The Montgomery advertiser., 1903-07-15
WALL STREET REVIEW
PRICES DECLINE TO LOW --,nA
 OF THE YEAR.
Close Active and Weak with the De- preciating Tendency Apparent- ly in Full Force-Sou--- of
 Selling Mystery.

NEW YORK. July l4.-After occasional re- slstance to the declire prices of stocks sold of sharply late this afternoon to practically the low level for the year and the market closed active and weak with the declining tendency apparently in full force. The sharp recovery in the latter part of yesterday and a further advance in London this morning aroused some hopes that the fall in prices ended tenn porarily at least. But the slight opening ad- vances here attracted heavy selling and while there were later occasional checks to the de- cline, there was no further attempt of con- sequence made to put up prices. The selling was entirely based on general conditions and was chiefly interesting for it's sources which, however. remained much of mystery. Who 1t is that is selling such enormous amounts of stocks and at such tremendous sacrifices based on any possible purchase price for two years past, Is a subject of most earnest surmise. The interest attaching to the subject causes 1t to be surrounded with a vast deal of gos- sip and rumor. which flies back and forh not only within the Wall Stree circle. but over the cables from the continent. Reliable infor- nation on the subject is not to be had. But the volume of the liquidation put 1t beyond question that it is urgent and that 1t is for account of powerful interests A great impress sion was rade upon sentiment by the large liquidation in Consolidated Gas. which carried 1t down 5% points St. Pauls 4-point break in the late dealings to new low level at I4ola supplemented the influence of the break in Con- solidated Gas. The public utilities of Greater New York suffered in sympathy with Consoli dated Gas. as did Peoples Gas The drop in
 
 to new low records was coupled with reports that the cut made in prices of iron had not re- suited in bringing in buying orders. High priced investment stocks continued to be sold at wide price concessions The condition of the money market was the only development of the day to account for the acute weakness of stocks. It was generally accepted that the great railroad companies active bidders for money for fixed periods at per cent. rather than attempt any issues of new capi tai at this time Bankers and money lenders rOnaenueneR extremely consider any request for loans. but those of the high est grade. It is current report that not only the grade of collateral, but the intended use of the money is closely scrutinized by the lend CTS. There was story of refusal by one of the gerat Wall Street banks to lend some thInT over million dollars the highest grade of collateral because the in1uStr pur- poses for which the loan designed did not meet the approval of the bank officials It Is pointed out by The Financial Chronicle that the same adjustment of values to a higher in terest basis which has been In progress on the Stock Exchange for so long also has been go- ing on recently in the money bond field, in the list of offerings which meet with no bids Is | constantly legnthenng The advance in the money rate had the effect of weakening sterl- ing exchange and inducing the selling Of loan bills by brokers and the sharp rise in the pre- mium on New York exchange at Chicago in- dicated the pressure to remit to this center The weather bureaus weekly crop report had an unfavorable effect as 1t concerned wheat but the good promise of corn and cotton would have been sufficient to offset this influence in the stock market. All news of favorable character was ignored. although Baltimore and Ohio showed some early resistance to decline on its favorable showing of net earnings for the year. The Toledo. St. Louis and Western stocks marked up on rumors or a traffic agreement with the St Louis and San Fran cisco and Pittsburg. c. c. and St. Louis made a 5-point recovery from Its recent break. Pennsylvania again broke through the sub scription price of l2o and closed at | 9%. New York Central weak. but did not get back to yesterdays low level.
 Bonds were weak In sympathy with stocks. Total sales (par value). S2.295. 900 United States bonds were all unchanged on the last call.
 lH4