Evening star., 1901-06-26
Stocks Depressed on Strength of
Rumor About Bank.
SEVENTH NATIONAL PAYS DEFICIT
Union Pacific Under Pressure, but
Rallied Later.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. June 26-Yesterday's furry
In banking circles. due to the temporary de-
linquency of the Seventh National Bank at
the Clearing house. had an unsettling effect
on the stock market this morning Lead
ing bankers were quoted as saying that
the situation had righted itself over night
nut the assurance failed to revive specuIa-
tive confidence. All the clearing house
banks met their obligations promptly. the
Seventh National paying its quarter of a
million debit about I:30 o'clock
The most significant feature of yester-
days scare is the emphasis given to the
fact that overspeculation. both In and out
OF wall street, is yet to be reckoned with
III the remedial process is given time no
pronounced evil should result. but an effort
to convert the mass of new OF inflated s.-
curities into cash, without notice must
prove disastrous The larger interests are
awe TO the fact that the market must DE
auroitly helped over the periods OF an out
side demand for money. Until the July
payments are made. therefore, the big inter
estS Will hesitate to increase their lines
and the banks have had a warning that in
creased reserves are essential to confidence
II Is noteworthy that officers OF the
larger banks are most sanguine of the out
come and predict no Tightening of money
beyond period Of few hours until the
crop movement is undertaken While local
anairs are in this mixed condition evil
dences Of the country's prosperity are
numerous.
The declaration of a dividend of l Der
cent. semi-annual. on Panhandle common
adds another issue to the list Of dividend
payers This valuable feeder and asset of
the pennsylvania has been put in splen-
did physical condition. and is earning an
abundant surplus :over all charges, which
conservative dtectury at last admits
and distributes. lhe special meeting Of
nfE cha l,.~Il
Louis was entirely harmonious and rati-
| fed the proposed increase of S3oVDO 600 I'm
the capital stock of the company
The lease of the Brooklyn Union Elevated
to the Brooklyn Heights road was filed
with the secretary of state during the day
The bonds of the property and those of the
Kings County road are guaranteed prin-
cipal and interest. by the leasor company.
These special incidents found little refiec-
tion IN the price movement although the
issues directly concerned were given good
support
Union Pacific was again under pressure
and the room sold a considerable volume
of the stock on the theory that some i'm
portant interest was liqudating. The price
broke under 100 and then rallied around
delivery hour on buying against previous
sales
st. Paul was weak during a greater part
OF the day and nearly all the Granger
ShareS showed saggfng tendency. The
coal stocks reflect the uncertainties of the
strike situation and were heavy under the
mixed selling of the room. The anthra-
cite coal deal has failed to find reflection
In the railroad properties
The new Steel issues were reacttonary
during the morning. some large lines being
liquidated on the decline. The Hudson
Trust Company. the transfer agent for the
Steel corporation, has sent out dividend
blanks carrying both the common and
preferred issues This action lends color
to the prospects of a dividend on the com
mon shares next month
Sugar and Amalgamated Copper were ir-
regular, but moderately active. the pools
in them doing little either way Money ad-
vanced to per cent during the last hour
but the market paid little attention to the
rate. the loans made earlier in the day
having ruled at or under. The closing was
dull and featureless. but prices In the main
showed losses as compared with the anal
prices last night.