The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-26
FINANCIAL AND COMMERCIAL.

SATURDAY, July rs.
IL was natural, after yesterdays events
and with fear that more financial weak
spots may be uncovered, that nervousness
and feverishnees should have character
lied to-day's stock market. The failures
OF Yesterday afforded basis OF tangibility
for the circulation OF Rresh trouble rumors,
and there was q, biz crop OF them avertng
that this house or that had been crippled
and was also likely TO he forced to the wall.
These rumors wore sufficient to account
for much OF the uncertainty that the trad
ing showed. There was plenty OF evidence
Afforded by the tape that collateral on loans
was being closed out. this selling being
responsible for the recording OF some re-
markalle net declines. number OF the
securities which suffered heavily have been
known to Wall Strset as propositions
handled by the firms whose failures
were announced yesterday. The losses
suffered by other seouri,aa, not especially
connected in the Wall Street mind
with either of the embarrassed firms.
gave an impetus to some OF the trouble
rumors already referred to, while
Yesterdays preliminary returns as to tho
KNOWN nOVGWgUtS -! uhoHVs ~ s"'' ~S'"'~
we're borne out in the weekly statement OF
avera ges OF the associated banks by
heavy incranse shown in cash holdings.
the statement was distinctly disappointing
in the fact that it showed an actual small
increase in the loan tom. despite this weeks
stock market liquidation and the known
payments on account OF the maturing
Of the $4,000 900 Of Pennsylvania Railroad
loans effected six months ago. The eI-
hibit as to loans ia inexplicable by any
known special transaction OF the past
week The increase in cash reported
amounts to s., 4c9, 100, which Is more than
Al 900 600 above the preliminary estimate,
while the loans are reported as increasing
1884 ZOO There was not good balance
shown by the deposit item. which increased
n ,as. 700. or 81 la4 400 less than the sum
of the increases in loans and cash. The
reserve required il 1902 IT'S more than
week ago, which deducted from the gain
In cash results in an increase in surplus
reserves of s., es8.o,5, bringing the amount
now held by the banks above lawful re-
uuirements to sls.9i5,4 400
On the appearance Of the bank state
ment, prices, which particularly in the
case Of some of the prominent railroad
shares had rallied substantially from an
earlier break, were attacked and the whole
market sold of sharply, with the subse-
quent rallies feeble. Sentiment continued
very unsettled owing to apprehension re-
gardng possible developments on Mon
day. when Clearing House settlement must
be made on Stock Exchange transactions
nd fn.Iou Az tho
time there was indication Of substantial
investment buying in number OF quar-
ters, with a good deal OF resistance being
displayed by several Of the standard rail-
road issues Final quotations showed a
great deal OF irregularity. The notable
net declines for the day included Ameri-
can Coal, 10 points; American Linseed
Oil preferred, s. Baltimore and Ohio pre-
ferred, ~: Buffalo, Rochester and Pitts
burg, S; Chicago and Eastern Illinois pre-
ferred, 231a; Delaware and Hudson, 81;
Des Moines and Fort Dodge, 2lla; Evans
vile and Terre Haute, 1917; Minneapolis and
st. Louis, 8; Minneapolis. ST. Paul and Sault
Ste Marie. 3; North American, 1915; Pere
Marquette, A; Pittsburg Cincinnati Chicago
and st. Louis, Q; Rubber Goods common.
Va,
and San Francisco certificates Z; United
Railways Investment preferred ~; United
States Rubber preferred, IL; Westing-
house Manufacturing S London arbitrage
houses were buyers in the local market
of few Thousand shares Of stocks on bal
ance. The list Of quotations for American
shares cabled from tho London arket,
which closes on Saturday before our market
opens. showed quite general advances.
and private advices from abroad indicated
that sentiment regarding American shares
had improved on the belief that the heavy
pressure of forced liquidation had ended
with Yesterdays failures The sterling
exchange market was dull with lower
tendency. In the commercial markets
corn was very strong on renewed talk about
threatened damage in the corn belt by
hot winds. Wheat also advanced. The
cotton market was steady.
New York stock I Xclangc sales, July rs.
CLOSING PRICES OF UNIFIED STATES BONDS.
Bid Asked.t Bid. Asked
Us2sr U S 4s.r
O...l O0Hs 1923 lG25.,....l34i1 1873
TS2S,c u S As. G.
l8@O. .,.. l oo>s l o71s ls25"".l35h 1904
L s 3S r. l. > S. +.
i9o-ls lo724 1857 1901. IL OK iO2A
rS3sc q $ 5s.c,
1908 Is. .l0Si. 1904, IB0i..... 03 lO4
ISis.r t S 3.65Sr
rao7...llI 1ll4 m4,pc lan4 -
I SlS.c,
l9o7,.""lll 1llN
RAILROAD AND OTHER BONDS.