The Providence news. (Providence [R.I.]) 1891-1906, 1901-07-12
STOCK
MARKET
FEvER|SH.
Prices Sent Up al the Opening
Only TO Be Knocked
Down Later.

New York, July l2.-Prices OF stocks
were set up only to be knocked down
again this morning The action of the
market was very feverish and erratic dur
ing the first hour. There was a general
decline at the opening but determined
and systematic support checked il and
stocks were then ought with consider
able animation up 10 last nights level
and above. Net advances of a point
were reached by ST. Paul Erie and Man
haitian
The mornings reports from the corn
belt and the strength of the opening
corn market sent prices OF stocks crumb-
ling again, The corn grangers led, but
the whole list was affected, the eastern
trunk lines conspicuously so. Prices
were touched which showed losses from
last night IN Texas and Pacific Of ~,
Iowa Central preferred ga Rock Island
and St Louis and San Francisco T. 81
Paul and Lackawanna 3ia Union Pacific
90. Illinois Central and other leading
railroads 2 90 9s There We're large
declines amongst the industrials. Gen
eral Electric losing lla4 and Colorado
Fuel 6la
Efforts To rally the market resulted in
a few ttful and feverish recoveries, but
the alert bears were agile easily to cut
the bottom out OF prices and dislodged
the selling orders placed all through the
market 10 stop losses. AS margins were
uncovered holdings were sacrificed unless
an additional securities were torthcor.-
ing 60 protect brokers In the banks The
loan clerks We're kept at high tension
scanning the quotations on the tape TO
guard against the reduction of the mar
gin OF safety exacted in the value OF Sc
curities placed as collateral for loans
compared with the stock market prices.
AS prices of stocks declined stock
brokers were continually notified to fur
nish more collateral for their loans To
prevent the selling out of the securities
I'm the bankers hands The tone of the
market became decidedly demoralized
under this procedure OF forced liquida
tion. The second slump of prices caused
such net losses as Union Pacific "a Wa
bash preferred \. Atchison SSs. Atchison
preferred So, ST. Paul 5h. Iowa Central
preferred. Rock Island and Delaware and
Hudson D Texas and Pacific, Chicago
and Alton, Lackawanna as n. Y. Cen
trail and Denver and Rio Grande pre-
ferred A. the general run of standard
stocks from . to points. General Flee
trc fell u and Col Fuel 9l4. There were
violent rallies following this slump.
GRAIN MARKET EXCITED.
New York. July i2-All grain markets
on the produce exchange today were eN-
cited and very much higher, The wheat
market, especially. showed increased ac-
tiyity. Prices sold up 2ia during the
forenoon, September reaching 13js at
New York and 6Sh at Chicago In the
local pit the excitement was 50 intense
that wheat frequently sold at different
prices at the same moment Commission
houses were fairly flooded with orders
from country customers. Foreign mar
kets all came strong and higher and crop
news from the northwest was consdera-
bly, less favorable. The southwest went
up about to cents a bushel on the
prospect that wheat might be used for
feeding purposes owing 10 the bad corn
crop outlook.
In the corn market trading was on
big scale and prices were up to the high
est point of the season. September corn
here reached 56 cents before u o'clock,
against 5il9 last night The market was
MED with buying orders from all parts
of the country based on the fact that the
crop shows no Improvement and is still
without rain or any I'm sight.