The Montgomery advertiser., 1903-07-14
WALL STREET REVIEW
FURTHER DRASTIC sPECuLA-
 TON IN STOCKS.
Later the Bears Took Fright Over Scarcity of Offerings Brought Out by Their Rather
 Urgent Bids.

NEW YORK, July l3.-There was further drastic liquidation of stocks today. but 1t be- came apparent towards the latter part of the days session slat the bears had over-extended their short contracts. and they took fright over the scarcity of the offerings brought out by their rather urgent bids to cove. The result was strong rally which wiped out practically all of the days earlier losses and established net gains running to a point for some of the reading active stocks. The anthracite carriers were conspicuous fin the rally and New York central shared in the recovery quite notably New York Central showed some signs of be- Ing supported throughout, although the general weakness of the market was due to the recent Wide decline In that stock as much as to any one thing. Its extreme decline was points but the low price at IT. l3A was but momentary. Pennsylvania was rather more severely pressed than New York Central and 1t was forced down through the subscription price of I2o to | I9%. These two great trunk line stocks in conse- quence touched a lower price than for some years past Many other low records for this year were made amongst the Oranges. Pacifcs. southwesterns. Vanderbilts. New York public utilities. the express stocks. Amalgamated Cop per and other industrials and specialties. IIii- nois Central dropped A, St Paul 2%, Man haitian 2& and some of the inactive stocks much larger amounts. Chicago St Paul, Min neapolis and Omaha slumped 20 points on a single sale and PittshurF c. C. and St. Louis dropped 7k. Much of this weakness was the result of selling orders accumulated over Sun day by mail and telegraph. as a result of the uneasiness created by last weeks violent de-
 
 detect attempts to execute these selling or ders and were very bold in taking the market from under them and then buying to cover at profit when the long stock came upon the market. The days numerous spasmodic ral- lies were evidence of the proceedings by the bear element A small engagement of gold for xport on Thursday. the large loss of the banks on account of last Saturdays gold shipments indicated by the sub-treasury figures and a strong tone in the time money market which carried rates for six months loans to 5h@6 per cent were additional inducements to the selling. Cabled reports were received of at- tempts of American borrowers to secure funds in Berlin without success. Paris was reported an urgent bidder fo gold in London in prepara- tion for a Russian loan and London itself has to meet an instalment on the Transvaal loan tomorrow. But for all this there was an ac- tive demand for stocks for London account during the weakest period of the market here. and this was a material factor in ralyng the market The weekly statistics of railroad traf- fc were very fvorable as to the sustained movement of general merchandise and the sell ing of long wheat and corn confirmed the fa- vorable impression of the monthly crop report. The reactionary tone of the cotton market also had Its usual favorable effect on stock market sentiment The late rally in the market was not fully held until the last and the closing was rather irregular and very active.
 The bond market shared in the early weak ness of stocks and made some recoveries when the stock maket rallied. Total sales (par value), s2, 66o, 900. United States bonds were unchanged on the last call.
 New York Stock List.