The Birmingham age-herald., 1903-07-17
.STOCK MARKET IS
 VERY UNSETTLED Feverish and Excited Tone Pre- vaiIs During the Session CANADIAN PACIFIC ROOMS Furious Demand Springs Up From Uncovered Short interests-sen-
 tIment In Money Market
 Becomes Brighter.
CANADIAN PACIFIC ROOMS

New York. July 16.-rhe day in the stock market was feverish and excited one and the many fluctuations in It's course kept sentiment constantly unsettled and nervous. Yesterdays late rally was fol- lowed up at the opening this morning, but was promptly taken advantage of to renew selling. Late in the day specula- tive sentiment on the stock exchange frightened and a general disposition de- veloped to buy stocks. During the last hour again violent liquidation sprang up In Amalgamated Copper and American Smelling This seemed to prompt re- newal of selling throughout the list and prices ran off rapidly. wiping out praeti- cally all the gains.
 The market steadied late in the day, but ran off again and the closing was ae- tive and easy with the average level of prices not materially changed from that of last night. A few stocks which deyel- oped notable strength during the day saved an appreciable portion of gains at the last. A furious demand sprang Up at one time for Canadian Pacific which seemed to come principally from an un- covered short interest as the stock was loaning at premium at the time. New York Central and Illinois Central were noticeably scarce and were lifted 2&4S at the period of the active demand. Amal- gamated copper rose 2ls over last night, after 1t was announced that the usual quarterly dividend of half of one per cent had been declared. The slump in the stock carried it down to 465A, compared with the previous low record of yesterday, 4Sh, and the last prices was only A better. The break in smelling extended to 2ss. If this movement was a bear raid, as was suspected, 1t was eminently successful in depressing the whole market which had ranged at one time quite generally from to points over last night.
 Many inactive stocks also made recov- cries. Attention throughout the stock market world was still concentrated today on the developments in the money mar ket and the brighter sentiment which was felt during the midday session was due to the replenishment of money supplies through the medium of the foreign ex- change market.
 This was reflected in a violent break of nearly 4 in the pound for demand bills on London That this was largely due<to selling of loan bills was made manifest by the large offerings by for eign banking houses in the money mar ket. The placing abroad of a large DOT tion of the $10G0,000 of Union Pacific notes would also make supply of ex- change Added to these factors was very active demand for stocks here for foreign account. Foreign brokerage houses estimated the number of shares bought for foreign account today at fifty to sixty thousands The effect was per- ceptible in the money market, even for six months loans which have been rigid ly held at per cent in view of the pay ment of that rate by the large railroad corporations.
 The commissions have been exacted in many cases in addition to the per cent rate, but exactions by lenders were ap- preciably relaxed today.
 In addition to this influence many of yesterdays disquieting rumors were found to be unfounded and a general understanding existed that the clearing house authorities had made an exhaus- tive canvas of the situation over night and considered it sound. From the tech- nical standpoint yesterdays violent de- clines and enlarged volume of transae- tions were normal to continuation of a downward movement and around the hopes of professional traders of a turn in the market The selling on the opening advances shook this conviction and the slump In Amalgamated and smelting at the last again unsettled the speculative mind.
 The presence in the Wall street dis trict of the secretary of the treasury gave rise to contemplated measures of re- lief to the money market by the govern ment and this had it's part in the lifting of prices of stocks Opinion over the future of the market at the end of the day was completely indolent again.
 Bonds worked in sympathy with stock markets the entire day. Total sales par value, $2,920,OO0. United States bonds were all unchanged on the last call.