The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-11
BUSINESS IN STOCKS.
1T GREATLY INCREASES. BUT is ALL
ON THE SELLING SIDE
New York Central Continues to Dominate
the Market-There Is No Important
New Development to Account for Con-
tinued Weakness.

NEW YORK, July 10.-The stock ex-
change did as much business today 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
as much as the recent daily average. ms
revival of activity has been on the selling
side of the market and yesterdays Wlde
inroads on prices were added to today:
Owing to the late rally on the movement
to cover shorts the days extreme declines
were considerably mitigated, the more
prominent active stocks closing at 9fre-
coveries of l to 11a from the low point of
the day.
The movement in New York Central
continued to dominate the whole market
and that stocks extreme decline OF Z3
points was the most considerable IN the
active list. The price touched .11S during
the early afternoon and closed at. 119A
Quite a. number of leading speculative
stocks were at one time from to points
below last night. ST Paul and United
States Steel. the latter at only fractional
decline, touched lower prices than be-
fore this year and the same was true in
number of inactive stocks. Pennsylvania
sold down to its previous low record. at
123, but enormous buying orders at that
level were Immediately disclosed. There
was no important new development to ac-
count for the continued weakness OF the
market. 1t was announced on authority
that whatever plans Were in contem-
plation for raising additional capital for
New York Central, nothing was likely to
be done until September. Stocks of the
subsidiary Vanderbilt companies which
are seldom dealt in also suffered wide
declines.
North Western Also Down.
Chicago & North Western also suffered
a 2h point decline and the preferred 3.
the latter with a recovery. There We're
other notable declines among high grade
investment stocks, such as New Jersey
Central which lost 6. Delaware & Hudson
5ss, Lackawanna and American Express
5. and Pullman 81. The occasional raj
lies of the market indicated the large part
played by professional short selling in the
weakness. But the large amounts OF
long stock were dslodged by the bear
each successive rally until the last one
was availed of as basis for renewed SELL
ing; era4 oe,oo+,,, o,,,, 80 tna do 40 ~ .
after the publicati ton of the weekly cash
changes which showed an excess. of re-
movement of over sS.000.0o0. This is
larger than the $2,758,o00 loss on. sub
treasury operations, thus indicating a
small net cash gain by the banks. To-
morrows gold shipment of $2600,0c0
however, does not figure in this estimate
The large receipts from the interior were
a decided surprise in view of the move
ment of interior exchange markets The
grain markets reflected the closing up of
accounts in expectation of the appearance
of the monthly crop statement after the
closing today and spectators in stocks
were not able to get much light on the
crop situation from the movement of the
grain markets. The market closed about
steady on the late rally.
Bonds were weak in sympathy with
stocks. Total sales, par value, $780,
600. United States bonds were all lun-
changed ON the last call.
Closing List.