The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-18
REACTION IN WALL STREET
HELPS PRICES UPWARD
MARKET STILL SHOWS SIGNS
OF HESITATION.
Improvement Is General, Though
There Are Spots of Decided
Weakness-Bonds Better.

New York, July 1.-THE recovery in
prices of securities which was interrupted
{ yesterday by the late slump IN Amalga-
mated Copper was resumed to-day. 1t
! showed some hesitation at various times
owing to the unsettling effect OF sudden
breaks In special stocks. But It gathered
force as the day progressed and the final
hour of the whole market was lifted be-
tween and points over last night. New
York Central and St. Paul led the advance,
but gains of points or over were secured
by Pennsylvania, Reading. Erie LIST pfd-.
/. c.. Kansas and Texas pfd-. L. P, Atchi-
son, AmaIgamated and Smelling. Among
the inactive stocks there were some larger
gains. which represented recoverfes from
recent correspondingiy violent declines. The
checked by a renewed attack on .Amaiga-
mated Copper, which carried IL back TO
yesterdays low record level But the stock
showed determined resistance and became
strong notwithstanding a report Of an addi-
tional cut in the price Of the metal. A
10 II below last night. which foIloWed the
announcement Of rise in the price Of re-
fined sugar and was without other expla-
slump OF eis points to the low price Of the
year. and this was followed by a break in
Toledo. st. Louis and Western Securities.
lyAe preferred ~ and i-per-cent bonds ~.
kock Island was the last stock to show not,
the resistance to the advance IN the gen.
eral market
COVERING MOVEMENT.
The market was not notably affected by
any of these breaks and this caused an
impression that covering movements on a
large scale were going on under cover OF
the depression in spots. This gave color TO
the suppoStion that the occasional breaks
were due to raiding tactics, although there
were indications of the closing out Of some
by, rld 1trtff lo@ Tra clar-
eral feeling over the money outlook was
z brighter. and rumors were circulated with
out assigned authority that many proposed
B. loans by. railroad corporations had been
postponed.
Estimates of the weeks currency move
oven sSeceS The e rise in ~ int es rates
here seems to have induced a large inflow
subtreasury made heavy disburse1ae aiae yes
terday ana to-day for special accounts,
thus largely reducing. the weeks early loss
ings of the foreign funds n this market
have also relieved the situation. Sterling
exchange, however, made some recovery to-
day from yesterdays sensational break.
LONDON A SELLER
Discounts hardened in London ard Berlin
/ and sterling weakened at Paris. London
also turned seller of securities IN this mar
\ ket on balance. the upward turn Of prices,
which was more rapid here than IN London.
offering advantages for selling on arbitrary
stocks which were purchased at the lower
wheat exports for the week, which rose l.,
21s-5.i BIZ. over those OF last week. was a
satisfactory development in the exchange
situation The principal interest in tenor
rows bank statement will rurE IN tha item
OF loans. 1t is supposed tina: the Pennsyl-
vania Company has commenced the pay
rient of its maturing notes. II IS n question
on the other nand how far me large Dor
fiected in the statement. as a considerable
portion OF these loans have gone abroad.
To-day's movement n stocks; however. re-
banking situation IS materially improved.
The market closed active and steady al
Bonds were inclined TO rally IL, sympathy
with stocks. Sut there were some weak
spots which made IL tone irresuia. Total
bonds were all unchanged on the last call.
Wall Street Gossip.
R.s:tsd By 'hs cSe; N Atss Ta5: ' soas
N.x York. July I7-Fo.eisa-whiIe tfe trading
netHs. ,he io:. as bs,ter AID guo;s,ions vers
Ssher Ia ta:s market ne aTbitras- h0yse. had
b shares On balance
Rc.diss-o=. Q: =. teasa7ss "a, "a, R. a. Il
The buying was OF he came eaaEaSteE notei 70.
ss tins PAS E. sc eani ifra ssf IN .t .a;
:o- "a. Pennsylvania: but The prsvailiag optnion
M M.
.epo-feI . be interested was operating in *.
saa sod = large amount. about g.. and was buy
Ing g back
Glove. Leaf-AmonS the weakes: features Ct
the forenoon .ra5.nE were Toledo ST. Louis and
Wr..srn o5.r;liol and preferred. The story
thr, e,:I:s a large account IN the STOCKS had been
ferref e ,!1u!5ase. The forced selling CT
ITcy.r Leaf stocks was declared 20 cone from a
eer-s.n an wioxe name was z.;satioret Tuesday
In coanest.on with the financial difficulties
r,,,,-ss, ru.,-rh. .hs-p b-eak in Colorado
T-lei nrz-le,i .he street. and in the usGAl en-
desyo: 10 md reasons FOX the decline various
ruriorr were heard. all OF which were ronounS~t
unfoundee in official circles The ta!;S that o.
eoct brotr-r .yno were heavy buyers CT the stock
or the -er.n- rise. heavy ssllers today. -Ss
no, salieyea @. slcts \ Er:lu selling orier was
sent IL: and r.ie specialists had Eot enough buy
fac orders en- TIE books. TIE price broke Z u
po!.ts between safes. and some stop orders we're
uncovered. ". B: Maca x Co. anu retsri * -.
were the enriy sellers.
Eae-T6s strength Il the inst preferred vas
aeceo.ed A. ccr-oSoretilS recent reports that re
directors would place ;ae stock on t-pcT-cens
bsa,s pext week bot :har nothing would be done
Ia tie dividends ;as sccen3 scefcrret ne
Scnsrnlon was bought b. people Tho believed :.
&Aeape. thaa Reading. A; least. that WINS the
eAplsnasson by O large purchaser
An.:ssn.,ee Corper5The stree. va. nsocea
vas ssss.:sd that :se adv!ee TO iIuy the s,oek
sHRs from '':aa rsSht pssris." BIZ: ;ss Foon was