The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-10
STOCK MARKET DEVELOPS
RATHER ACUTE WEAKNESS.
VOLUME OF SALES RISES TO
DOUBLE RECENT RECORD.
Liquidation in New York Central
and Pressure to Sell Steel
Are Factors.

New York. Juiy s.-The stock market de-
veloped rather acute weakness to-day. and
the volume of sales rose to mere than
double the recent average. The liquidation
In New York Central and the continued
pressure to sell United States Steel were the
disturbing factors There was no definite
news TO account for the marked weakness
Of New York Central but the tape was re
garded as giving ground for ominous con-
lectures. These took form In various sur
misses as to the measures to be adopted By
he corporation to secure the capital which
will be required TO carry on the vast ter
minal and other improvements which have
been undertaken. The fact of this capital
requirement is well known. and the varia
tons in to-day's rumors had TO do simply
with the manner OF raising it. There were
rumors of a projected issue Of new stock of
bond issue and of 4 temporary loan on
the security of notes. III recent experience
Of The Pennsylvania in floating its new stock
does not VHer eicoaf2ge.neIIs tor 4 SINH tr
Undertaking by other railroad corporations.
1t is borne in mind that the New York Cen
trail stockholders have authorized nearly
Sls,Noo0 Of stock, which it lies with the
directors to issue. 1t is also a fact that Of
the general refunding mortgage for Sl0l0l9.-
900. authorized in 1872. Ss5G3po09 was for re-
funding underlying bonds. while N5eoo.V01
was reserved for new construction after
1903. The market price of these bonds never
fell to below iol until last week. when >.ey
sold at par. and to-day they sold at g, with
out any large blocks being marketed in ehe
interval.
COLOR TO RUMoRs.
To infer an attempt to float new issue
of these bonds at present. therefore, seems
unwarranted. These conditions gave color
TO the days rumors of the negotiation of a
Joan Of something like siS02o.el1 the rumor
. as circulated carrying the further detail of
The usual parallels We're also drawn be-
tween Pennsylvania AMI New York Central.
which have been selling near e parity WHILE
the former is paying s Per cent with the
fiotation OF its new stock achieved. and the
latter Is paying per cent dividends with
the new capital requirements yet to be met
The downward plunge of nearly 4 points
in New York Central was the event upon
which the whole market hinged. Selling
of the steel stocks was aggravated by the
Iron Ages showing OF increased blast fur
mace capacity on July /, the increasing rate
Of accumulation Of pig iron and the slow
recession In the steel market Pig iron was
mors were current of cut in steel biilets
at Pittsburg United States Steel seemed
within fraction OF its low record level and
tho second IS sold u lower than ever before.
GOLD EXPORTS
The announcement just before the close
Of the market of the engagement of So CO.,
900 In gold for export On Saturday held the
late weakness. With the movement OF cur
Tency from the interior arrested and with
a loss indicated to the Subtreasury of 81
$500. including payments for gold ex-
ported and q surplus reserve last Saturday
Of less than 100000 In the banks. the in
Gusnce Of the further gold outgo reported
may be understood. The continued decline
upon New York banks Is in strong contrast
to the prompt and enormous recuperations
shown by the Bank of England ard the
Bank Of France in the weekly statements
to-day. Developments in the cotton and
grain markets, the news of the crous and
statements of railroad earnings were en-
t,rely ignored in the days stock market.
end ST. Paul. Reading Norfolk and West
ern, Colorado Fuel and Tennessee Coal
suffered even more severely
The bond market was heavy. and sharp
declines were scored In some active mort
cages. Southern Railway. St Louis d.
vision Is dropped pa. Total sales par value
81 SIS 900. United States IS advanced Il and
the IS. old IS and Ss 4 per cent on the last