New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
BONDS
LIE DAY,s OPERATIONs IN sTOCKs.

The stock market was weak in the greater
part Of the day, but there was no general
Mquidating movement. After a strong opening
prices became heavy under bear pressure and
selling induced by the failing Of the Seventh
National Bank. of this city. The breakdown Of
this old institution does not reflect weakness
in the general banking position in New-York
nor does il signify that conditions exist which
are capable OF causing disturbance in the coun-
try's financial and commercial situation. Causes
responsible for the failure of the Seventh Ma
tional Bank do not extend outside the banks
particular community; and these causes may
be traced to methods OF business which have
been responsible for commercial and financial
failures time and again. The case OF the Sew
enth National Bank is apparently one where
men Of prominence in other business pursuits
sought TO run bank without thorough or
scientific knowledge of this line OF the banking
business, and consequence made a failure
of their well intended efforts.
II is prOba BILE that the failure OF
small bank Will worry investors or confident
Spectators At this time there are no par
ticular adverse features in the general situation
IN this country, while conditions abroad ap-
pear TO be working in favor of continued heavy
buying in our markets OF and manufact-
ured articles and breadstuns. According the
latest crop adVices from Europe the needs of
France and Germany alone viii require heavy
buying Of wheat in the United States, as short
crops are expected, especially in France, where
the total yield Of wheat is likely to fall below
three hundred million bushels. The average re-
quirements of the country are 34o,OOoOOO bush
els, and Of last years supply only about fifteen
million bushels are carried over. against sixty
million bushels in the preceding year. II is
quite likely that the extra needs of Germany
and France will reach from seVenty-fiYe million
TO hundred million bushels more than last
year. In addition to the brilliant prospects for
the agricultural community in the United
States, there is every evidence of continued
prosperity for the American manufacturer Iron
and steel trade conditions particularly
couraging, and the weekly reports received yes
terday showed a steadily improving situation
in all lines Of the steel and iron industry.
Call money ran up TO II per cent yesterday
In time money a small business was done at ;
per cent for short dates and Az per cent for
longer periods. The advance in local discounts
was accompanied by higher rates abroad and
ease in sterling exchange at this centre There
was some liquidation Of small accounts as a re-
suit OF the higher rates for call funds, but sales
were well taken and signs Of good support were
reflected in the buying. This was especially
marked in the granger shares and Missouri Pa
cine. In the last dealings frmer tendency
prevailed, and many recOYeTies from the low
prices were recorded. 4 number Of issues en-
3oyed independent bull movements as in the
Nickel Plate stocks, Iowa Central and Con-
sohdated Gas. After the extreme rate Of Il per
cent in call money had been made loans were
freely offered at lower figures, and this ten
ceney, together with buying by substantial in
terests was responsible for a cheerful sentiment
at he close.