The daily morning journal and courier., 1903-07-16
gimarreiaI.
YEsTERD4Y5s STOCK MARKET
Violent Lfquidation of Stocks and
 Bonds Continues.

honUs DONiuHeN,
 New York, July 15.-The violent liqui- dation of stocks and bonds continued on the stock exchange to-day. estab- fishing a general low record of values for the year. The money exigencies of the New York Central. which was the particular development upon which the present selling movement started, have
 widened so as to take in the railroad
 world quite generally. Yesterdays late
 announcement that the Chicago, Bur lington & Quincy had borrowed $5,000,- 900 for period extending over into next March on 6 per cent basis was supplemented to-day by the official an- nouncement that the Union Pacific conn pany had negotiated it's notes to the ex- tent of $10,0O0,OO0 for year and a half also practically on a s per cent. basis. The authoritative news of the day regarding the money requirements of the great railroad corporations. was supplemented by countless rumors of all degrees of credibility pointing to rugent money needs on the part of the railroad world in general and individual capitalists in particular and alleging that great sacrifices were necessary to be made to secure funds in hand. The effect of this condition was to provide a field day for the bears in the stock market. !. The buying of the bears to cover caused a strong rally in the market which wiped out the earlier losses in some cases, notably in St. Paul, New York Central, Reading and Norfolk & Western. The days losses in the ac-5 tive list were not greater at any time. than are frequently shown during an active selling movement, the range running generally within to points. But in the inactive list and especially among stocks regarded as of a high investment grade there were some drastic cuts in market values. In many cases these compare with long stand ing quotations made on old sales and result from the marketing of compara- lively small blocks of stocks. The ir- ference is plain that these represent sort of revision of book values. While the assumption is warranted that such sales are made to supply urgent money requirements, there is possibility also of the attraction of the present rate in the open money market, inducing the selling of securities to employ funds in that way. This is the natural pro- cess by which prices of securities ad- just themselves to the level of the money market. The money is at pres ent in active demand at high rates and is likely to continue so for a con- siderable period, is a just inference from all the existing phenomena in the money market and the stock market. News from various points of projects of combination of gas, electric light and trolley companies show sources for additional demands for money. Some of the declines in high grade invest ment stocks to-day ran all the way from 4 to 20 points and included such stocks as General Electric, Westing- house Electric, thee Nv York, Chicago
 & St Louis preferred stocks, Nash- vile, Chattanooga &s St. Louis,, Lacka-: wanna, Delaware & Hudson, Pittsburg, C., c. & St. Louis, United States Ex- press, St. Paul preferred, Brooklyn Union Gas, Buffalo, Rochester & Pitts
 burg, Long Island.
 In the active list Pennsylvania, New York Central and Pacific and the Unit ed States Steel stocks were most Ileav- fly sold. There were short coverings. at different times during the day, the breaking out of depression at new points being used to cover to advantage where declines had already occurred.
 The routine news of the day outside of the money situation was entirely
 ignored. The closing was rather irreg- ular owing to some. fresh recessions just at the last.
 The bond market reflected the press-
 ure of liquidation rather more gener- ally than heretofore and there were de-
 clines of 1 to 1 1-2 in many favorite bonds of what might be called a sec- undary grade. Losses amongst the speculative issues reached as high as 8 or IA in some cases. Total sales, par value, $3, GOO.
 United States bonds were all un- changed on the last call.
 Closing Prices.
 The following are the closing prices re. ported by Prince & Wh:tely. Bankers and Brokers. 52 Broadway, New York; 15 Center