The Indianapolis journal., 1903-07-17
SHARES AGAIN RAIDED
HEAVY SELLING ON EACH HARD
SPOT IN THE MARKET.
Considerable Buying for Foreign Ac-
count and Improved Monetary
Conditions Help the Trade.

NEW YORK, July 1.-THE day in the
stock market was feverish and excited, and
the manipulations in its course kept senu-
ment constantly unsettled and nervous. Yes
terday's late rally was followed up at the
opening this morning. but was promptly
taken advantage of to renew the selling.
Later in the day speculative sentiment
frightened considerably and a general dis
position developed to buy stocks. During
the last hour violent liquidation again
sprang up in Amalgamated Copper and
American Smelling. This seemed to prompt
renewal of selling throughout the list,
and prices ran off rapidly. wiping out prac-
tically all the gains. The market steadied
late in the dav. but ran off again, and the
close was active and easy, with the average
level of prices not materially changed from
that of'last night. A few stocks which de-
veloped 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 uncov-
cred short interest, as the stock was loan
ing at premium at the time. New York
Central and Illinois Central were noticeably
scarce and were lifted 2%63 points at the
period of the active demand. Amalgamated
Copper rose ~ over last night, after it
was announced that the usual quarterly
dividend of n of per cent. had been de-
clared. The slump in the stock carried it
down to 1914, compared with the previous
low record of yesterday of 46A. and the last
price was only "a better. The break in
Smeltlng extended to 23s. If this movement
was bear raid. as was suspected, it was
| emlnently successful in depressing the
whole market, Wfich had ranged at one
time quite generally from l to points over
last night. Many inactive stocks also had
| made wide recoveres.
Attention throughout the stock market
| world was still concentrated to-day on the
/ developments in the money market and the
| brighter sentiment which was felt during
| the midday session was due to the replen-
iSnment or money supplies through the
medium of the foreign exchange market.
| 1hlS was reflected in a violent break or
| nearly Ac in the pound for demand bills
on London. This was largely due to selling
| OF loan bills, which was made manifest by
houses in the money market. The placing
| abroad of large portion of the $40, o0OO0
| or Union Pacific notes also would make a
supply Of exch.: nge. 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 Between $1,000
and $4,000. The effect was perceptibie in
| the money market, even for six months
| loans, which have been rigidIy held at 6
per cent. in view of the payment of that
rate by the large railroad corporations.
| Commission have been exacted in many
cases in addition to the 6 per cent. rate,
| but exactions by lenders were appreciably
| relaxed to-day. .., >.s. ss..-t
In addition to this influence many of
yesterdays disquieting rumOrs were found
| to be unfOunded and a general understand
ing existed that the clearing house author
tiles had made an exhaustive canvass of
| the situation over night and considered il
| sound. From the tenchnical standpoint,
yesterdays violent declines and the en-
| larged volume of transactions were normal
| to elimination of downward movement
| and aroused the hopes OF professional trad
ers of n turn in the market. The selling
| on the opening advances shook this convic-
| ton, and the slump in Amalgamated and
| Smelling at the last again unsettled the
| speculative mind The presence in the Wall
| street district of the secretary Of the treas
| ury gave rise to rumors of contemplated
| measures of relief for the money market by
the government, 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 in doubt again.
Some rallies in the bond market, in SYM
| pathy with stocks, made that market some
what irregular. Total sales at par value
! were 2,920000. United States bonds were
| all unchanged on the last call.
| Following are the days share sales and
| the recorded price changes: