The daily morning journal and courier., 1903-07-16
DISASTROUS DAY ON CHANCE
ONE OF WORST SINCE MEMOIR ABLE PANIC OF MAY 9, 1901.
New Low Records for the Year-some of the Declines in High Grade lnvest- msnt Stocks for the Day Ran All the Way from Four to Twenty Points.

or tho Uecstnes an H1gh Oraoe AhFest-
 msnt Stocks for the Day Ran All the Way from Four to Twenty Points. New York, July 15.-Demoralization ruled in the stock market to-day, mak- ing it, up to the time of the closing ral- ly, one of the most disastrous days since the memorable panic of May g,
 1901. New low records for the year were made in the trading on heavy volume of business. Some of the de- clines in high grade investment stocks
 for the day ran all the way from 4 to 20 points. &
 In the early dealings there was a rush to sell. Prices dropped sharply, and in some cases precipitately. with active stocks down 2 and 3 points each,
 and with an extreme break of over 50
 points reported in St. Louis and San
 Francisco and Chicago and Eastern H. linois certificates. The decline was es-
 pecially noteworthy, however, in such
 stocks as St. Paul, New York Central,
 Union Pacific, Canadian Pacific, Mis-
 souri Pacific. United States Steel and
 General Electric.
 In the last half hour covering of shorts and investments by bargain
 hunters were responsible for partial re-
 coveries in many issues, and complete recoyeries in a few, like St. Paul, which lclosed fractionally above Tuesdays final quotations.
 Traders were naturally disposed to view the selling of high grade invest
 ment issues with considerable uneasi- | ness on the theory that it represented forced selling by important interests, who were compelled to part with their securities to raise funds to protect spec ulative accounts elsewhere in the mar
 ket. Several important market inter- ests were sellers of stocks that had been
 carried on borrowed money for a long
 period, the sales being induced by the attitude of the banks, which decided to call in loans to strengthen their posi- tion preparatory to the expected heavy calls on their resources for crop move ment purposes.
 A distinctly unfavorable impression
 was created by the announcement of an
 issue of short notes by the Union
 Pacific to the amount of $10.000,0OO also
 smaller loans by several other railroad
 companies. Following the borrowing by the Burlington, the action of the ! Union Pacific and other roads in going into the market for money naturally affords ground for uneasiness in spec l ulative circles, particularly as the com panies are forced to pay stiff rates for i their accommodations. It is believed l that the Union Pacific announcement I was an important factor in the demor- I alization, and that the new demands of I various railroads for money were re-
 sponsible for the liquidation of many
 stock market accounts at serious losses I The United States Steel issues, which |were under pressure the greater part Eof the day, made new low record prices
 Buying of these shares on the decline
 was said to be for the account of inter-
 ests identified with the property, but the support was not sufficient to offset the sales as an influence on values.
 To Wall street the unpleasant feature I of the situation is that corporate Dor.
 rowing seems to be becoming greater than less. While this feature persists it is pointed out, the street cannot hope l for easy money. ..