The daily morning journal and courier., 1903-07-18
gina,aciaI.
YEsTERDATs STOCK MARKET.
Level of Prices Lifted by Two and
 Thrce Points.

II hFcc Y New York, July 17.-The recovery in
 prices of securities. which was inter
 rupted yesterday by the late slump in Amalgamated Copper, was resumed to-
 day. It showed some hesitation at va
 rious times, owing. to the unsettling eff feet of sudden breaks in special stocks.
 But i. gathered force as the day pro-
 gressed and ill the final hour the level of the whole market was lifted between two and three points over last night. New York Central and St. Paul led the
 advance, but gains of two points or over were scored by Pennsylvania. Reading,
 Erie 1st, pf., Illinois Central, Kansas
 and Texas of, Union Pacific, Aatchison,
 Amalgamated and Smelting. Among the inactive stocks there were some larger gains which represented recover ies from recent corgespondin ingly, violent declines The opening advance in the
 market was first checked by renewed attack on Amalgamated Copper which carried it back to yesterdays low rec-
 ord level. But the stock showed deter mined resistance and became strong,
 notwithstanding report of an addi-
 tional cut in the price of the metal. Col
 orado Fuel made d pioiesnt slump of 61lss
 points to the low price for the year, and this was followed by break in
 Toledo. St. Louis and Western Securi- ties which cost the common stock 51a points, the preferred 7ls and the per cent. bonds 2k. Rock Island was the last stock to show notable weakness and it's decline os 1sst ended the resist ance to the advance in the general
 market. The market was not notably affected by any of these breaks and this caused an impression that covering movements on a large scale were going on under cover of the depression in spots. The general feeling over the
 money outlook was brighter, and r,,-
 mors were circulated without assigned
 authority that many proposed loans by railroad corporations had been postpon- ed. Estimates oe the weeks currency l movements pointed to net gain by the l banks of over $3,000,000. The raise in in terest rates here seems to have induced
 a large inflow of currency from interior points, and the sub-treasury made
 heavy disbursements yesterday and to-
 day for special accounts. thus largely reducing the weeks early loss by the
 banks to that institution. The offerins of foreign funds in this market have also relieved the situation.
 Sterling exchange, however, made some
 recovery to-day from yesterdays sensa- tional break Discounts hardened in
 London and Berlin and sterling weak
 ened at Paris. London also turned sell CT os securities in this market on bal-
 ances.
 1 The large increase in wheat exports for the week, which rose 1,272,374 bush-
 els over those of last week, was satis- factory development in the exchange l situation. The principal interest in to- I morrow's bank statement will turn on | the item of loans. It is supposed that I the Pennsylvania company has com
 menced the repayment of it's maturing
 notes It is question on the other hand
 how far the large borrowings by rail-
 road corporations will be reflected in the statement as a considerable portion of these loans has gone abroad. To-day s | movement in stocks. however. reflected | the feeling of confidence that the bank | ing situation is materially improved l The market closed active and steady al
 about the top level. a,
 Bonds were inclined to rally in syn1- pathy with stocks, but there were some weak spots which made the tone irreg.
 ular. Total sales par value, 2,S95, ,O00. l United States bonds were all un. I changed on the last call.