The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-17
STOCKS STILL FEVERIS H
SENTIMENT IS UNSETTLED AND
NERVOUS ALL THE TIME
Violent Liquidation In AmaIgamated
Copper and American Smelling Causes
the Whole List to Fall Off-cIose Is at
Wednesdays Level.

NEW YORK, July 16.-The day in the
stock market was a feveriSh and excited
one and the many fluctuations in its
course kept sentiment constantly unset
tied and nervous. Yesterdays late rally
was followed up at the opening this morn
ing, but was promptly taken advantage
of to renew the selling. Later in the day
speculative sentiment ON the stock ex-
change frightened considerably and a
general disposition developed to buy
stocks. During the last hour violent
Copper and American Smelling. This
seemed SO prompt a renewal of selling
throughout the list and prices ran off
rapidly, Wiping out practically all the
gains
The market steadied late in the day, but
ran off again and the closing was active
and easy with the average level of prices
not materially changed from that of last
night. few stocks which developed no.
table strength during the day saved an
appreciate portion of gains at the last.
furious demand sprang up at one time
for Canadian Pacific, which seemed to
interest. as the stock was loaning at
premium at the time. New York Gem
trail were noticeably scarce and were lift
ed "a @S at the period of the active de-
mand.
Rise in Amaigamated.
AmaIgamated Copper rose ~ over last
night after it was announced that the
usually quarterly dividend Of " of l per
cent had been declared. The slump in
the stock carried it down to 46b COM
pared with the previous low record of
yesterday at 4SA. and the last price was
only a better. The break in Smelling ex-
tended to 2ss. If this movement was
bear raid, as was suspected, it was emf
nently successful in depressing the whole
market, which had ranged at one time
quite generally from l to points over
last night. Many inactive stocks also
had made wide recoVeries
Attention thrOnQhnnf Stnplx Ilxat
world was still concentrated today on
the developments in the money market
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
violent break of nearly y of cent in
That this was largely due to selling of
loan bills was made manifest by the
large offerings by foreign banking houses
in the money market. The placing;
abroad of a large portion of the $IS,-'
600, 600 of Union Pacific notes would also,
make a supply of exchange. Added to
these factors was very active demand
for stocks here for foreign account. For
eign brokerage houses estimated the
number of shares bought for foreign ae-,
count today at 10000 to 10000. aad
Lenders ExactIons Relax. .s-'i
The effect was perceptible in the
money market even for six months loans
which have been-rigidIy held at per
cent in view ofcthe payment Of thatEfate
by the large. railroad corporations COM
missions have been exacted in many cases
in addition to the per cent rate but
exactions by lenders were appreciabiy'
relaxed today. .jl,.
In addition to this influence, many of
yesterdays diSquieting rumorS proved to
be unfounded and a general understands
ing existed that the clearing house au-
thorities had made an exhaustive cam
vass of the situation over night and con-
sidered it sound From the technical
standpoint yesterdays violent declines
and the enlarged volume Of transactions
were normal to elimination of a down
ward movement and aroused the hopes of
professional traders of a turn in the mar
ket. The selling on the opening adj
vances shook this conviction 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 treasury
gave rise to rumors of contemplated
measures of relief for the money mar
ket 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
sympathy with stocks made that market
somewhat irregular Total sales, par
value 81 920, 600 United States bonds were
all unchanged on the last call.