The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-07-11
STOCK MARKET IS
UNUSUALLY BUSY
Revival of Activity is on Selling
Side of Change
N. Y. CENTRAL sLUMPS
Movemen. Of This stock Continues to
Dominate the Market and Leading
Securities Suffer DeeIlne--5onds
Are Weak In Sympathy.
N. Y. CENTRAL SLUMPS

New York, July 1.-the Stock Ex-
change did as much business today in
the first two hours Of the session, as was
done during the entire session. Of the
previous day, which was In turn more
than twice as much as the recent daily
averages. This revival Of activity has
been on the selling side Of the market
and wide inroads on prices were added
today. Owing to the late rally on the
movement to cover shorts, the days ex-
IRENE declines were considerably miti-
gated, the more prominent active stocks
closing at recoveries of 1 to III from the
low point of the day.
The movement in New York Central
continued to dominate the whole market
and that stocks extreme decline of S1s
points was the most considerable IN the
active list. The price touched 11s during
the early afternoon and closed sat 1l9A.
Quite a number of leading speculative
stocks were at one time from to
points below last night. st. Paul and
United tsates Steel, the latter at only
fractional decline, touched lower places
than before this year and the same was
a
Pennsylvania held down to It's low rec
, ord at 1913 but enormous buying orders at
5 that level were Immediately disclosed.
There were no important new develop
ments to account for the continued weak
ness of the market. 1t was announced on
authority that whatever plans We're IN
contemplation for raising additional cap
ital for New York Central, nothing was
to be done until September. There were
admissions as to the probability that the
terminal construction contemplated by
the company would be done through the
medium of a terminal company organ
lied for the purpose. But 1t was realized
that New York Central If led 1t must
be relied upon for raising the money.
The continued stream of New York Cen
trail stock coming upon the market was
sufficient In itself to take away the ef-
feet of disclaimers of a contemplated
stock issue or bond issue.
Stocks of the subsidiary Vanderbilt COM
panies which are seldom dealt In, also
suffered wide declines, Lake Erie and
Western preferred losing 9, Cleveland, Gin
cnnati, Chicago and st. Louis and Peoria
and Eastern Pennsylvania and Canada
Southern 21t, Chicago and Northwestern
also suffered a 21h per cent decline and
the preferred 8, the latter with recovery.
There were notable declines among high
priced stocks such as Delaware ana Hud-
son g. Lacka wanna and American Elk
press 5, and Pullman SA.
The occasional rallies of the market In
dictated the large part played by profess
sional short selling In the weakness. But
the large amount of long stock dislodged
by the bear tactics of the professional
traders and each successive rally until
the last one, was used as a basis for re-
newed selling.
The first effective rally of the day came
after the publication of estimates of the
weekly cash changes which showed an exA
cess of receipts over shipments on the in
terror movement of over s3.000,000. This
Is larger than the $2,75S,000 loss on sub
treasury operations, thus indicating
small net cash gain by the banks. Tomor-
rows gold shipments of 50, 900, however,
do not figure In the estimate. The large
receipts on balance from the interior were
a decided surprise in view of the interior
exchange markets.
The grain markets reflected the large
clio Hle up of accounts in expectation of the
appearance of the monthly crop statement
after the closing today and spectators
In stocks were not able to get much light
on the crop situation from the movements
of the grain market. The market closed
about steady on the late rally.
Bonds were weak in sympathy with
stocks. Total sales par value $2,1S0,0o0.
United States bonds were all unchanged
on the last call.