The daily morning journal and courier., 1903-07-15
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YEsTERDAY,s. STOCK MARKET.
Stocks Decline Late in Afternoon ao
 Practically Low Level of Year.

Stocks Decline Late In Aftern0on ao
 Practically Low Level OfYsar.
 New York, July 14-After occasional resistance of the decline prices of stocks sold off sharply late this after noon to practically the low level of the year and the market closed active and weak with the declining tendency apparently in full force. The sharp re-
 coyery in the latter part of yesterday and further advance in London this morning aroused some hopes that the
 fall in prices was ended, temporarily at least, but prices. later attracted heavy selling and. while there were later occasional checks to the decline, there was no further attempt of con- sequence, made to, put up prices. The selling was entirely based on general considerations and was chiefly inter-
 esting for it's soruces, which, however, remained much of a mystery. The in- terest attaching to this subject causes 1t to be surrounded with a vast deal of gossip and runnor, which flies back and forth, not only within the Wall street SttN1S oAt ofCL- lllO Nep1No 4lOAtl S0tAGkT+ nent to continent, Authoritative and reliable information on the subject is not to be had. But the volume and the method of the liquidation put it
 beyond question that it is urgent and that it is for account of powerful finan-
 cial interests. 4 great impression was made upon sentiment by the large
 liquidation in Consolidated Gas, which
 carried it down 5-S points. St. Paul's 4 point break in the late deal ings to. a new low level at 140 1-2 sup plemented the influence of the break in Consolidated Gas. The public utilities of Greater New York suffered in sym lpathy with Consolidated Gas as did Peoples Gas. The drop in the United States Steel stocks late in the day to new low records was coupled with re- ports that the cuts made iii prices of iron had not resulted in bringing in. buying orders High priced investment. stocks continued to be sold at wide
 price. concessions. The condition of the money market was the only develop nlent of the day to account for the acute weakness of stocks. It was gen. erally accepted that the great railroad companies are active bidders for money for fixed periods at 6 per cent. rate. rather than attempt any issues of new capital at this time. Bankers and money lenders are in consequnce ex-
 tremely loath to consider any requests for loans but those of the highest grade. It is current report that not
 only the grade of collateral but the intended use of the money is closely scrutinized by the lenders. There was l a story current of a refusal by one
 of the great Wall street banks to. lend something over a million dollars on the highest grade of collateral because the industrial purposes for which the loan was designed did not meet the ap-
 proval of the bank officials. It is pointed out by the Financial Chronicle that the same adjustment of values to a higher interest basis has been in progress on the stock exchange for so
 long has also been going on recently 1 in the municipal bond field, which the. | list of offerings which meet with no l bids is constantly lengthening. The advance in the money rate had the ef- | feet of weakening sterling exchange land inducing the selling of loan bills by bankers and the sharp rise in the Epremium on New York exchange at Chicago indicated the pressure to remit to this center. The weather bureaus weekly crop report had an unfavora- l ble effect as it concerned wheat, but l the good promise of corn and cotton
 would have been sufficient to offset
 this influence in the stock market. All news of favorable nature was ig- ] nored, although Baltimore & Ohio
 showed some carly resistance to decline on it's favorable showing of net, earn
 ings for the year. The Toledo, St.
 Louis, X Western stocks were marked I up on rumors of a traffic agreement 1 with the St. Louis $ San Francisco and Pittsburg, C., c. & St. Louis made l a 5 per cent. recovery from its. recent
 break. Pennsylvania again broke through the subscription price of. 120
 and closed at t19 S-4. New York Gen. tral was weak but did not get back to | yesterdays low level 1 Bonds were weak in sympathy with stocks Total sales par value $2,2s5, ,000 I United States bonds were all un-
 changed on the last call. - .4