The Indianapolis journal., 1903-07-15
FALL in PRICES ENDED
ADVANCE IN LONDON STRENGTH
ENED NEW YORK STOCKS.
Mystery Still Surrounds Sale of Enor-
nous Stocks-Railroad Companies
bidding for Money.

NEW YORK, July 1i-After occasional
resistance TO the decline. prices of stocks
sold off sharply late this afternoon TO prac
tically the low level Of the year and the
market closed active and weak with the de-
clining tendency apparent in full force. The
sharp recovery in the latter part of yester-
day and q further advance in London this
morning aroused some hopes that the fall
in prices was ended, temporarily, at least.
But the slight opening advances here at
tracted heavy selling. and, while there were
later occasional checks to the decline, there
was no further attempt OF consequence
made to put UP prices. The selling en-
tirely based on general considerations and
was chiefly interesting for it's sources.
which, however, remained much of a mys-
terry. Who it is that is selling such enor-
nous amounts of stock and at such tremen-
dous sacrifices. based on any possible pur-
chase price for two years past, is a subject
of most earnest surmise. The interest at
taching to the subject causes it to be sur
rounded with vast deal OF gossip and ru-
NOR which flies back and forth not only
within the Wall-street circle. but over the
cables from the continent. Authoritative
and reliable information on the subject is
not to be had. But the volume and the
method of liquidation put 1T beyond ques-
tion that 1t is urgent and that it is for ac-
count of powerful financial interests.
ment 6v the arge %aS upon
dated Gas, which carried ii down 53s points.
St Paurs four-point break in the late deal
ings to a low level at 14O1h supplement-
ed the influence of the break in Consoli-
dated Gas. The public utilities of Greater
New York suffered in sympathy with Con-
drop in the United States Steel stock late
In the day to new low records was coupled
with reports that the cuts made in prices Of
iron had not resulted 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 f4r
the acute weakness OF stocks. 1t was gem
orally accepted that the great railroad COM
panies active bidders for money for
tempt any issues of new capital at this
time. Bankers and money lenders are In
consequence extremely loath to consider
any request for loans but those of the high
est grade. 1t is currently reported that not
only the grade of collateral. but the intend
ed use of the money is closely scrutinized
by the lenders.
There was a story current Of a refusal by
one of the great Wall-street banks to lend
something over s1,O00,000 on the highest
grade of collateral because the industrial
did not meet the approval of the bank Off
Gals. 1t is pointed out by the Financial
Chronicle that the same adjustment of val
ues to a higher interest basis which has
been in progress on the Stock Exchange for
so long has also been going on recently in
the municipal bond field, in which the list
OF offerings which meet with no bids is
constantly lengthening.
The advance i'm the money rate had the
effect of weakening sterling exchange and
inducing selling of loan bills by bankers,
and the sharp rise in the premium New
York exchange at Chicago indicated the
pressure to remit to this center.
The Weather Bureaus weekly crop report
had an unfavorable effect as it 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 a favorable character was ignored, al
though Baltimore & Ohio showed some
showing of net earnings for the year. The
Toledo. st. Louis & Western stocks were
marked UP -rumorS of traffic agree
ment with the st. Louis &c San Francisco,
and Pittsburg. c., c. q ST l.. made a five
point recovery from its recent break. Penn
sylvania again broke through the subscrip-
tion price of 120 and closed at 119%. New
York Central was weak, but did not get
back to yesterdays low level.
Bonds were weak, In sympathy with
stocks Total sales, par value, 81 295 OO1
| the last call.
Following are the days share sales and
| the recorded price changes: