The Montgomery advertiser., 1903-07-10
WALL STREET REVIEW
THE MARKET DEVELOPS RATH-
 FER ACUTE WEAKNESS.
The Volume of Sales Rise to More Than Double the Recent Ave- age-Pressure on United
 States Steel.

NEW YORK. July s.-The stock market de- veloped rather acute weakness today and the volume or 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 fac tors There was no definite news to account Tor the marked weakness of New York Gen. tral, but the tape regarded as giving ground for ominous conjecture. These took form in various surmses 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 we'll known and the variations in today's Tumors had to do simply with the manner of raising 1t. There were rumors of projected Issue of new stock, of a bond issue and of a temporary loan on the security of notes The ont experience of the Pennsyi- vania 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 York Central stockholders have authorized nearly sis. 900 900 of stock which It lies with the directors to issue It Is also fact that of the general refunding mortgage for sloo, ooo. 900 authorized in 1897. Sss.- 900. 900 was for refunding underlying bonds while Si5.ooo. 900 was reserved for new con- struction after 1903 The market price of these bonds never fell to below IoI until last sold at e6, without any large blocks being marketed in the interval. To infer an attempt to float a new issue, of these bonds at present therefore seems unwaranted. These conditions gave color to the days rumor of the negotia- tion of a loan of something like SIS. 900. oo0 the rumor as circulated carrying the further detail of an interest rate to be paid at 6 per cent The usual parallels were also drawn between Pennsylvania and New York Central. which have been selling near a parity, while the former Is paying per cent with the fo- tation of its new stock and the later Is pay ing per cent. dividends with the new capi- tai requirements yet to be met. The downward plunge of nearly { points In New York Central was the event upon which the whole market htnUad of he st0rka A yated by The Iron Ages showing of increased blast furnace capacity on July |, the increas- ing rate of accumulation of pig iron and the slow recession in the steel market. Pig iron was marked down during the day and rumors were current of a cut in steel billets at Pitts burg United States Steel sold within frac- tion of it's low record level and the second 5's sold k iowef than ever before. The an- nouncement just before the close of the mar ket of the engagement of S2.00o. 900 in gold for export on Saturday helped the late weak ness. With the movement of currency from the interior arrested and with loss indicated al- ready to the sub-treasury of S2. 4eS, 900. in- cluding payments for gold exported and a sur plus reserve last Saturday of less than SS,- 900. GOO in the banks. the information of the further gold outgo reported may be understood. The continued drain upon New York banks is recuperation shown by the Bank of England and the Bank of France in their weekly state ment today following their annual statements. Developments in the cotton and grain market, the news of the crops and statements of rail- road earnings were entirely ignored in the days stock market. Declines of i92 points were quite general and St. Paul. Reading Norfolk and Western, Colorado Fuel and Ten nessee Coal suffered even more severely.
 The bond market was heavy and sharp de- clines were scored in some of the active mort xages Southern Railway. St. Louis division As dropped 2%. Total sales (par value). s., S55, ooo United States 2's advanced and the 3's. old As and 5's < per cent. on the last call.
 New York Stock List.