The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-14
DRASTIC LIQUIDATION
FOLLOWED BY A RALLY.
BEARS OvEREXTEND THEIR
CONTRACTS.
Anthracite Carriers Conspicuous in
Late Advance, New York Also
Being Affected.

New York, July 13.-There was further
drastic liquidation Of stocks to-day. but It
y became apparent toward the latter part OF
n the days session that the bears had over
extended their short contracts and they
took fright over the scarcity of the offer
inEs brought out by their rather urgent bids
TO cover The result was a strong rally.
which wiped out practically all Of the days
earlier losses and established net gains run
ming 10 point for some of the leading
active stocks. The anthracite carriers were
conspicuous in the rally. and New York
Central shared in the recovery quite not
ably. New York Central slowed some
signs Of being supported throughout. al
though the general weakness of the market
was due to the recent vide decline in that
extreme decline was points. but the low
price. at llSi.. was but momentary. Peua
than New York Central! and it was forced
down through The subscription price OF 100
10 lls2..
NEW LOW RECORDS.
THESE two great trunk line stocks. in con-
sequence. touched 4 lower price than for
some years past. Many other low records
for this year were made amongst the
GTanEers. Pacifcs, Subdivisions. Wander
hilt-. New York public utilities tho express
stocks. Amalgamated and other industrra, IS
4 and specialties. Illinois Central dropped
A. ST. Paul %. Manhattan .. ard SOM OF
the inactive socks much larger amounts.
Chicago. st Paul. Minneapolis and Omaha
suinr'd :" POINTS on sing. sale. ana F.
e. 6. * ST. l.. dropped "a. Much Of this
Weakness vas the result of selling orders
accumulated oyer SUNDAY hy mail and tele-
graph 4 result of the ul.astness Gre, ted
by last weeks violent decline.
The professional traders were quick to de-
tact attempt ia execute these selling or
r,sts. hold taxi .la-
lei from under them aud then buying TO
cover "a; profit. when the long stock
"us srasn'Odir rallies we're evidence of
these Proceedings hy the bear element.
GOLD FOR EXPORT.
y snail engagement OF gold for export
or Thursday. the large less Of tho banks
ca account CT last Saturdays gold ship
inert indicated by the Subtrcasury figures
an7l strong tone in Tho tinc-money mar
ket which carried rates for six months
loans 20 100 per cent. were additional IN
Guceniea;S 10 the selling Cable reports
were received u attempts of American
borrowers 10 secure fund i'm Berlin with
cot success. Paris was reported an urgent
bidder fer gold liz London in preparation
for a Russian loan. and London itself has
Il meet an installIeat on the Transvaal
loan tomorrow. Sat for all this. there was
. an active demand for stocks for London
Z account dining the weakest period OF the
market here ana this was a material fac
tor i, .allving the market. The weekly
Statistics Of weekly traffic very Ia
N0rasle as to the sustained movement ut
general merchandise. and the selling Of
long wheat. and corn confirmed the favor
able oppression of the monthly crop re-
port. The reactiona:v tone of the cotton
market also had lis usually favorable eff
feet on the market sentiment. The late
rally on the market not fully held I'M
Ill the last and the closing was rather ir-
regular and very active
The bond market shared in the early
weakness OF stocks ard made some recov-
cries when the stock market rallied. Total
sales mar value s. e5l,eD. United States
bonds were unchanged OH call.