Evening star., 1903-07-21
Steel Stocks Object of Bear
Attack.
MAKE SHARP DECLINES
WEAKNESS IN THEM DEPRESSED
WHOLE LIST.
Toward the Close the Standard Rail-
way Shares Rallied Sharply and
Steadied the Market.

NEW YORK, July 2l.-Declines in the
common and preferred shares OF the
United States Steel Corporation, together
with new low records in Rock Island com
| mon and Brooklyn Rapid Transit. in the
first hour of today's stock market added to
the feeling of uneasiness which has existed
in Wall street for weeks past Steel CON-
mon sold down to 23as and the preferred II
122. The absence of support to these shares
| created profound impression. Both Steel
| common and preferred changed hands in
| large quantities, one western house selling
| 1000 shares in the first hour.
\ large portion of this lot was said 10
represent loan W hich had been called IN
che standard railway stocks We're firm in
the main. but for even this class of secur-
| ities there seemed to be little or no demand
The market opened with an exceedingly
irregular tone. New York Central rose 3
and there were small fractional gains IN
Rock Island, Pennsylvania. Onion Pacific
Missouri Pacific and St Paul. The steel
stocks were under pressure and sold down
to lower prices than yesterday.
Five thousand shares of the common
stock sold at - and 2i7s, compared with
the closing last night of lis. and the pre-
ferred, with the quarterly dividend on Dc
clined -. Southern Pacific WAS off .. Erie
second preferred point and American Lo-
comotive l2s.
Large selling was resumed In Rock Island
low record prices were made. Brooklyn
Transit, Southern Pacific. Rock Island.
Sugar and United States Steel stocks SCor-
ed one-ooint losses.
The railroad list generally receded to
fraction under last night.
American Express dropped I: North
American. "a. General Electric. Interna-
| tional Pump and norfolk and Western pre-
ferred 3l2; Virginia Carolina Chemical and
Kansas City, Fort Scott and Memphis pre-
ferred. 3; Tennessee Coal, "a: Lake Erie
and Western preferred. =; Northwestern,
Ia; Rock Island preferred. liz. and mum
Der of others a point. Buying of early firm
stocks lifted them fraction above yester-
days close again. and there Were tull re-
coverIeS in Amalgamated and Brooklyn
Transit. but prices yielded again before the
end of the hour.
Another drive against the specialties car
ried the general list under last night again.
But the standard railroad list moved mar
| rowly and showed resistance. The steel
stocks We're notably weak. United States
Steel losing li2 and the preferred "a.
Tennessee Coal 3 and Republic Steel pre-
ferred "a Metropolitan Street Railway lost
>, the Securities company 3. Realty pre-
ferred pa. Colorado and Southern first pre-
ferred 3l2. and Erie second preferred. Balti-
more and Ohio preferred and Pacific
Coast >
The market rallied with some vigor. and
New Yorl- Central. Union Pacific. St. Paul
and Canadian Pacific rose 1 to 1l2 over last
night. Great Northern preferred jumped
u. Lake Erie and Western. ., and I.acka-
wanna. H. Bonds were irregular.
United States Steel dropped again to 35i:
and mOmentarily checked the rally else
where. The standard stocks rallied again
and strength developed in spots. but the
general level of prices did not get higher
than before. Gains over night reached %
Is. in New York Central, St Paul. Atc'ii-
son. tnion Pacific. Canadian Pacific. Eric
first preferred. Amalgamated and Brooklyn
transnt
Rock Island recovered again to PC md the
tod Sf.afA SfI
fractions. but showed considerable nervous
ness. The buying was not followed up. and
the market became duh and Sagging again.
Reports that banks and other financial
institutions had called in more loans were
partially confirmed. There was little doubt
that some of today's stock offerings repre-
Sented liquidation due to loan curtaiments.
The list made some improvement toward
the end of the morning session. but this
railway shares in which there appeared
to be some of last week : buying on "A very
moderate scale.
In the early afternoon Steel common sold
off to a still lower level. touching 23ia from
which ii made fractional recovery. y new
low record was established by TcnneSSnr
Coal and Iron. and Colorado Fuel at 80
touched its previous low record. Tie bal-
ance of the list at prices generally near
the days best, but the tone of the market
was dull and still extremely unsettled.