The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-17
STOCK MARKET UNDERGOES
DAY OF FEVERISHNESS.
PRICES UNCERTAIN AND
CLOSE is NEAR LOWEST.
Improvement in Money Situation
Gives Some Encouragement
to Spectators.

New York, Jult 1s.-The day In the stock
market was q feverish and excited one, and
the many fluctuations in its course kept
sentiment constantly unsettled and nervous.
Yesterdays late rally was followed up at
the opening this morning but was promptly
taken advantage Of to renew the selling.
Later in the day, speculative sentiment on
the Stock Exchange frightened considerably
end . general disposition developed to buy
stocks. In the last hour again a violent
liquidation sprang up In Analgamated Cop
per and American Smelling. This seemed
to prompt a renewal Of selling throughout
the List and prices ran on rapidly, wiping
out practically all the gains. The market
steadied late in the day, but ran OF 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 developed notable strength IN
the course OF the day saved an appreciate
portion Of gains at the last. A furious de-
mand sprang up at one time for Canadian
Pacific, which seemed to come principally
from an uncovered short interest. as the
stock was loaning at premium at the time.
Ssw YORK Central and we're noGeahy
OF Gctivs demand. Amalgamated Copper
rose " over last night after it was an.
Eounced that the usual quarterly dividend
Of " OF per cent haf been declared.
SLUMP is HEAVY.
The slump in the stock carried It down
OF ISL. compared with tho previous low
record Of yesterday at 49,. and the last
price was only u better. The break In
Smelling was extended to 2ss. II this move
ment was q bear raid, as was suspected. It
was eulinently successful in depressing the
whole market, which had ranged at one
time quite generally from to points over
last night. Many inactive stocks also had
out the stock market world was still con-
centrated to-day 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 sup
piles through the medium OF the foreign
exchange market.
This was reflected in violent break OF
nearly &c In the pound for demand bills
on London. That this was largely due to
selling Of loan. bills was made manifest by
houses In the money market. The placing
abroad OF a large portion Of the sl0.ooO,oco
OF Union Pacific notes would also make a
tors was a very active demand for stocks
here for foreign account Foreign broker
age houses estimated the number of shares
Z, soU 500 .'f '0'sSA "'1A' '04s Ut ''
MONEY AFFECTED.
The effect was perceptible In the money
market, even for six months loans, which
have been rigidly held at per cent, in
view OF the payment of that rate by the
large railroad corporations. Commissions
have been exacted in many cases in addi-
ton to the 6-per-cent rate. but the exac-
tons by lenders were apprecisby relaxed
to-day. In addition TO this infiunce, many
o. yesterdays disQuieting rumors were
found to be unfounded ano general under
standing existed that the clearinghouse au-
thorities had made an exhaustive canvass
of the situation over night and considered
IL sound From the technical standpoint,
yesterdays violent declines and the en-
!arged volume OF transactions were normal
10 a elimination OF downward movement
and aroused the hopes Of professional trad
ers OF turn in the market The selling on
che opening advances shook this conviction
and the stump in Analgamated and Smelt-
inr at tho last again unsettled the specuia-
tive mind The presence in the Wall street
district Of the Secretary of the Treasury
gave rise 20 rurnors Of contemplated meas
,ires of relief for the money market by
TIE Government, and this had Its part In
de nfsing Of prices OF s,osks- Opinion over