The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-17
STOCK MARKET
BROKE At CLOSE,
Amalsamated Copper Led the
Slump, Closely Followed by
Coalers and Changers.
RUMoRs OF A COALITION.
Morgan and Rockefeller Said to
Have Agreed to Allow Market
to Run Its Course as Re-
buke to Roosevelt.
REPUBLIC SPECIAL.

REPUBLIC SPECIAL
New York, July 16.-After considerable
firmness In stocks during most of the day,
prices broke badly in the last half hour with
Amalgamated Copper leading and followed
by the grangers and coalers on a report
that somebody or some concern was In
trouble
Inquiry among the bankers failed to de-
velop any facts and the popular belief was
that this was merely bear device to check
the rise in stocks.
The stock market opened strong, follow
ing the lead of higher prices in London
where New York Central was up Ia, United
States Steel Z. and other issues hair 4 point
or more.
There were wide differences from yester-
days closing, and the opening sales OF SONS
stocks. United States Steel common coming
out with zAles of 5 600 shares at 26i. to 26s. as
against closing price of 26Is yesterday.
New York Central opened rs point up at
1l5l4; st. Paul opened 8, up at HES; General
Electric started points higher The mar
ket continued firm for little while, then
again began to slide off rapidly with de-
cltnes of point in New York Central, St.
Paul. and many other issues.
A good deal of the selling during the
morning was by the bears, and strong III
terests bought stocks on the downscale.
until at midday substantial rally was in
progress. Sentiment in Wall street was
much improved, and bankers said that the
worst was over.
HEAVY COVERING BY SHORTS.
In the afternoon there was some heavy
covering by the shorts. sometimes in $3.50
lote no al
looked for a still further rally 1t was re-
marked as a strange coincidence that
while Missouri Pacific was going UP. under
the influence of the large buying by Butler
Bros. George Gould was in the vestibule
Of the Stock Exchange talking with some
brokers.
Up to o'clock the general list was to 2
points higher for the day. with Canadian
Pacific up 4s.. the leader In the last hour
the market began to react under the lead
OF Amalgamated Copper, which reacted
The general list lost q large part of the
early gains, but the majority of stocks
closed fractionally higher for the day.
ag RGno c-r OF all Kinds aneetns steel were
which may be regarded official, was pub
lished in the street about noon and helped
the bear crowd:
"Rumors have been circulated of late.
probably with purpose to disquiet stock
holders, that there have been discussions
and Engagements between the Rockefeller
and Morgan interests in the United States
Steel Corporation. There was no conflict
or dispute between Mr.. Morgan and Mr.
Rockefeller with regard to either the divi-
dend question or the general policy OF the
corporation. and entire harmony and good
tors"
There was considerable talk of combina-
ton between Rockefeller and Morgan, who
| 1t was said. had decided to let the market
run its course as a rebuke to President
Roosevelt for his interference in the North
ern Securities case. and also as 4 slap at
the United States Senate for turning down
the Aldrich bill.