The daily morning journal and courier., 1903-07-10
YESTERDAF,S STOCK MARKET.
Develops Rather Acute wsaknsss-Dis'
 turbing Factors.

Develops Rather Acute wealnsss--Dis-
 tarbing Factors.
 New York. July 9.-The market de- veloped rather acute weakness to-day and the volume of sales rose to more than double the recent average. The liquidation in New York Central and the continued pressure to sell United States Steel were the disturbing factors. There was no definite news to account for the marked weakness of New York Central. but the tape was regarded as giving ground for omhnous conjectures. These took form in various surrnises as to the measures to be adopted by the corporation to secure the capital which will be required to carry on the vast terminal and other Improvements which have been undertaken. The fact of this capital requirement. is well known and the variations in to-day's rumors had to do simply with the manner of raising 1 it. There were rumors of projected is- sue of new stock, of a bond issue and of a temporary loan on the security of notes. The recent experience of the Pennsylvania in floating it's new stock does not offer encouragement for a similar undertaking by other railroad corporations. It is borne in mind that the New YoSk Central stockholders | have authorized nearly $1S,000,00O of stock which it lies with the directors to issue. It is also a fact that of the general refunding mortgage for siO0,- 100000 authorized in 1897, sS5, 100000 was for refunding underlying bonds while l 15.000,000 was reserved for new con- struction after 1903; The market price I os these bonds never fell to below 101 l until last week when they sold at: par and to-day they sold at 96 without any large blocks being marketed in the in l terval To infer an attempt to float a l new issue os these bonds at present, therefore. seems unwarranted. These ! conditions gave color to the days ru- nor os the negotiation Of loan of 1 something like siS.0o0,000. the rumor as l circulated carrying the further detail of l an interest rate to be paid at per cent. The usual parallels were also drawn I between Pennsylvania and New York Central, which have been selling near a parity. while the former is paying 6 per cent. with the Notation of Its new stock achieved and the latter is paying 5 per cent. dividends, with the new cap ital requirements yet to be met, The downward plunge of nearly four points in New York Central was the event up- on which the whole market hinged. Sell ing Of the steel stocks was aggravated by the Iron Ages showing of increased blast furnice capacity on July i, the in- creasin rate of accumulation of pig iron and the slow recession in the steel market. Pig iron was marked down during tta day and rurnors were cur rent of a- cut in steel billets at Pitts burg. United States Steel sold with. Lin a fraction of it's low record level and the second 5s sold 5a lower than evei before The announcement just before the close Of the market of the engage. ment of s2.000.o00 in gold for export or
 Saturday helped the later weakness
 With the movement of currency from
 the interior arrested and with loss in. dicated already to the sub-treasury oi $2,4sS,oe0, including payments for gol6 exported and surplus reserve las Saturday Of less than s9.000.OO0 in the banks, the influence of the further gol6 outgo reported may be understood. The continued drain upon New York banks is in strong contrast to the prompt ant
 enormous recuperation shown by tht
 bank of England and the bank o
 France in their weekly statement to-day following the semi annual settlements
 Deyeloomefts in .i1e cotton and grair
 markets. the news of the crops ant
 statements of railroad earnings wer,
 entirely ignored in the days stool market. Declines of one to two points
 were quite general and St. Paul, Read
 ing, Norfolk and Western, Colorad,
 Fuel and Tennessee Coal suffered evel
 more severely. , 4 .>
 The bond market was heavy ant
 sharp, declines being scored in some in
 active mortgages. Southern Railway
 St. Louis division fours dropped 2sa
 Total sales, par value, $2,555, ,00o. United
 States 2s advanced 1s and the Ss, old 4
 and 5s A per cent. on the last call.