The times., 1901-06-28
THE STOCK MARKETUNEASY
A Demoralized Tone Occasionally
Shown Throughout the Day.
Suspension of the Seventh National
Bank, Coupled with RumOrs of
other Difficulties. Causes Many Ir-
reguIarities Firm at the Close.

reguIarities - Firm at the Close.
NEW YORK. June 27.-During the
greater part of the day an exceedingly un-
settled and occasionally demoralized mar
ket prevailed upon the stock exchange.
The market opened weak under the same
influences which dominated the dealings
yesterday and after enjoying quite sub
stantial rally broke violently again upon
the formal announcement of the suspen-
sion of the Seventh National Bank.
In all probability the local final up
shot of the affairs of that concern would
have marked the turning point in the de-
cline had it not been for the fact that the
financial demise of a conspicuous firm
was commonly expected to follow the
suspension of the bank. AS had been ex-
pected also and as is invariably the case
on similar occasions, the bank failure set
on foot rumors of the embarrassment OF
other financial institutions, and, in short,
although OF itself of small significance,
the bankruptcy in question created
widespread feeling of uneasiness.
The selling of stocks upon the various
events of the day was not of character
technically described as good. On the
contrary, the liquidation appeared to be
chiefly for the account of the lighter
WASTED and easily frightened class of
SPECTATORS. although their selling natu-
rally afforded profitable opportunity for
bearishly disposed floor traders.
other unsettling influences in the mar
ket were the fairly stringent conditions
which developed in the monetary situa-
tion. together with the unfavorable atti-
tude of London toward this market The
money market on call opened at per
1av "
put out by the larger insurance compa-
nies. banking firms, and trust companies.
Rates subs nuently advanced to double
the so-caIle ,egal figure, and the bulk of
the borro~..~ was effected between 6
and u per cent.
IL is hardly reasonable to expect any
decided relaxation in the money market
until few days after the completion and
distribution of the July disbursements,
but well-informed bankers look for de-
cided relaxation thereafter. Practically
no attention whatever was paid to the
days returns of railway traffic or to the
other routine circumstances of the busi-
ness session. The unsettled character of
the market appeared. after all, more in
the tone of the trading than in the eX-
tent of the net changes in prices. Ex-
ceedingly rapid declines were followed up
by very quick recoveries and these uncer-
tain swings in values continued through
out the business session.
In view of the general character of the
trading. it goes without saying that it was
almost idle to particularize regarding spe-
cial movements. AS was to be expected
in view Of the violent fluctuations, there
was moderate increase in respect of ac-
tivity, as the market for the first time in
some days furnished an opportunity to
the professional element for quick and
profitable trading.
Interest was fairly well diversified, with,
however. tie bulk of the activity appear
ing in the railway list. The Steel stocks
were heavily dealt in. but shared in the
tendencies of the general market, as did
Sugar Refining and the so-called special
ties The same thing applied TO the
local traction issues. although In the
early dealings those stocks moved coun-
ter to the remainder of the market
In addition to sending in a lower range
of prices for our stocks, foreign houses
were Unexpectedly large sellers here. dis
posing of at least 5o000 shares of various
stocks The London market was ma
terially depressed in all Of its quarters
on account Of reports Of further irnpend-
ing financial troubles in Berlin and also
by reason Of Lord Salisbury's speech of
last evening.
the course Of the afternoon, but devel-
0ped generally a firmer tone. The not
ably sharp advance in the Nickel Plate
issues was the main feature of the later
trading Missouri Pacific and Manhattan,
however, also rallied sharply.