Evening star., 1901-07-13
Liquidation and Short Selling o.
Stocks Continued.
Big INTERESTS ON BEAR Side
Bank Statement Was Favorable
and Money VIII Be Easy.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star

Special Dispatch TO The Evening Star
NEW YORK. July I3-The week ending
today has been one of heavy liquidation Ia
Wall street. and final prices were some
what suggestive of more concessions Long
stock has been sold in volume and the
mere unloading of weakly margined ac-
counts is not a satisfactory explanation OF
the result. There has been no public de-
mand and no concerted support. The larger
interests seemed to be idle, but It is likely
that they helped the decline by adding To
the pressure. The process Is entirely natu-
raj. and the selling was far too general to
b. limited to any one class of traders
The drought in the west Is the excuse for
the decline. but il cannot be regarded as
a serious reason for market which had
no strong spots. a decline I'm the price of
corn today was followed by a slight re-
coNery in the stock market. but the rains
Ill the west lost their influence as a rally
ing power I'm the short space Of half an
hour. The market became steady Just prior
TO the publication Of the bank statement.
out the later trading was heavy and irreg-
ular.
The showing made by the banks. how
ever Is decidedly encouraging and mater
ially improves the general financial situa-
tion. A decrease of S2l .uO1 100 In loans was
an especially favorable showing and indi-
Gates heavy liquidation of speculative hold
ingS. Banks and commission houses should
ltr- encouraged WIN TINS re0nCt1On. A
gain of s3.1o0.O0o in money is also reported
as the result of the weeks currency move
ment, the July disbursements showing for
the first time Deposits are decreased ST.
Gbl .Oo0, which call for less reserve and ad-
nit if a gain of 1885,. $50 In surplus re-
serve holdings.
The total holdings above legal require
ments are now al2, ,SD.00. Easier money
is promised by the showing and the market
should reflect less concern on this score
during the coming week
The delay in reaching a conclusion as to
the Steel strike, found reflection in lower
prices for the Steel shares IL is
thought that some kind of an adjustment.
in which mutual concessions will be made.
will be reached over Sunday.
The selling of the Steel stocks right up
to the close of business was hard to ex-
plain in view of the official confidence that
no general strike will be ordered.
There is scarcely any belief in an imme-
diate sustained advance in the general
market 1t is thought that some big un-
dertakings are under discussion. but that
the time is not ripe for their announce
ment The railroad consolidation plans are
being developed. but the banking interests
are said to have advised delay I'm allowing
them to be exploited in the stock market.
1t is quite likely that the ending Of the
Northern Pacific episode and the actual
closing up of the Burlington deal are to be
announced prior to new undertakings by
the same interests The annual meeting
next October may be necessary to fix the
status of the opposing factions in Northern
Pacific. Erie. the Readings, PENNSYLVANIA
and all the Southwestern shares are in
cluded In plans which are temporarily In
allegiance.
Leading interest are conscious Of the fact
that the times do not warrant an advancing
market. There may be friction or there
may be none. but not a single effort is be-
ing made to promote new enterprises. Low
er prices. better crop news and a furt her
liquidation Of loans seem to be desirable
The public is waiting, and there will be no
resistance to the decline until a bargain
leve Is reached.