The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-15

NEW YORK, July 14.-After occasional
resistance to the decline; prices Of stocks
sold off sharply late this afternoon to
practically the low level of the year and
the market closed active and weak with
the declining tendency apparently in full
force. The sharp recovery in the latter
in London this morning aroused some
hopes that the fall Of prices was ended,
temporarily at least.
But the. slight opening advances here
attracted heavy selling, and, while there
Were later occasional checks to the de-
cline, there was no further attempt Of
consequence made to put up prices. The
selling was entirely based on general con-
siderations and was chiefly interesting for
its sources, which. however, remained
much of mystery Who 1t Is that is
selling such enormous amounts Of stock
and at such tremendous sacrifices based
on any possible purchase price for two
years past is subject of most earnest
surmise. The interest attaching to the
subject causes it to be surrounded with
vast deal of gossip and rumor. which
flies back and forth not only within the
Wall street circle. but over the cables from
continent to continent.
Liquidation Certainly Urgent.
Authoritative and reliable information
on the subject is not to be had. But the
volume and the method of the liquidation
put 1t beyond question that 1t is urgent
and that it Is for account of powerful
financial interests. A great impression
liquidation in Consolidated Gas, which
carried it down SIS points. ST. Pauls
APPOINT break in the late dealings to new
low Level 4 at 14eh supplemented the in.
utilities of Greater New York suffered in
sympathy with Consolidated Gas, as did
Peoples Gas The drop in the United
States Steel stocks late in the day to new
that the cuts made in prices of iron had
ders.
High priced investment stocks contin-
ued to be sold at wide price concessions.
The condition of the money market was
the only development of the day to ac-
count for the acute weakness Of stocks.
1t was generally accepted that the great
railroad companies are active bidders for
money for fixed periods at per cent,
rather than attempt any. issues Of new
lenders are in consequence extremely
loath to consider any request for loans
! but those OF the highest grade. 1t is eur
rent report that not only the grade of
collateral. but the intended use of the
money is closely scrutinized by the lend
erS.
Loan Is Refused. <HaG
There was a story current of refusal
by one of the great Wall street banks
10 lend something over s., 900. 900 on the
highest grade of collateral because the
industrial purposes for which the sle an
was designed did not meet the approval
VI laS Ddflk 1t Is pointed out
by the Financial Chronicle that the same
adjustment of values to a high interest
which has been in progress on the stock
exchange for SO long has Also been gning
on recently in the municipal bond field,
In which the list of offerings which meet
With no bids, is constantly frightening
The advance in the money raj tie had the
effect of weakening the sterling exchange
and inducing the selling of loan bills by
bankers and the sharp rise in the pre-
MUM on New York exchange at Chicago
indicated the pressure to remit to this
center The weather bureaus weekly
crop report had an unfavorable effect as
1t concerned wheat, but the good promise
of corn and cotton would have been sur
fic1ent to offset this influence in the stock
| market. All news of a favorable charac-
ter. was ignored. although Baltimore &
Ohio showed some early resistance to
decline on its favorable showing of the
earnings for the year. The Toledo st.
Louis & Western stocks were marked up
on rumors of traffic agreement with the
st. Louis & San Francisco and Pittsburg,
G.. c. st. L. made 5-point recovery
from its recent break. Pennsylvania
again broke through the subscription
price of 40 and closed at 1893. New
York Central was weak, but did not get
back to yesterdays low level
Bonds were weak in sympathy with
stocks. Total sales, par value, 81, 295, 900.
United States bonds were all unchanged
on the last call.