The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-16
FIELD DAY FOR BEARS
IN WALL STREET.
VIOLENT LIQUIDATION En-
TENDS ITS SCOPE.
Money Exigencies of New York
Central Fairly Representative
Of Railroad World.

New York. July 15-The violent liquida
ton of stocks and bonds continued on the
Stock Exchange to-day. establishing a gen.
keral low record of values for the year.
The money exigencies of the New York
Central. which was the particular develop
ment upon which the present selling move
ment started. has widened so as to take
in the railroad world quite generally. Yes
terday's late announcement that the Chi
cago. Burlington and Quincy had borrowed
100000 for period extending over into
next March on a 6-per-cent basis was sup
plemented to-day by the official announce
Inent that the Union Pacific Company had
negotiated its notes to the extent of slo,-
O,1.coo for year and half. also practi-
caliy on 6-per-cent basis No authorita-
tive news of the day regarding the money
requirements OF the great railroad corpora
tons was supplemented by countless ru-
fnors of all degrees of credibility pointing
10 urgent money needs on the part of the
railroad world in general and individual
capitalists in particular and alleging that
great Sacrifices We're necessary to be made
TO secure funds in hand The effect of this
condition was to provide a field day for
the bears in the stock market.
BEARS DILIGENT
This element of the stock brokers was
diligent in pursuing their advantage all
cay long and the extent of their operations
Rn the short side left effective require
4 ment for stocks toward the end of the day
4 The buying of the bears to cover caused a
Ttrong rally in the market which wiped cut
the earlier losses in some cases, notably
in St. Paul, New York Central Reading
and Norfolk and Western. The days
losses in the active list were not greater
at any time than are frequently shown
during an active selling movement. the
range running generally within l to 3
points. But in the inactive list and es-
recially amongst stocks regarded as of a
high investment grade there We're some
drastic cuts in the market value. In many
cases these compare with long-stanLng
marketing OF comparatively small blocks
of stock.
: The inference is plain that these repre-
sent sort of revision OF book values.
While the assumption is warranted that
such sales made TO supply urgent mon
ey requirements, there is Il possibility also
OF the attraction in the present rates in the
money market inducing the selling of Sc
curities TO secure funds IN that way: This
IS the natural process by which prices of
securities adjust themselves TO the level OF
the money market. That money is ut
present in active demand at high rates and
Is likely TO continue so Tor a considerable
period is a just inference from all exist
Ing phenomena in the money market and
The stock market.
DEMAND FOR MONEY.
News from various points of projects Of
kombination of gas, electric light and troll
fey companies shows sources for additional
Nmands for money. Some of the declines
in hirh-Srade investment stocks to-day ran
all the way from TO ~ points and includ
cd such stocks as General Electric. West
fnGhorse Electric. the New York, Chicag
and ST. Louis stocks. Nashville. Chatta-
nooga and st. Louis. Laci.awanna, Della