The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-11
STOCKS GROW MORE ACTIVE,
UNDER SELLING PRESSURE.
WIDE INROADS ARE MADE
ON THE PRICE LIST.
Movement in New York Central
Continues to Dominate the
Entire Market.

New York. July 1o-The Stock Exchange
did as much business to-day IN the first
two hours Of the session as was done during
the entire session OF the previous day, which
was In turn more than twice much as the
recent daily averages. This revival of ac-
tivity has been on the selling side of the
Anarket, and yesterdays wide inroads on
prices were added to to-day. Owing to the
late rally on the movement to cover short
sales. the days extreme declines were con-
siderably midgated, the more prominent
active stocks closing at recoveries of ! to
~ points from the low point of the day.
Tho movement In New York Central con-
tinued to dominate the whole market, and
that stocks extreme decline of 2ie points
was the most considerable in the active list
The price touched 1ls during the early after
noon and closed at 11s14. Quite a number OF
leading speculative stocks were at one time
from to 8 points below last night. st.
Paul and United States Steel. the latter at
only q fractional decline. touched lower
prices than before this year, and the same
was true in a number Of inactive stocks.
BUYING ORDERS.
Pennsylvania sold down to its previous
low record at LIB. but enormous buying or
ders at that level were Immediately dis
closed. There was no important new de-
velopment to account for the continued
weakness of the market 1t was announced
on authority that whatever plans were In
contemplation for raising additional capital
FOR New York Central. nothing was likely to
be done until September, There were ad-
Emissions as to the probability that the
heat terminal construction contemplated
by the company would be done through the
medium Of a terminal company organized
for the purpose But 1t was realized that
New York Central credit must be relied
upon for raising the money. The continued
stream of New York Central stock coming
upon the market was sufficient in itself to
take away the effect of disclaimers of a
contemplated stock issue or bond issue.
Stocks of the subsidiary Vanderbilt COM
panies which are seldom dealt in. also
cuffered wide declines, Lake Erie and
Western preferred losing g.. Cleveland. G.
c. and ST. L. and Peoria and Eastern Sig
Northwestern also suffered a 2ia-point de-
cline. and the preferred 3. the latter with
a recovery. There We're other notable de-
clines amongst the high grade investment
stocks. such as New Jersey Central, which
lost 6; Delaware and Hudson SIS; Lacka-
wanna and American Express 5, and Pull
~ OCCASIONAL RALLIES.
The occasional rallies of the market in
dicsted the large part played by profess
sional short selling in the weakness But
the large amounts of long stock We're dis
lodged by the bear tactics of the profess
sional traders and each successive rally
until the lost one was awaited of as a
basis for renewed selling. The first effec-
tive rally of the day came after the pub
ncattcn of estimates Of the weekly cash
4eipts over shipments on the interior move
fnent of over $4,000 600. This is larger than
tfse 900 loss on Subtreasury operations,
thus Indicating small net cash gain by
the banks. To-morrow's gold shipments of
S2.eo0,000, however, do not figure IN this es-
innate. The large receipts on balance from
the interior were decided surprise, in
view OF the movement Of interior exchange