The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-28
some DECLINE IN STOCKS
SUSPENSION OF THE SEVENTH
NATIONAL BANK
BUT NOTHING LIKE A PANIC
Cali Loan Rate for Money Went UP
to Is Per Cent, However, Cou-
pied with Rigid Scrutiny
of COiiateEnIs.
Closing.
Thurs We0u

- Closing.
Thurs. WedneS.
Bar silver New York ....... 5s3s 5s9l
NEW YORK. June A.ATHere was quite
a lively splitting out of estocks for a
time TO-DAY as result of the suspension
of the Seventh National bank. one of the
minor members OF the Clearing House
association. in consequence of action by
the controller of the currency, but the
market at no time approached anywhere
near a Generalization. The drop in
prices. however, was very general and
extended to over points in a number
of the principal active stocks which have
been recent faYorites in the speculation.
st. Paul, Union Pacific and Manhattan
were the severest sufferers and Missouri
Pacific and Texas and Pacific also yield
ed rather easily. The latter part of the
general recovery, which practically WHIP
ed out the earlier losses and established
considerable gains for some leading
stocks. Union Pacific, St. Paul and Metro.
politan Street Railway were the only
stocks among the leaders which failed
to benefit fully from this late recupera-
ton of the market. The bears were an
active factor during the selling move
ment and their buying to cover had con-
siderable to do with the late rally. There
was an opinion prevalent that some of
the large financial interests were quietly
taking advantage of the low level Of
prices to pick up stocks, without making
any attempt to support prices. But this
opinion is hardly consistent with the
gingerly manner In which prices were bid
up after the selling pressure had relaxed
with a palpable Discrimination to secure
stocks
The selling for London account. which
was supposed to OF iginate In Berlin. was
factor Of considerable Importance which
was probably not sufficiently allowed for
IN current estimates of the market
The reports of further banking troubles
IN Berlin did not seem: to have any
striking effect on sentiment here The
suspension of the Seventh National bank
came as a surprise after the tiding over
OF its affairs which was5C effected yes
terday and the day before as 1t was
generally supposed that friends of the
bank would supply sufficient resources to
carry II through Thetewerst effects Of
the embarrassment had been discounted
on tuesday during the Jperiods of sus-
plclous conjecture, wheH rumors were
rite OF far extended bank difficulties The
disclosures since made OF the banks
affairs and of the character of the So
curities which had involved It In it's
difficulties, served to give SGme confidence
that the trouble was localized, as those
securities We're not dealt@-in on the ex--
! Change and are not widely distributed
The incident was found, Nevertheless to
create an unpleasant impression and serv-
ed to intensity the pinch in the money
! market incident to the turn of the half
year. There was a considerable shifting Of
loans, partly in preparation for next
week dividend disbursements and partly
on account of the throwing out of unsat-
is1actory collateral for call loans. The call
loan rate ran UP to Is per cent With
this substantial recuperation in prices Of
standard securities since the May-panic
the fact has been rather lost sight of
that such a period Of speculative con-
iidence and imitation as eliminated is
bound to leave it's residue of ioubtfuf Sc
cur1ties which might be easily marketable
IN period or expansive confidence, but
would be drug in the market in ol4ieter
times. The market closed very duh but
| firm at the recovery --r.-----r~e'~
There was some selling Of railroad
bonds In sympathy with stocks. but other
mortgage issues advanced Total sales
par value. $2,025, 600
pmted states bonds We're all unchang-
ed on the last call. ..ll5ls-gs.z[ I5l-7s21 2
STOCK QUOTATIONS..
Furnished by Charles II. F.. Smith &
Co., members of the New York STOCK
EXchange, Pioneer Press building, who
nave direct wires to Chicago anu New
YORK, Closing prices are bid: LII