The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-07-17
STOCKS ARE
STEADIER
Slight Rally Follows the Break
of "Wednesday.
LIQUIDATION CONTINUES
Prices Close Some Higher
Than on Previous Day

New York. July Is.-The day the stock
market was feverish and excited one
and the many fluctuations in its 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 re-
lative sentiment on the stock exchange
was evident but lightened considerably
buy stocks. During the last hour again a
violent liquidation spragn up in Amalga-
mated Copper and American Smelling.
This seemed TO prompt a renewal of sell
ing throughout the list and prices ran or
rapidly, wiping out practically ali the
gains. The market steadied later 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. A few stocks which de-
veloped notable strength during the day
saved appreciable portion OF gains al the
last A furious demand sprang up at one
time for Canadian Pacific, which seemed
to come principally from an uncovered
short interest as the stock was loaned at
premium at the time. New York Cen
trail, Iowa Central were notceably scarce
and were lifted 2sl 10 points at the Pc
Rod of the active demand. Amalgamated
Copper rose IL points over last night.
after it was announced that the usual
been declared. The slump n the stock
carried it down TO 46ik. compared with the
previous low record Of yesterday at As
and the last price was only 4 better. The
break In smelling extended TO 2S II this
movement was a bear raid as was sus-
pected. 1t was eminently successful In
depressing the whole market, which had
ranged al one time quite generally from
to points over last night. Many active
stocks also had made wide recoveries.
Attention throughout the stock market
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 :. on the pound
for demand bills on London. That this
was largely due to selling Of long bills was
made manifest by the large offerings by
foreign banking houses in the money mar
ket. The placing abroad OF a large por-
ton Of the 100000 OF Union Pacific
notes would also make a supply OF ex-
change. Added to these factors was a
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 thousand The effect was per-
ceptible in the money market even for six
months loans which have been rigidly
held at six per cent in view Of the pay
ment Of that rate by the large railroad
Commissions have been ex-
acted n many cases in addition 10 the six
per cent rate. but exactions by lenders
were appreciably relaxed today. In addi-
ton 10 this influence many Of yesterdays
rumors were found TO be
unfounded and a general understanding
existed that the clearing house authori-
ties had made an exhaustive canvass OF
the situation over night and considered IL
sound. From the technical standpoint
yesterdays violent declines and the large
volume of transactions were normal TO a
of a downward movement
and aroused the hopes OF professional
traders Of a turn n the market The sell
ng on the opening advances shook this
and the slump IN Amslgamat
ed and Smelling at the last again unset
tied the speculative mind. The presence
n the Wall street district Of the ex-secre-
tary OF the treasury gave rise 10 NJ
mors Of contemplated measures OF relief
for the money market by the government /
and tbs had its part in the lifting Of
prices OF stocks. Opinion over the future
Of the market and the end OF the day
was completely doubt again.
Tinted States bonds were all unchanged /
on the cal list.
High LowpCios- !
Sales arf Ing.