New-York tribune., 1901-07-09
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
The stock market yesterday did not give Mr.
Morgan the customary recognition and welcome
of higher prices on the occasion of his return
from a European vacation. Instead, as a con-
sequence Of a combination of unfavorable de-
veIopments, values declined generally. and the
liquidation was so extensive and the declines
We're so serious that a feeling of semi panic was
created men excitedly jumping to the conclu-
sion that something of disastrous import must
be impending. Of which the Street had not been
apprised. But the cool headed and the conser-
Vative did not take this view. About everybody
had looked for a lower market yesterday. but
few could have expected such rOut as oc
Cured, for the developments of the period be-
tween Wednesday night and yesterday morning,
although bearish, were not panic breeding. The
most was made yesterday of the crop damage
reports but these rumors, boiled down. seemed
TO resolve themselves into the simple fact that
the drouth has done considerable damage TO the
crop in Kansas From Nebraska, where
some rain has fallen, came encouraging news,
and elsewhere in the corn belt the situation is
not alarming, while the winter wheat crop is
assured and the spring wheat is doing well.
The Atchison's publication of a lower freight
tariff schedule had much to do with yesterdays
slaughtering of stock values. for the inference
"
rate war which might cut deeply into the
earnings of the several roads operating be-
tween Chicago and the Missouri River, and
might also extend into the Eastern territory.
Although a half dozer of the Atchison's
petitors are affected, the new schedule is un-
derstood TO be directed specifically at the recall
citrant Chicago Great Western. AS the policy
of the latter line has never been to avoid rate
disturbances it is believed that determined
Chicago Great Western, as it is recognized that
until il is brought into the community of interest
fold there never be peace in the Western
territory.
The continued possibility of a general strike
among the employees Of the United States Steel
Cooperation also contributed to unsettling con-
hdence in the stock market. but the latest ad-
vices favor satisfactory settlement OF the diff
farences between the great steel company and
its men, a settlement which Mr. Morgan's pres
erce here should do much to make certain, for
his Skill in adjusting labor troubles is widely
recognized. 1t was to have been expected that
the disappointing bank statement of Saturday
would have strongly depressing influence on
yesterdays market, as ii showed a further
shrinkage in the surplus reserve, which is now
only about S5,o01.oD0 above legal requirements.
There is reason to believe, however, that the
next statement will be much favorable,
for IL must be remembered that many checks
for July interest and dividends had not reached
their destinations up to last Friday. and that the
money represented by them will soon be rein
vested the banks receiving again also within
the next few days a large part OF the great
aggregate sum Withdrawn for expenditure by
depositors in the relatively long Fourth Of July
holiday. Although call money touched % pei
cent on Wednesday in anticipation of the four
day holiday, il did not go above per cent yes
terday. While it around it's high point
large sums Were lent at per cent, with the
object Of steadying the market. the Morton
Trust Company alone offering and loanine
Sl0O00oO0 at this figure and the National Bank
Of Commerce S5o00oo0. The close at
per cent. and the assurance was heard In high
quarters that no excessive stringency in money
rates would be permitted continue The
heaviest selling yesterday was by the West, the
Moore brothers being credited with the largest
individual operations The market closed weak
after having developed some strength in th'
last hour.
St Paul was perhaps the greatest sufferer or
the list closing at 163s, the low figure of the
day net loss of 10ss points. Next 10 st. Pau
came Union Pacific, which. after having gone
away down TO 101A, closed with net loss Of
6M points at 101. United States Steel common
and preferred held firm for some time. bu
finally yielded with the rest Of the list closint
fractionally above the low level OF the day, th'
common having lost 314 points and the preferred
1A Atchison closed 81 points under Wednes
day, and the preferred 81 points down. Illinois
Central, despite the announcement of rights fo
its shareholders. lost 5h points. and Missouri
Pacific partly on unconirmed rumors of a col
lapse Of the consolidation plans. lost an even
points, closing at looA, the bottom Ever
Pennsylvania declined 81 points