The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-22
SLUMP in STEEL STOCKS
COST MARKET ABOUT ALL GAIN
THAT HAD BEEN ACHIEVED.
Sensational Pr0portions-Decline
in Burlington.

NEW YORK, July 21-The stock market
made pretty good stand during the great
er part of the day against scattered liquida-
ton of the same kind as that of yesterday.
But the slump in the United States Steel
stocks at the end of the day cost the mar
ket about all the gain that had been
achieved In the course Of the days trad
zig. Other specialties scored losses of
fairly sensational proportions, but they
were with no such influence upon senti-
ment as the headlong downward plunge in
the United States Steel stocks. The COM
mon sold at q. and the preferred, with the
quarterly dividend of ia per cent. deducted
since yesterday, sold at 20. making extreme
declines of 3is for the common and Al for
the preferred. In the May panic of 1901
the common sold at "a and the preferred
at &c. To-day's drop was in the face of
open buying by banking interests, which
conducted the corporations syndicate
transactions.
The financial authorities of the corpora
ton declined to be officially quoted as to
the truth of current rumors that the next
dividend on the common stock was to be
passed. The usual rumors circulated also
that the urgent liquidation was due to
financial embarrassment by this the
other important capitalist. But the mar
ket seemed to take these rumors with
good deal of equanimity, and there was a
considerable absorption of standard rail-
road stocks, that prices in many in
stances rose at one time to point or more
over last night New York Central was in
notable demand. There was a demand for
this stock also In the loan crowd on the
-far,e -, II -xs<~
considerable short interest had been built
up In the stock The shorts were an ele-
ment in the buying at other points.
There was little in the days news to ex
plain the action Of the market. The Wealth
er Bureaus weekly bulletin on the crops
was considered less than reassuring to
the spring wheat situation. and the action
of the wheat market on the publication of
the bulletin confirmed the impression.
The only notable effect In the securities
n was a sharp decline in the Bur
ferred, however, jumped six points in face
of the general movement of the market
Denials were forthcoming OF some of the
recent rumors of additional borrowings by
railroad corporations, but the possibility
began to be canvassed that improvements
would be cut off, except where necessary
to be carried out because already entered
upon, rather than venture on temporary
loans In the present stringency Of the mon
ey market.
News of railroad earnings was favorable
the Louisville & Nashville and the Illinois
Central making good returns of net earn
ings for June /. The action of the Erie d.
rectors in raising the semi-annual dividend
rate on the first preferred from 111 to 2
per cent. was not known until after the
market closed, but it was confidently ex-
pected. A previous expectation that the
second preferred stock would get divi-
dend had been abandoned, apparently, as
that stock was weak.
There were weak spots In the bond mar
ket, but the market as a whole was ir-
regular. Total sales, par value, 81 81 0OO
United States bonds were unchanged on
| CALL
Following are the days share sales and
the recorded price changes: