The Montgomery advertiser., 1903-07-16
WALL STREET
 DEMORALIZED Precipitate Declines i1 Values. RAILROADS NEED MONEY Heavy Borrowings by Carriers
 Cause Uneasiness. They Must Now Pay stiff Rates for Accommodation, as Money
 is Needed to Move
 the Crops.
NEED MONEY

New York, July 15.-Demoralization ruled in the stock market today. making it up to the time of the closing rally one of the most disastrous days since the memorable panic of May 3, 1901. New low records for the year were made in the trading on a heavy volume of busi- ness. Some of the declines In high grade investment stocks for the day ran all the way from four to twenty points.
 In the early dealings there was rush to sell. Prices dropped sharply. and, in some cases, precipitately, with active stocks down two and three points each. and with an extreme break of over 50 points reported in St. Louis and San Francisco and Chicago and Eastern Illi- nois certificates. The decline was espe~ cially noteworthy, however. in such stocks as St. Paul, New York Central. Union Pacific. Canadian Pacific, Missouri Pacific. United States Steel and General Electric
 Recovery Toward Close.
 In the last half hour, the covering of shorts and investments by bargain hunt CTS, were responsible for partial re- coveries in many issues and complete re- coveries in a few like St. Paul, which closed fractionally above Tuesdays quota tions.
 Traders were naturally disposed to view the selling of high grade investment issues with considerable uneasiness on the theory that 1t represented forced selling by important interests who were compelled to part with their securities to raise funds to protect speculative ac- counts elsewhere in the market Several important market interests were sellers of stocks that had been carried on boF- rowed money for a long period. the sales being induced by the attitude of the banks. which directed the calling in Of loans to strengthen their position. pre- paratory to the expected heavy calls on their resources for crop movement pur- poses.
 A distinctly unfavorabIe impression was created by the announcement of an Issue of short time notes by the Union Pacific to the amount of $1o.00o0o0. also smaller loans by several other railroad conn panies
 Railroads Need Nancy.
 Following the borrowing by the Bur lington. the action of the Union Pacific and other roads in going into the mar ket for money naturally affords ground for uneasiness In speculative circles, par ticularly as the companies are forced t5 pay stiff rates for their accommodation. It Is believed that the Union Pacific an- nouncement was an important factor in the demoralization and that the new de- nannds of various railroads for money were responsible for the liquidation of many stock market accounts at serious losses
 The United States Steel issues which were under pressure the greater part of the day, made new low record prices. Buying of these shares on the decline was said to be for the account of interests identified with the property. but the sup port was not sufficient to offset the sales as an influence of values.
 To Wall Street the unpleasant feature of the situation Is that corporate borrow ings seems to be becoming greater rather than less While this feature persist. it is pointed out that the street cannot hope for easy money.