The Birmingham age-herald., 1903-07-15
SMALL RESISTANCE
 ID TIE DECLINE
Closed Weak With the Slump
 in Full Sway
SELLING WAS A MYSTERY
Bonds Were Weak in Sympathy With stocks-Advance In Money Rate Had the Effect of Weaken
 Ing Sterling Exchange.

New York, July 14.-After occasional re- slstance to the decline, prices of stocks sold off shortly late this afternoon, prac- tically to 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 part of yesterday and further advance in London this morning aroused some hope that the fall in prices was ended, temporarily at least But the slight open ing advances here attracted heavy sell ing, and while there were later occasional checks to the decline, there was no tur- ther attempt of consequence 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 a mystery. Who 1t Is that Is selling such enormous amounts of stocks and at such tremen- dous sacrifices based on any possible pur- chase price for two years past, is a sub feet of most earnest surmise. The inter est attaching to the subject causes 1t to be surrounded with a vast deal of gos- sip and rumor, which files back and forth not only within the Wall street circle, but over the cables from the continent. Au- thoritative and reliable information on the subject is not to be found. But the volume and method of liquidation put it beyond question that 1t Is urgent, and that it is for account of professional in- terests. A great impression was made up- on sentiment by the large liquidation in Consolidated Gas, which carried 1t down 5% points. St. Pauls point break in the late dealings to a new low level at l4Ots supplemented the influence of the break In Consolidated Gas. The public utilities of Greater New York suffered in sympa- thy with Consolidated Gas as did Peoples Gas. The drop In the United States Steel stock late in the day to new records was coupled with reports that the cuts made fin prices of iron had not resulted in bring ing in buying orders High priced invest ment stocks continued to be sold at wide price concessions.
 The condition of the money market was the only development of the day to &C., count for the acute weakness of stocks. It was generally accepted that the great railroad companies are active bidders for money for fixed periods at per cent, rather than attempt any issues of new capital at this time BanKers and money lenders dTe III tOHbt4u0HON C4NAeAhNA ioath to consider any request for loans, but those of the highest grade. It is cur rent report that not only the grade of collateral but the intended use of the money Is closely scrutinized by the lend CTS. There was a story of a refusal by one of the great Wall street banks to lend something over million dollars on the highest grade of collateral because the industrial purposes for which the loan h xrnH of the bank officials. It Is pointed out by the Financial Chronicle that the same adjustment of values to a higher interest basis which has been in progress on the stock exchange for so long also has been going on recently in the municipal bond field in which the list of offerings which meet with no bids Is constantly lengthen- ing. The advance Tn the money rate had the effect of weakening sterling exchange and inducing the selling of loan bills by bankers, and the sharp rise In the pre- mium on New York exchange at Chicago indicated the pressure to remit to this center. The weather bureaus weekly crop report had an unfavorable effect as 1t concerned wheat, but the good prom ise of corn and cotton would have been sufficient to effect this influence in the stock market All news of favorable character, although Baltimore and Ohio bnOWeQ SOme edTly TeSiSldnce to ueCllnS on its favorable showing of net earnings for the year. The Toledo, St. Louis and Western stocks were marked up on ru- mors on a tariff agreement with the St. Louis and San Francisco and Pittsburg Cincinnati. Chicago and St. Louis made a five point recovery from it's recent break Pennsylvania again broke through the subscription price pr 120 and closed al 119M. New York Central was weak but x14 .AA roI~t tr. .&-~I .S..
 Bonds were weak in sympathy with stocks Total sales, par value, $2, 295, ,OO0
 United States bonds were all unchanged on the last call.