The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-07-16
STOCKS AND BONDS.

New York, July 15.-The violent liqui
dalton of stocks and bonds continued Oh
the Stock Exchange today, establishing i
general 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
movement started, has wldened so as t.
take In the railroad world quite generally
The authoritative news of the day re
garding the money requirements OF tEe
great railroad corporations was supple
mented by countless rumors OF all degrees
Of eredibiiity pointing TO urgent money
needs on the part of the railroad world
In general and individual capitalists in par
ticular and alleging that great sacrifice.
were necessary to be made to secure funds
In hand. The effect of this condition was
to provide field day for the bears IN the
stock market. The days losses in the act
I've list were not greater dt any time than
are frequently shown during an active
selling movement, the range running gem
orally within / TO 3 points. But IN the
inactive list, and especially amongst
stocks regarded as of a high investment
grade there were some drastic cuts IN
market value. The influence IS plaza
that these represent sort of revision of
book values. That money Is at present III
active demand at high rates and Is likely
to continue so for considerable perloc
IL Just inference from all the existing
phenomena In the money market and the
stock market. News from various points
of prospects of combinations of gas, cleo
trio light and trolley companies show
sources for additional demands for money
Some of the declines IN high grade invest
ment stocks today ran all the way from
to 20 points and included such stocks
as General Electric, Westinghouse Elec-
trio, the New York, Chicago and ST. Lctlls
preferred stocks, Nashville, Chattanooga
and ST. Louis, Lackawanna, Delaware and
Hudson, Pittsburg, C. G. and st. LOUIS.
United States Express, st. Paul preferred.
Brooklyn Union Gas, Buffalo, Rochester
and Pittsburg Long Island, etc. In the
active list Pennsylvania, New York Geo
trail and Paciics and the United States
steel stocks were most heavily sold. There
was enormous short covering at different
times during the day, the breaking out OF
depression at new points being used to
cover to advantage where declines had al
ready occurred. The closing was rathe,
irregular owing to some fresh recessions
lust at the last
The bond market reflected the pressure
of liquidation rather more generally than
heretofore and there were declines OF
to 1h in many favorite bonds OF wat
might be called contrary grade.
Total sales (par yafuc) SS.7S0,0o9.
United States bonds were all unchanged
on the last call.
Total sales of stocks was lbs, 700 share.
including Atchison. 5000; do preferred
Is, 255; Baltimore and Ohio 47.564; Cana
dian Pacific. 3SS00 Cincinnati and Ohio.
a,2O0; Delaware and Hudson. $500 Ere.
As, $50; do first preferred, $3.50; do second
preferred, 1920; Illinois Central, 10, s97,
Louisville and Nashville, $500; Manhat-
tan, 57,136; Missouri Pacific, So, 500; New
York Central. 81 ,487; Norfolk and West.
ern, 5000; Ontario and Western, $500:
Pennsylvania, SS,OS6; Reading, "a, 500:
Rock Island, $1,000; st. Paul, $3.50,