The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-12
WALL STREET STOCKS
Paroxysym of Nervousness
Holds the Market.
DEEP CUTS ARE MADE
Prices of Stocks Cut Down
Considerably.

New York. July u.-Wau Street had an
other paroxysm OF nervousness today and
made some deep cuts IN the prices OF
stocks before sQuanimity had been re-
stored There we're various causes as
signed for the s2ssn OF liquidation. in
gliding some that were palpably surrised
or The result OF The interested Efforts OF
bear traders 70 increase the fright OF Sc
curity holders. Broadly considered. the
selling came from large spectators Who
had accumulated stocks or had held on
them from q long anterior date il the
hope OF realizing on The mid-July demand
which sometimes follows the July dis
burserents and the reiuX CT funds from
the interior 70 New York before they are
needed for moving the CROPS. That some
unexpected developments have helped 10
discourage this new buying and even %
induce selling is evident, bGt- the under
lying cause OF tia selling is the indisDO-
sttion OF the New York banks 10 foster a
speculative movement at this time IN
view Of the exigencies OF the money mar
ker which promise to come into force
earlier than usual this fail Tie damage
undoubtedly done 70 the corn crop ard the
threat OF more 70 come was potent IN
nuelce- The action Of the corn market
itself today induced a feeling n Wall
Street that the crop situation had been
over discounted In the weeks stock mar
ket. The feeling gained ground that tech
Meal causes would have 70 be looked 10
for an explanation Of the force % the
selling movement This left the way open
for many ventures and surmises as 70 the
concealed causes OF the notable liGui1a-
ton going On One Of these was that
discord had broken out af-esh over the
control OF the Northern Pacific. Facts
cited 70 corroborate this were several
The Northern Pacific directors. Il was
pointed out, had met and adjourned yes
terday with announcing the personality Of
the new compromise board Sensational
reports were current OF 4 stormy meet
ing between the two principals N the
Northern Pacific coasts. Attention was
called TO the divergent policy of the
banks representing the two coutsuding
interests, the one side calling loans freely
on Monday. while call loan rates were
rising and the other side coming TO the
relief Of the market BY lending millions
and lowering the rate.
The sensational drop n Rock Island
caused a conjecture that the protection
OF recently acquired large holdings IN
that property had 10 do with the drastic
liquidation in other parts OF the list.
Inc Liquidation spent It's greatest force
during the first hour when half million
shares were marketed. A tendency 70
ward recovery then developed which car
ried prices early in the last hour 10 an
average level near 70 or above that OF
last night The recovery. however. was
not held and ths closing was unsettled
and irregular. with renewed declines in
some OF the principal active stocks Rock
Island reached q level : below last night.
Atchiscn As, Northwestern s, Lackawanna
AZ, St Paul and Iowa Central preferred
81. Chesapeake and Ohio 81. ST. Louis
and Sen Francisco preferred ga. and Bal
tmOre and Ohio, Delaware ard Hudson.
St Louis Southwestern preferred. Chicago
and Eastern Illinois and Great Northern
preferred 3 points each A number OF the
prominent industrials declined ; points or
more, and losses OF 2 points and upward
were very numerous. The call loan mar
ket continued easy and sterling exchange
also weakened.
The hope is entertained that large gov
eminent disbursements VIII help the
money market in the immediate future
The large liquidation effected Is also
sensible relief and the prospect OF IN
creased receipts on account OF BIondike
gold is a factor 70 b taken account Of
The railroad bond market was uoder-
ately active and Irregular. Total sales.
par value, $4,000 U1lted States Old
tours and ives declined = Per cent OF
the last cal.
CLOSING nrfoaa a. stools --e-a a e foIfo-rs.