The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-12
THE RECOVERY WAS GENERAL AND WAS ALMOST COMPLETE.

REPUBLIC SPECIAL
New York. July 1.-THE most violent
declines since the May panic were scored in
the stock market to-day. A number of I'M
favorable influences, more or less well de
fined, were the factors which brought
about such extreme declines as 6iz points
in Rock Island Az in Atchison common, "a
in Atchison preferred. ~. in St. Paul. and
loccas extending from l to per cent
throughout the general list.
AT the opening the market was confronted
with the Government monthly crop report
made public late last evening. and the con-
dition of corn was so low that it helped
produce decentralization among the shares
of the roads most affected by this crop.
The West was again seller. at the
opening. and sold at intervals during the day /,
but not on as large scale as on the two
preceding days of the week. Large houses
here, with Chicago and st. Louis connec-
lions. were very bearish in their talk, and
many Of the smaller commission houses ad-
Vlsed liquidation by their customers. This
talk induced good deal of liquidation.
RUMOR OF RENEWED FIGHT
BETWEEN POWERFUL FORCES.
1t was "rumor day" in Wall street, and
while none of the rumors could be traced
to responsible sources. they had neverthe-
less their effect on the stock market but
soon after II o'clock it became evident that
they had spent much of their force. Re-
ports OF more injury to the corn crops, q
bad bank statement, a hitch In the steel
strike negotia tons. Il fresh outbreak in the
Northern Pacific troubles. some impending
failures of big financial houses. another
bank in trouble. and heavy selling Of big
operators-all these came floating over the
street with a persistency hardly equaled
since the Rumor Committee did their
thriving business in the panic of May. 1854.
Early In the day there were rumors that
the Morgan and Kuhn, Loeb & Co. fight,
which began with the Northern Pacific
corner" had been reopened, and that it
was the cause of the demoralized state of
the stock market in the past few days.
Those reports brought out the following
statement authorized by both parties to
the contest. and printed by one of the
news bureaus:
1t Is stated to US this morning, on the
highest authority possible, that there Is no
friction or disagreement whatever over the
Northern Pacific Railroad or its directorate
or between the great parties chiefly inter-
ested therein. Gentlemen who are in a po-
sitton to state the personnel Of the North
ern Pacific directorate at their discretion
say that it will not be given out at present
and they do not see why it should be given
out until the board is actually elected at
the annual meeting
EARLY RECOVERY FOLLOWED
BY A SHARPER DECLINE.
A sudden stop to the selling followed the
statement that there was no friction be-
tween Mr.. Morgan and the Hartman syndi-
cate. Atchison ard Rock Island, which had
been the greatest sufferers on the general
decline. rose from 3 to points. Other
stocks rallied from to points.
This recovery did not last long. however,
and on a second decline many stocks went
to the lowest point of the Gay
A banker who is in close touch with the
largest financiers of the country. in ex-
planning the situation which provoked the
decline In the stock market, said to-day:
You may put aside the theory that a
breach between Mr.. Morgan and Mr.. Harri-
man. and his associates has been opened.
If the settlement had not been made in
May and had not been final. then there
would have been no such rally In the stock
market as was seen at that time. As a
matter of fact, both sides are working to-
sether. and having frequent conferences
and are doing all they can to promote the