The Birmingham age-herald., 1903-07-14
FURTHER DRASTIC STOCK LIQUIDATION Bears Are Frightened by Scar
 city of Offerings RALLY WIPES OUT LOSSES Active Stocks Establish Net Gains Running to POInt-PennsyIvanla
 and Now York Central
 Touch Low Mark.
RALLY WIPES OUT LOSSES

New York, July 1S.--rhere was further drastic liquidation of stocks today, but 1t became apparent towards the latter part of the days session that the bears had over-extended their short contracts, and they took fright over the scarcity or offerings brought out by their rather ur- gent bids to cover. The result was strong rally, which wiped out practically all of the days earlier losses and es- tablished net gains running to point for some of the leading active stocks.
 The anthracite carriers were conspieu- ous in the rally and the New York cen-- tral shared in the recovery quite notably New York Central showed some signs Of being supported throughout, although the general weakness of the market was due to the recent wide decline in that stock as much as to anything Its extreme de- cline was 2 points, but the low prices at 11% was but momentary. Pennsylvania . was rather more severely pressed than New York Central, and it was forced down through the subscription price of l2O to 11s%. These two great trunk line stocks in consequence toucheu io"SA PAASS s for some years past
 Many other low records for this year were made amongst the grangers, Pa cifics, Southwesterns, Vanderbilt New York Public Utilities. the Express stocks, Amalgamated Copper and other indus trials and specialties Illinois Centrai dropped 4A, St. Paul 2ss, Manhattan z7s' and some of the inactive stocks much larger amounts. Chicago, St. Paul, Minne- apolis and Omaha slumped 20 points on a single sale and Pittsburg, Cinclnatl Chicago and St. Louis dropped "A Mncn of this weakness was the result Of selllng orders accumulated over Sunday by mali and telegraph as a result of the uneasl- ness created by last weeks violent de- cline.
 The professional traders were quick t9 detect attempts to execute these selling orders and were very bold in taking the market from under them and they buy ing to cover at a profit when the long stock came upon the market The day 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 indicated by the sub-treasury figures and a strong tone in the time money market, which carried rates for six months loans to 5h@e per cent were additional induce ments to the selling.
 Cable reports were received of attempts of American borrowers to secure funds in Berlin without success. Paris was report ed an urgent bidder for gold in London in preparation for a Russian 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 market here, and this was material factor in rallying the market
 The weekly statistics of railroad traffic were very favorable as to the sustained movement of general merchandise and the selling of long wheat and corn confirmed the favorable impression of the monthly crop report. The reacuonary tone of the cotton market also had It's 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 recov- cries when the stock market rallied. Total sales par value s2,660,0Oo.
 United States bonds were unchanged on the last call.