The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-12
FINANCIAL AND COMMERCIAL.
SATURDAY, July I

ESAIURDA1p July AZ
Stocks were for sale from the opening Of
business to-day, and under the pressure
from mingled liquidation and offerings OF
bearish traders new low prices for the
year were established for q number Of
important issues. A slightly higher range
OF quotations for American shares cabled
from the London market was entirely dis
regarded, as was, in fact, all the days
news of favorable sort. Special selling
pressure was again apparent in New York
Central, which declined more than points
further to 1i43+ This stock is now selling
at It's lowest price since 1893, or before It's
annual dividend return was raised from
4 to s per cent st. Paul, which on June
10, the day the last heavy decline In the
stock market eliminated. sold at 147H,
fell to l445 to-day. Pennsylvania stock,
which on June 10 sold as low al 1884, fell
to l2l%. Other railroad stocks that made
new low prices were Chicago and North
western at 1881 and Southern Pacific at
A51l, while several prominent issues
equaled or came within small fractions
of the June 10 prices The feature in the
Industrial group was the stock of the Anal
gamated Copper Company. which broke
bne low IeCOTu Oh o. estubhSiea VuhV i"'
and made new record of So On the
general declines numerous stop loss orders
were uncovered and their execution re-
suited in throwing additional stock upon
the market There was no special news
TO which the days general depression
could be attributed. The bearish senti-
ment, however, has been growing in Wall
Street The ordinary trader, who few
months ago would have gone home long
OF some stock now goes home short the
change that has occurred being conclu-
sively shown by the fact that while there
were very few borrowers of stocks then,
now there are a great many. Indications,
in fact, point 10 the existence OF bear
party, which has become powerful in view
of previous success and is quite ready to
take further speculative chances when
ever, in the opinion of its leaders, an oppor-
tunity presents.
No attention was paid to the favorable
features of the monthly Government re-
port as to grain conditions, issued yester-
day after the close of business on the Stock
Exchange, which, despite the deterioration
shown, still indicates full-sized crops Of
both wheat and corn. The stock market
bears merely pointed to the fact that the
grain markets, despite the Government
showing, were holding firmly. The cotton
market also showed firmness and it was
evident that the New Orleans clique still
controls that market, very unfortunate
situation in its bearing upon general eco
nomic conditions While the exhibit made
by the weekly statement of averages Of
the associated banks was by no means I'M
favorable, particularly in the fact that a
large reduction in the loan item was re-
ported, beyond momentarily checking the
selling of stocks the statement had no
effect. The closing of the market was
weak and at about the lowest figures OF
the day. moderate amount Of stocks
were reported to have been sold for Lon
don account.
The loss of cash suffered by the banks
this week by reason of gold exports to
Europe, which failed to be reflected by
yesterdays preliminary figures as to the
known movements Of money at this centre,
was reflected by the bank statement, a
decrease of So, 308 600 in cash being re-
ported. The loan contraction OF t7,9l5,200
was the most favorable feature of the
statement 1t should be remembered in
connection with the loan item that this
item is likely to show decided decreases
In the near future by reason the paying
off of portions Of the 4O,0OOO 600 Pennsyl-
yania Railroad loan Haturin this month.
The decreases in loans and cash were re-
fected in deposits by decrease of $ll,-
749,80O. This is a very fair balance, as the
deere Sc only exceeds by little more than
5000 % the sum OF the decreases in loans
and cash. The reserve required Ia % ,937,-
400 less than last week, and this subtracted
from the loss in cash results in a decrease
In surplus reserves of 1888, 200, bringing
the amount now held above lawful re-
auirements to % ,00S,475.
New York Stock Exchange sales. July N.
UNITED srArns AND STATE BONDS lrN l.o0os,.
al'USl Observation-Disclosures. O6N