The daily morning journal and courier., 1903-07-22
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YESTERDAF'S STOCK MARKET.
slump in sseoi s.ocss wipes out Early
 Gains. ,>e5a: rs

New York, July 21.-The stock market made pretty good stand during the greater part of to-day against scatter ed liquidation of the same kind as that of yesterday. But the slump in the United States Steel stocks at the end of the day cost the market about all the gainst that had been achieved in the course of the days trading. Other spec ialties scored losses of fairly sensation al proportions. but they were with no such influence upon sentiment as the headlong plunge downward in the Unit ed States Steel stocks The common sold at p and the preferred, with the quarterly dividend of 1& per cent. de- ucted since yesterday. sold at 70, mak- ing extreme declines of SIS for the cons mon and A for the preferred. In the May panic of 1901 the common sold at 24 and the preferred at 69. To-day's drop was in the face of open buying by banking interests which conducted the corporation syndicate transactions. The financial authorities of the corporation delined to be officially quoted as the truth O. the current runlors that the next dividend on the common stock was to be passed. The usual rumors cireu- lated also that the urgent liquidation was due to financial embarra rassment by this or the other important capitalist. But the market seemed to take these .rumors with good deal of equanimity and there was a considerable absorption of standard railroad stocks. so that prices in many instances rose at one time 3 point or more over last night. New York Central was in notable e. mand. There was a demand for this stock also in the loan crowd on the ex- change. which caused an impression that a considerable short interest had been built up in the stock. The shorts were an element in the buying at other points. There was little in the days news to explain the action of the mark let. The weather bureaus weekly bulle- tin on the crops was considered less than reassuring as to the spring wheat situation, and the action of the wheat market on the publication of the bulle- tin confirmed this impression. The only notable effect in the securities markee was sharp decline in the Burlington joint fours. Great Northern pf., how ever. jumped 6 points, in face of the general movement of the market. De- nials were forthcoming of some of the recent rumors of additional borrowings by railroad corporations, but the possi- bility began to be canvassed that inl- provements would be cut off, except where necessary to be carried out be- cause already entered upon, rather than venture on temporary loans in the pres- ent stringency of the money market. News of railroad earnings was favor able, Louisville and Nashville and the Illinois Central making good returns of net earnings for June. The action of the Erie directors in raising the serni-arl- nual dividend rate on the first preferred from 11a to per cent. was not known until after the market closed, but it was confidently expected. A previous ex- pectation that the second preferred stock would get a dividend had been abandoned apparently, as that stock was weak. -:... '
 There were weak spots in the bond market, but the market as a whole was irregular. Total sales par value, s. 37Z00O.
 . United States bonds were unchanged lon call.