The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-14
STOCKS AND 6CNDS.

| New York, July 13.-There was further
drastic liquidation of stock today. but il
| became apparent towards the latter part
| Of the days session that the bears had
! oyer-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 was
| a strong rally, which wiped out practi-
cally all of the days earlier losses and
established net gains running TO a point
for some of the leading active stocks.
The anthracite carriers were cOnspicu-
Gus in the rally, and New York Central
shared in the recovery quite notably.
New York Central showed some signs of
I being supported throughout, although the
general weakness of the market was due
to the recent wide decline in that stock
as much as to any other one thing. Its
extreme decline was points. but the
low price, at 1874, was but momentary.
Pennsylvania was rather more severely
pressed than New York Central and it
was forced down through the subscrip-
ton price of l206119&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 among the grangers, Pacifics.
southwesterns, Vanderbilts. New York
public utilities. the express stocks. Anal
gamated and other industrials and spec
ialties. Illinois Central dropped AZ :;
St Paul, rs; Manhattan. 25s; and some
OF the inactive stocks much larger
amounts. Chicago, Minneapolis and Oma-
ha slumped 20 points on single sale
and Pittsburg, Cincinnati. Cleveland and
ST. Louis dropped "a. Much of this
weakness was the result of selling orders
accumulated over Sunday by mail and
telegraph. as a result of an uneasiness
created by last weeks violent decline
The professional traders were quick to
detect attempt TO execute these selling
orders and were very bold in taking the
market from under them and then buy
ing TO cover at profit when the long
stock came upon the market.
The days numerous spasmOdic rallies
were evidence of these proceedings 10y
the bear element.
A small engagement of gold for ex-
port on Tuesday. the large loss of the
banks on account of last Saturdays
treasury figures and a strong tone in the
time money market, which carried rates
for six months loans to 512G6 per cent
without additional inducements to the
selling. Cable reports were received Of
attempts by American borrowers TO Sc
cure funds in Berlin without success
Paris was reported an urgent bidder for
gold in London in preparation for Rus
sian loan and London itself has TO meet
an installment 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 r>-ket here and this was a material
factor in rallying the market The week
ly statistics of railroad traffic were very
favora BILE as to the sustained movement
of general merchandise and the selling of
long wheat and corn confirmed the fav-
orable impression of the monthly crop
report
The reactionary tone of the cotton mar
ket also had it's usual favorable effect
on the 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-
Total sales par value. 81. $50 900. United
States bonds were unchanged on the
last call.
Closing stock quotations were as
follows: