The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-12

Thurs. Wed.
Call money. New York. 35 4-5i%
NEW YORK. July I1.--Wan street had
another paroxysm of nervousness TODAY
and made some deep cuts in the prices Of
stored. There were various causes as
signed for the spasm of liquidation, in
Guiding some that were palpably surmise
or the result of the Interested efforts of
bear traders to increase the fright of
security holders. Broadly considered
the selling came from large spectators
who had accumulated stock or had held
on to them from long anterior date in
the hope of realizing on the mid-July
demand. which sometimes follows the
July disbursements, and the reflux of
funds from the interior to New York be-
fore they are needed for moving crops.
That some unexpected DEVELOPMENTS
have helped to discourage this new buy
ing and even to induce selling is evil
dent; but the underlying cause of the
selling is the indSposition Of the New
York banks to foster a speculative
movement at this time in view of the
eXigencies of the money market, which
promise to come into force earlier than
usual this fall. The damage undoubted-
" done to the corn crop and more to
come was a potent influence. The action
of the corn market Itself today induced
feeling in Wal street that the crop
situation had been oVer-discounted in the
weeks stock market The feeling gained
here that technical causes would have
to be looked to for an explanation of
the force of the selling movement. This
left the way open or many venturesome
surmises as to the concealed causes Of
the notable liquidation going on. One
of these was that diScord had broken
out afresh over the control of the North
ern Pacific Facts cited to corrobcrate
this were several. The Northern Pacific
directors, it was pointed out, had met
and adjourned yesterday without an
compromise board. Sensational reports
were current of stormy meeting be-
tween the two principals in the North
ern Pacific contest. Attention was called
to the divergent policy of the banks re-
speeding the two contending interests,
the one side calling loans freely on Mon
day, while loans rates We're rising, and
the other side coming to the relief of The
market by lending millions and lowering
the rate The sensational drop in Rock
Island caused a conjecture that the pro-
lection of recently acquired large hold
ings in that property had to do With the
drastic liquidation in other parts of the
list The liquidation spent it's greatest
force during the first hour, when half a
million shares were marketed. A ten
dency towards recovery then developed
hich carried prices early in the last
hour to an aVerages.leVel near to or
above that Of last night. The recovery.
however, was not heidi and the closing
was unsettled and Irregular, with re-
active stocks. Rock Island reached a
level of TX below last night, North
Western 3, Lackawanna Az, st. Paul
and Iowa Central preferred 3la, Chesa-
reake &. Ohio 3A, St. Louis & San Fran
cisco LIST preferred 81, and Baltimore &
Ohio, Delaware & Hudson, ST. Louis
Southwestern preferred, Chicago & East
crn Illinois, Great Northern preferred 8
points each. A number OF the promi-
nen,t industrials declined 3 points or
more and losses of 2 points and up
wards were very numerous. The call
loan market continues easy and ster
ling exchange also weakened. The hope
is entertained that large government
disbursements VIII help the money mar
ket In the immediate future.
The large liquidation effected is also
a sensible relief, and the prospect of in
creased receipts on acsapnt of Klondike
gold is a factor tc be taken account or.
The railroad bond market was mod
eratelS active and irregular. Total sales,
par value, $551O,000. United States old
is and the 5s declined a per cent on the
last call.
STOCKS.
Furnished by Charles II. +. Smith d
Co.. members Of thee New YORK Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
| York Closing prices are bid:
Closing.
yselt