The age-herald., 1901-06-26
PRICES OF STOCKS
 YIELD READILY Selling Was Active and the Like Not Seen in Weeks BONDS FELT THE DECt tlNE st Paul and Missouri Pacific Were Conspicuous In the Slide. as Were a Number of Other PromI-
 nent Stocks.

New York. June 25.-Prices of stocks reacted sharply today and were carried down under such active selling as has not been seen in the market for several weeks past. This development did not make itself felt untD ls.se in the day and after such period of neglect and apathy on the part of the speculative and invest nent interests as in isaelf invites attack or price. by professional buyers, There v-,s a continual slight dribble of stocks tho market under which prices slowly ] readily yielded. except for a few soocial cases, where a desultory specula- iion for the rise centered, or where buy ' g was induced by causes Individual to tae stocks. There were entirely without influence on the general list. A rather general tendency to rcover from some opening declines had the edge taken off 1t by the first bulletin announcement of the suspension of an important bank In Leipsic. The course of German bank shares for the last few days has indi- cated an unsatisfactory condition of af- fairs in Germany and today's occurrence arouses apprehension that thc coming
 
 be the occasion of a more CT jess extend ed. collapse. The recent failure of a bank in Dresden revealed such state of in- volvment with formerly inflated indus trial securities which had suffered from the industrial depression in Germany that the credit of many industrial epter- prises was considerably undermined, The fear of a crisis has probably prompted the imperial Bank of Germany to re- cuperate it's resources to their present extraordinary strength. With the gain in cash this week and the receipts next week of New York gold shipments, the bank S cash reserve will be lifted to near S250,0o0, ,00O The banks outstanding note issues are nearly $100. 900 below the legal maximum exempt from taxation. By this the German money market is ur- usually equipped to meet crisis.
 The consideration of these conditions made the speculative mind sensitive and late in the day when many rumors began 10 circulate of banking trouble there was a lively spilliug out of stocks all through the list. Thc bears made the most of their expected opportunity and offered prices down boldly, while the rumors were at the high tide of exaggeration. They succeeded in breaking through the de- fense which had been established by the bull leaders while they were away for their vacations and heavy stop-los5 orders were uncovered.
 Stocks with any large speculative &C., q counts in them were naturally most af- fected. St. Paul and Missouri Pacific were conspicuous in the decline, as we're a number of less prominent stocks which were marked up in the early dealings to- day. The drop in St. Paul extended to 5 points When the nature of the investi- gatiofi being made by the clearing house association of the affairs between one of the banks and the association became more accurately known, and it was an- sary there was a lively scramble on the part of the professional shorts to cover and the rally in the principal active stocks was between and points. St. Paul re- covered 213 Missouri Pacific 2A and Man. hattan, 2M. But the closing was not free from feverishness and was rather irregu- lar. The money market was not disturb ed the somewhat easier tone of yesterday being maintained The earlier gains in the market were from causes peculiar to the stocks affected such as has been the motive of these movements for several days past,
 The bond market was affected by the late selling but in a much less degree than stocks Total sales, par value, s2.- 770000.
 4s advanced A per cent. on the last call.
 New York Stock Market.