New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-07
WALL STREET RALLIES.
STOCKS DROP, BUT RISE.
Strong Financial Interests Consult
for SafetH.

fC' OOf fCtJ'
y feeling Os unmistakable anxiety prevailed in
the financial district in advance OF the opening
OF the stock market yesterday morning. for the
report had been widely circulated that some
unidentified but important Stock Exchange
house would be forced to announce its suspen-
sion before noon; but no disaster occurred and
as the day advanced the initial weakness was
succeeded by positive strength and the market
closed with material net gains in the majority
of issues and with prices ruling about the high
est of the day At the very opening there was
evidence OF support for various stocks but
others suffered violent breaks. Such stocks as
St Paul Southern Pacific. New-YOrk Central.
Pennsylvania. Southern Railway. Erie and
Illinois Central showed the effect Of supporting
orders and rose fractionally Missouri Pacific
and United States Steel opened unchanged. but
the former quickly sold down a point. Chicago
and Northwestern dropped ( points; Wheeling
and Lake Erie second preferred. So; Continental
Tobacco preferred. =; Brooklyn Rapid Transit.
rs; Atchson. Baltimore and Ohio and Metro
politan over point each. and Consolidated Gas.
Manhattan. General Electric and Sugar each
about point.
. The announcement made a little after II
o'clock that all sheets had safely passed the
Stock Exchange clearing house was followed by
a general rally. which brought the prices OF
many stocks up to above Wednesdays close \
little later there were again circulated ruTnors
CT liquidation by a big house" and prices
dropped ONE more some OF them TO lower
level than before. Stocks which suffered most
in this attack included St Paul. Reading, Atchi-
son preferred, Erie. New-YorI Central. Pennsyl-
vania. Union Pacific and United States Steel.
EFFECT OF BUYING ORDERS.
The decline had been in progress only a short
time however. when heavy buying orders were
put in for many stocks and the market once
more began to advance. Reports OF a confer
ence of fnarciers." at which decision had been
reached to give concerted support to the market.
were not confirmed. but it was learned that
there had been an informal interchange of views
among various powerful interests. whose p-ac-
teal agreement on the course necessary 10 Ge
pursued in the crisis was reflected in the send
ing in by them. as individuals. of heavy pur-
chasing orders. the bears were quick to note
the turning of the tide. and the general covering
of their short contracts represented iTpor-
tar. part of the buying under which the market
so swiftly advanced The call money rate rose
as high as per cent yesterday. but closed at -
There was further break in the demand ster-
ling rate which was taken TO signify that some
local house was borrowing heavily abroad.
symptom which caused some uneasiness-
SOME LOW RECORDS.
Several stocks made new low records yester-
day morning. among them Atchison at 551s:
Baltimore and Ohio. T71a; ST. Paul 134E:
Metropolitan. H. Missouri Pacific. $50: Con-
solidated Gas. 17O1s; Delaware and Hudson.
152; Louisville and Nashville. 90 Peoples Gas.
S97s: Reading. 4f5s; Rock Island, 191a; Union
Pacific 6S4: United States Realty, rs; United
States Steel preferred. Is. and Wabash 171s.
The Virginia C Carolina Chemical issues were
noticeable for their strength as for many days
previously they had been conspicuous for weak
ness The common, which touched q
Wednesday. went no lower than 23 yesterday.
and closed with d net gain of pa points at 26l1.
while the preferred. which the previous day
had been at So. closed at SS14, 314 points above
Wednesdays close. The striking advance in
these stocks is understood to have been due to
the fact that the company has just succeeded in
raising on satisfactory terms a large sum OF
money needed for payment Of properties re-
Gently acquired. President Morgan and Othe-
executive officers of the company were in the
city yesterday but could not be seen The
feature of the bond market was the movement
in Consolidated Tobacco IS. which on total
sales OF 81 O3j 900. par value declined from
527s to 51a. advanced to 81 and closed at 5612
A prominent banker. discussing yesterday
morning the situation. said that one indication
of the critical condition OF the market was the
refusal of a large number of Stock Exchange
houses to take accounts on margin. and the in
sstence of others upon - per cent margins on
all accounts If strong buying developed. he
said. il would be an indication that investors as
DISTINGUISHED from spectators. were coming
into the market for bargains. Strong invest
ment buying he added. invariably precedes i
stronger market.
The recovery in prices is illustrated IN the toi-
lowing table: r