another bear
drive made early in the day against the
stock of the American Sugar Refining
Company, which was followed by indica-
tons that recent sellers of this stock were
disposed to cover. In fact, there was
plenty of evidence during the day Of bear
ish activity being switched from one issue
into another. and this led to suspicious
being entertained in some quarters that the
better support apparently shown by the
railroad list merely reflected covering
operations in that quarter by the bear
party while attention was being diverted
by fresh attacks made upon the industrials
and specialties There was the usual host
Of rImors circulating, but no news of a
tangible nature was forthcoming. This,
however, Ia a characteristic Of big mar
ket,' we'll known to all traders 1t is not
until the big market ends. these traders say,
that the news will come out.
A great deal OF interest was naturally
centred in the probable dividend action to
be taken by the directors of the Erie Rail
road. The first preferred held the strong
est OF the Erie shares, closing at net ad-
vance Of q Of a point. This was explained
by the announcement, made after the
close of the market, that a semi-annual
dividend OF 2 per cent. had been declared
on the first preferred, placing the stock
on a 4 per cent. basis. No dividend was
declared on the second preferred stock,
but few persons in Wall Street have really
believed that any dividend action regard
ing this issue would be taken at this time
The trading for London account in the local
market appeared chiefly to represent arbi-
TRACE dealings. On balance, about 10000
shares were bought on London orders.
In the sterling exchange market. however,
some stock bills were reported offering,
as we'll as q few bankers loan bills, under
which sterling rates showed lower ten
dency. Call money continued very easy,
the highest rate to-day being 24 per cent.
Time money rates over the first OF tho
year held unchanged. There was moth
ing discouragng In the railroad earn
ings reports that came to hand to-
day. In the commercial markets, how
ever, there was an upward movement.
hat in wheat and corn being based on the
showing Of the weekly Government crop
report. While corn is said to have made
favorable advances In all districts, in the
corn States 1t is variable as to
size and condition, being generally small.
The winter wheat harvest is practically
completed, except In few Of the more
northerly States. The threshing yields are
light, while the reports respect
ing spring wheat are unfavorable. Bear
ing upon general grain conditions. a con-
lished to-day, was quite favorable. which
is OF special interest in view Of the generally
held opinion that large shortage in for
eign grain LIS certain this year. While
the weekly Government report as to cotton
crop conditions made an excellent exhibit.
the cotton market advanced in the face OF
it, shorts apparently selling upon the re-
port as a basis for covering operations.
1t continues evident that the New Orleans
CLIQUE holds full control OF this market A
straw, perhaps worth noting in its bearing
upon the ultimate outcome of the clique's
market position. Ia the fact that the first
bale from this years cotton crop was sold
at auction on the local exchange to-day.
New York stock Exchange Sales. July n.