The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-07-16
new York stock Market

New York, July 13.-There was a few
eriSh and erratic market for stocks
throughout today's short session, due tc
the hesitation ~engendered in the minds
Of h bears by the violent break in the
corn market and by the large
ton of the condition of the clearing
banks, disclosed by the weekly bank
statement. There were two sharp rail-
lies on account of these factors. Meth
er rally was held with any firmness,
and the market closed with renewed de-
clines al many points on realizing and
shade advances in individual stocks.
There was evidence of continued pres
sure to liQuidate the opening dealings,
most marked in the United states
stocks. The preferred was carried
down SIS before vigorous support rallied
1T. The common lost IA and rallied
more easily. The preferred rose again
IL with the general rally in the mar
ket, but continued under pressure. The
recent market leaders, ST. Paul., Atchi-
son and Union Pacific, lost 1 to 2
points. but came up vigorously when
the break in corn in the Chicago mar
ket was reported.
The recovery in corn sent prices of
stocks down again, as it was feared
the movement was more due to pre-
~cautionary realizing by longs in corr
on the possibility of Sunday rains than
to the actual news of amelioration OF
the conditions in the corn belt.
The banks showed a larger gain in
cash than expected. the reserve rising
$3,175,1 100. The Importance of the weeks
liquidation in the stock market is
measured by the enormous loan con
traction of s21, OO1, 800. This is the lars-
est decrease in loans for a single week
in the history of the clearing house,
with the single exception of the week
ending May 18th of his year which
was the week following the May panic,
when the loans were reduced $24, 204, 800.
The decrease in reserve liabilities eff
fected by the loan contraction aided
materially in the 1857, $50 recuperation
in the surplus OF the banks
The damage TO the corn crop, which
is admitted to be severe, is of most i'm
mediate concern to the grangers, Pa
cific and sOuthW eSterns and the partic-
ular stocks have been inflated by the
over exploitation of the community of
interest project and the so-called
greater Missouri Pacific rumors. Their
losses during the week were, therefore,
very severe and out of all proportion to
the actual damage to the corr crop
as measured by the price movement in
the corn market
The weakness in the rest of the list
was more or less sympathetic, even the
wheat grangers losing ground, just as
wheat advanced in sympathy with corn
in spite of the excellent promise of the
wheat crop. A contributing cause to
the weakness of stocks was the threat
ened strike of the steel workers. There
is an underlying feeling that the dis
pute will be settled without a prolonged
strike. but the possibility of wide reach
ing harm to industry n business from
a conflict between the interests involved
cannot be eliminated from the situation.
Except for this and the crop news, the
severe losses for the week in stocks
Ave nothing in the way of impairment
of earning power to account for them.
The railroad bonds have been affect
ed in sympathy with stocks, but in
much less degree. United States As de-
clined y and the r%efunding Us, old As
and the SIS advanced &c over the clos
ing call of last week..