The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-14
BEARS HAVE A SCARE
GO TOO FAR IN DRASTIC LiQUIDA-
TON IN STOCKS
They Overextend Their Short Contracts
and Strong Rally Results Which
Wipes Out All the Early Losses and
Establishes Net Gains.

NEW YORK, July 13.-There was fur
Their drastic liquidation of stocks today,
but it became apparent towards the lat
ter part of the days session that the
bears had overeXtended their short con-
tracts and they took fright over the scar
city OF the offerings brought out by their
was strong rally. which wiped out prac-
tically all of the days earlier losses and
established net gains running to point
for some of the leading active stocks.
The anthracite carriers were conspicuous
in the rally and New York Central shar-
ed 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 any one thing. It's
prices at 11SA was but momentary. Penn
sylvania was rather more severely press
ed than New York Central, and 1t was
forced down through the subscription
trunk line stocks in consequence touch
ed lower price than for some years
past.
Low Records Are Made. 9sf
Many other low records for this year
were made among the grangers, Pacifcs,
Southwesterns, Vanderbilts, New York
Public Utilities, the express stocks, Anal
gamated and other induStrialS and Spe-
cialties, Illinois Central dropped AZ. st:
Paul 25s. Manhattan 25s and some of
the inactive stocks large amounts. Omaha
slumped 20, points on single sale, and
Pittsburg G. G. & st. Louis dropped IN
Much of this weakness was the. result of
selling orders accumulated over Sunday
by mail and telegraph as result of the
uneasiness created by last weeks violent
decline
The professional traders were quick to
detect an attempt to execute these sell
ing orders and were very bold in taking
the market from under them and then
buying to cover at profit when the long
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 subtreasury figures and
d strong tone in the time money market,
which carried rates for six-month loans
to 55a @6 per cent We're additional induce
ments to the selling. ~ T.
Fall to Secure Loans. s2a
Cabled reports were received Of at
tempts of American borrowers to secure
funds in Berlin without success. Paris
was reported 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 tomor-
row. But for all this there was an active
demand for stocks for London account
during the weakest period Of the mar
ket here, and this was a material factor
in rallying the market. The weekly sta
tistics Of railroad traffic were very favor
able as to the sustained movement OF
general merchandise and the selling of
long wheat and corn confirmed the favor
able impression of the monthly crop re-
port. The reactionary tone of the cotton
market also had it's usual favorable eff
feet on stock market sentiment. The late
rally in the market was not fully held UNI
til the last and the closing was rather E-
regular and very active. J:
The bond market shared in the early
weakness of Stocks and made some re-
coveries when the stock market rallied.
Total sales, par value. $3.50, 900. United
States bonds were unchanged on call. =
CLOSING List.