The sun., 1903-07-21
FINANCIAL AND COMMERCIAL.
MONDAY, July 70

Liquidation broke out In fresh quarter q
in the stock market to-day. and under the
selling pressure new low prices on the pres
ent downward movement were established
by number Of stocks. Special weakness
WAS displayed by the shares OF the st. Louis
and San Francisco Railroad, which in now
under Rock Island control, the interest thai
previously held the control having turned
it over at comparatively recent date under
an exchange of Rock Island securities for
Frisco common stock There was con-
tnuation OF the liquidation OF Rock Island
shares which was feature OF the closing
dealings last week, and these shares also
touched new low prices. An incident was
the sale of 100 shares of old Chicago Rock
Island and Pacific stock AT price repre-
senting a net loss Of 5lA points compared
with the last previous sale made IN january
Of this year. Regarding rumors which
accompanied the decline in the frisco
Rock Island shares that fresh hnanc"
ing arrangements are impending, in
statement, understood to be of1cial
given out at the close of the day, it was said
that the immediate cash requirements
under these arrangements viii be sfna'l
and have been provided for. Decided weak
ness also developed in Brooklyn RAPID
Transit and Peoples Gas. the former stock
breaking to 49, the lowest price that 1t has
touched since 1893, in which year began the
great advance in the stock that in 1890
carried il to the record high figure OF 1877
Further weakness was shown by the shares
of the Amalgamated Copper Company
which established new low record at 44ss
Apropos of this there was some more talk
to-day about the likelihood soon OF still
lower prices for the metal Another
weak stock was Colorado Fuel, the special
explanation in this case being ound in the
statements mad, in the callfor the an
nual meeting next month that the company
had found it necessary to raise addl-
tional money during the past year from
"persons interested as stockholders and
directors bv means of loans and sales
and that these transactions will he presented
to the stockholders for approval Very
sharp declines were recorded by a number
of high priced issues, notably New York
Air Brake, which fell more than II points.
and Delaware, Lackawanna and Western,
which at one time sold 10 points below
Saturdays closing bid price. About md
day there was heavy selling OF the shares OF
the United States Steel Corporation. which
carried the common stock to n new low
record at 25 Prices throughout the list
were under selling pressure almos; from the
beginning of business, The standard rail-
road shares failed to display as much weak
ness az during the height of last weeks
liauidatiou, but they fell sharply with tine
others st. Paul. New York Centrsl and
Pennsylvania might, perhaps, be said TO
have. held the best, these shares apparently
continuing to be bought on scale by strong
financial interests The rallying power
shown by the general list, however, was
feeble, and, though in the closing hour there
was a disposition TO cover on the part OF
bearish traders. the resulting improve
ments we're small, with the market closing
unsettled and with prices generally close
to the lowest figures.
A fresh lot of disturbing rumors were in
circulation, but there was nothing tangible
10 show that any interest was any more
-in trouble" than during the liquidation Of
last week, when a lot of similar rumors
were spread about. Operations for London
account were small and without siRnfi-
canoe. the total dealings on foreign orders
being estimated at about 10000 shares,
with the purchases slightly exceeding the
sales. Time money rates continued TO hold
firmly. with the special hardness in periods
carving over the first of next year. On
"al railroads, that is, collateral represent
ing shares Of standard dividend payers,
loans for six months were reported to have
been made at So per cent. In times Of
ordinary money demand such loans would
he made at sl3 to 4 per cent. On mixed
colateral.-the ordinary Stock Exchange
loans per cent continued the ruling rats
for six months. The foreign exchange
market was firm. with bills in somewhat
less supply than last week. Crop advices
from the West we're excellent, and in the
commercial markets wheat and corn both
declined in price, The cotton market.
however. continued 70 hold firmly, and there
we're further advices telling Of the shutting
down Of mills. The artificial conditions
governing the cotton situation are we'll
exemplfied by the reshipment now going
on of American cotton from Europe