The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-14
Decline in New York Stock Market
Due to Bear Pressure and
Liquidation.
DAY OF EXCITED TRADING.
Amalgamated Copper Reaches the
Lowest Point on Record. Sell
ing at IS ga. Consolidated
Gas Quoted at 1S5 IL.
EEPCRLIC SPECTAL

REPUBLIC SPECIAL.
New York. July l3.-Liluidation. accom-
panied by heavy bear pressure IN the stock
market continued to-day with dcnoraiz!ng
effects on values during the first two hours
of business.
AT low record prices. support ex-
tended by powerful interests and their ac-
ton was seized upon as 4 signal by the
bears TO cover short contracts. The result
was that rally developed IN the after
noon. which in many instances made up
the early losses.
The list of net losses and gains for the
day In the leading stocks does not indicate
however the extent of the excited trading
movement. The range through which some
of the high-priced issues Travelled was wide.
extending in many instances to the lowest
prices at which the securities have been
sold fer several years.
New York Central. for example. which
has lost Il points in less than week, sold
this morning At ll3i4. Pennsylvania. an
other OF the same class OF stocks, which
have lcen weak. sold down to ll9s4. while
St. Paul touched li2i4
Metropolitan Street Railway stock, =
percent guaranteed issue, sold down to lis
Amalgamated COPPER. which in the copper
boom of 1851 sold as high as 100. sold to-day
at 4SS,. This is the lowest price at which it
htgh-priced security, paving dividends at
the rate of per cent. sold at lS5is. the low
est price in several years.
There was 4 general disposition to sell at
the opening. The ragged and unsatisfactory
session of Saturday. in which all the rail
road shares were heavy losers. brought back
to the city many brokers who had gone on
their vacations.
The dull times in the early part Of the
week. together with the hot weather. have
made the attendance at the Stock Exchange
ha lnSGaS S'lf ,al
during the closing days compelled general
return from Newport. Bar Harbor. the Long
Island resorts and the Jersey Coast;
During the day the decline attending the
first hour of business there were rumors
that financial interests were in trouble.
Names were freely. mentioned, as is usual IN
the large banking interests denied there was
any weak spot in the situation.
me old report was revived that an official
the, matter of loans and that n syndicate
had 10 be formed to finance his obligations.
Involved in this report was new feature
junior member of q; most important bank.
ins-house was associated with the Steel
Trust officials in certain promotion schemes
which had not been successful.
The rally started soon after room. I'm
portant interests. which came into the mar
ket month ago when the situation looked
again extended a helping hanA. This de-
Ncloped at the same time q buving move
ment among the shorts. which was prob
ably the most prominent factor in the
rally.
Some of the low prices for the day were
Amalgamated Copper 4s2.: Atc.ison COM
mon; ssh: Baltimore and onto. Sli4: Brook
Ign r. T. S3is: Canadian Pacific 1885,: Chi
cago. Milwaukee and St Paul. 1i2h: North
west. 1891: Delaware and Hudson, To-: ILL
nois Central. 70: L. & n; loSa.: Missouri
folk and Western, 629:; PENNSYLVANIA. lla2i
Southern Pacific. A.: Union Pacific, Il;
Steel 5-per-cent bonds. 1855.