The Indianapolis journal., 1903-07-03
PRICES SAGGED HEAVILY
NEW YORK STOCK EXCHANGE CHAR
ACTERIzED BIZ DULL DAY.
Approach of Holiday a Possible Infiu-
ence-DecIine In Foreign Banks
Reserve Fund.

NEW YORK, July 2-Another speculative
anticipation was disappointed by the action
of to-days market. This was that the Penn
sylvania stock subscription and the semi
annual requirements on the money market
out of the way, some speculative interest
in stocks would be aroused To-day's money
markets reflected clearly enough the re-
fux of funds after the tying up incident
to the settlements. Some doubt Is felt
over the showing of the weekly bank
statement. which will be published to-mor-
row, owing TO the Saturday holiday. 1t Is
expected that this will show the effects
OF the larger operations incident to the be-
ginning Of the fiscal year as was the case
with returns of the Bank of England and
the Bank of France. which were made to-
day. Both institutions showed a decline in
reserve, the English bank of nearly ST.
000. 600 and the French bank a slightly small
er amount, and both institutions showed an
enormous expansion of credits. 81
But the process of repayment of these
extended accommodations is already pro-
ceeding both in Paris and London In New
York the maximum call loan rate to-day
was Az per cent. compared with per
cent. yesterday and 10 per cent. on Tues
day. bank statement unfavorable on
its face is not likely, therefore, to be
III the SpeculdtlOn. But the edSfflS
money market failed to help the stock
market There was no urgent pressure to
sell, but the buying demand was almost
improbable and prices sagged heavily
the holiday was possible influence on the
dullness and especially as many members
are preparing to leave town this afternoon
until next week. 1t would be difficult to hit
upon any Of the factors as the dominant
cause of the weakness, but sentiment in
speculative circles over the future of values
is undoubtedly discouraged. London re-
ported some selling of Americans on fears
of disturbance of our relations with the
Russian government but there was no
trace OF this feeling in New York Reports
combinations and the trades proposed
created distinctly bad impression al
though the securities affected are not dealt
in on the Stock Exchange.
The further discrepancy Of six points IN
Hooking Valley to-day marked the ap-
prehensions of minor stockholders that
ing Of bare mapority of the stock to the
control Of the leading railroad powers in
drawn with the palmy days of the COM
munity Of interest" plans. the absorption
OF the Burlington system and the forma-
ton OF the Northern Securities Company,
the weekly review Of the iron trade, the
favorable news from the crop region and
the days reports Of railroad earnings, in
Guiding the Pennsylvania's decrease for
prices.
In the bond market some Of the older is
sues tended downward. The semi-annual
interest of ia per cent. came off the New
York Central general mortgage 31a's, and
they sold at par for the first time In their
history. The issue Of these refundng mort
cages late In 1897 was regarded as the OPEN
ing of a new era in our financial history
and was one Of the notable events herald
ing the following period of prosperity. In
1899 they sold as high as 113A and last
year as high as 1O915. They sold earlier this
| year at 10l, which was the previous low
record Total sales of bonds. par value,
| S,725,OOO. United States fves advanced 4
| per cent on last cali.
Following are the days share sales and
recorded price changes: