The daily morning journal and courier., 1903-07-14
ginanriaI.
YEsTERDAT,S STOCK MARKET
strong Rally wipes out Many losses some Net Gains.

some Net Gains.
 New York, July 13.-There was fur ther drastic liquidation of stocks to- day, but it became apparent towards the latter part of the days session that the bears ahd over extended their short contracts and they took fright over the scarcity of the offerings brought out by their rather urgent bids to cover. The result wasa strong rally, which wiped out practically all of the days earlier losses and established net gains run ming to a point for some of the leading active stocks. The anthracite carriers were conspicuous in the rally and New York Central shared in the recovery quite notably. New York Central showed some signs of being supported throughout, although the general weak ness of the market was due to the re- cent wide decline in that stock, as much as to any one thing. Its extreme de- cline was points, but the low price at 1t3 1-4 was but rnomentary. & Pennsylvania was rats:er more se- verely pressed than New York Central and it was forced down through the subscription price of 12o to 119 s-4. These two great trunk line stocks, in consequence, touched a lower price than for some years past. Many other low records for this year were made amongst the grangers, Pacifics, South westerns. Vanderbilts. New York Pub- iie Utilities. the express stocks, Aniai- gamated and other industrials and spe- cialties. Illinois Central dropped 3-4, St. Paul 5-s, Manhattan ? 5-S and some of the inactive stocks much larger amounts. Chicago. St. Paul. Minne- apolis and Omaha s1umped 20 points on q single sale and Pittsburg, C., c. & St. Louis dropped 1-4. Much of this weakness was the result of selling or ders accumulated over Sunday by mail and telegraph as a result of the uneasi- ness created by last weeks violent de- cline. The professional traders were quick to attempt to execute these fsell- ing orders and were very bold in talk ing the market from under them and then buying to cover at 9 profit when the long stocks came upon the market. The 1ay's numerous spasmodic rallies, were evidence of these proceedings by the bear element. A small engagement of gold for export on Thursday, the large loss of the banks on account of last Saturdays gold shipment indicat- ed by the sub-treasury figures and a strong tone in the time money market, which carried rates for six month loans to 1906 per cent, were added induce- ments to the selling. Cable reports were received of attempts by American borrowers to secure funds in Berlin, without success. Paris was reported an urgent bidder for gold in London in preparation for a Russian loan and London itself has to meet an instaIment on the Transvaal loan tomorrow. But for all this there was an active demand for stocks for London account during the weakest period of the market here, and this was a matreial factor in rally ing the market. The weekly statistics of railroad traffic was very favorable as to the sustained movement of gen. eral merchandise and the selling 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 favor-
 able 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
 weakness of stocks and made some re- coveries when the stock market ral- lied. Total sales par value s2,s6O0O0 United States bonds were unchanged on call