The daily morning journal and courier., 1903-07-31

proportions. Commission houses which
 reported yesterday an awakening in-
 Quiry for stocks found to-day that the slight reaction in prices had almost en- tirely discouraged this buying and in
 some cases had induced buyers to get out os the market again hurriedly. A
 constant drip of small selling under
 mined the market and caused prices to crumble. The early selling centered on Atchison. following up the late move ment of yesterday. The general list re- sisted for time until some of the spec ialties began to make violent declines. The weakness then became quite gener- al. Several os the professed reasons for yesterdays selling of Atchison were
 cleared by to-day without strengthening the stock market. Official denials were made of rumors of coming bond issue and of an alleged unsuccessful attempt to negotiate a temporary loan by the
 company. The reports of rains in the southwest with expected benefit to the corn crop disposed of another ground of weakness. The selling was partly by professional bears, but the suspicion remained that long stock was coming upon the market and made an unfavor-
 able impression upon speculative senti- ment in the whole market. An unfavor- able showing of June net earnings by reason of flood damage and bear raid | to dislodge pool holdings of the stock were hinted at. A feature of the situa- ton is the revival of various reports running from the plausible to the highly improbable, of new combinations and absorptions of railroad systems. The purchase of the Evansville and Terre Haute evidently gave a new lease of life to this class of reports. They con- cerned themselves with railroads of all grades from those of few tens of thou- sands of shares to the New York Gen. tral and Pennsylvania. The policy of combination of available railroad sys- tems doubtless has favor in the railroad
 world and. the liauidation which has
 
 attractive opportunities for considera- tion in strong contrast to the extraya-
 gant valuations at which the mergers of the boom period were consummated Some resumption of the speculative ex- citement in cotton was against the stock market and the large speculation developing in the grain markets is look ed upon with degree of apprehension, owing to the general financial situation.
 Corn showed strength to-day in spite of the favorable crop news and there was some fear that the spring wheat crop
 was suffering further deterioration.
 The money market showed growing ease for time loan. But the movement of prices of specialties on the stock ex- change indicated that there was some selling out of collateral in loans. Stocks recovered a large part of their declines late ill the day when the liquidation in
 Atchison had spent its force and the closing was apathetic and not far from last nights level @ < .3t
 In the bond market Chicago Ternlin- al Transfer sours were offered down |61a just before the close. Toledo, St.
 Louis and Western fours fell 3. The bond market was quite broad and show ed good inquiry, although some of the inactive investment issues were mark etable at considerable concessions from last prices. Total sales par value, $2,- 410, ,000.14 4 # b .a@ st Yts;& asgg 5,s United States 8 declined and the old As 111s per cent on the last call ss&