The daily morning journal and courier., 1901-07-12
Ffnancia1.
 THE STOCK IT II RK II
Declines in the Opening and in the Closing.

New York. Jluy 11.-Wall street haG
 another paroxysm of nervousness to- | day and made some deep cuts in the | prices of stocks before calmness was
 restored. Various causes were assigned i for the spasm of liquidation. Broadly considered, the selling came from large spectators, who had accumulated
 stocks, or had held on to them from a | long anterior date, in the hope of real- | ling on the mid-July demand, which
 sometimes follows the July disburse-
 ments and the refiux of funds from the
 interior to New York before they are
 needed for moving the crops. That some unexpected developments have helped to discourage this new buying and even to induce selling is evident. But the underlying cause is the indis-
 position of the New York banks to fos-
 ter a speculative movement at this time
 in view of the exigencies of the money
 market which promise to come int 0
 force earlier than usual this fall. The
 damage undoubtedly done to the corn
 crop and the threat of more to come
 was a. potent influence. The action of
 the corn market itself to-day induced
 a feeling in Wall street that the crop
 situation had been over discounted in
 the weeks stock market. The feeling
 gained ground that technical causes
 would have to be looked to for an ex-
 planation of the force of the selling
 movement. This left the way open for
 r..
 concealed causes of the notable lqui-
 dation going on One of these was that
 discord had broken out afresh over the control of the Northern Pacific. Facts
 cited to corrobOrate this were several
 The Northern Pacific directors 1t was pointed out had met and adjourned yesterday without announcing the per- sonality of the new compromise board.
 Sensational reports were current of stormy meeting between the two prir- cipals in the Northern Pacific contest. Attention was called to the divergent policy of the banks representing the two contendng interests, the one side calling loans freely on Monday while ell loan rates were rising and the other side coming to the relief of the mar ket by lending millions and lowering the rate The sensa tional drop in Rock Island caused a conjecture that the protection of recently acquired large holdings in that property had some- thing to do with the drastic liquidation in other parts of the list. The liuuida- tion spent its greatest force during the first hour, when half million shares Warp marketed tendency towards recovery then developed, which carried prices early in the last hour to an aver age level near to or above that of last night. The recovery, however, was not held and the closing was unsettled and irregular with renewed declines in some If the principal active stocks. RoclS~i Island reached level of 2 1-2 below last night, Atchison 7-3, Northwest arn 5, Lackawanna 1-2, St, Paul and Iowa Central preferred 1-2. Chesa- oeake and Ohio 3 IA, St. Louis and Baltimore and Ohio, Delaware and | Hudson, St. Louis Southwestern pre- erred, Chicago and Eastern Illinois | md Great Northern preferred points ,ach A number of the prominent in- declined 3 points or more and | osses of points and upwards were | 'ery, numerous. The call loan market | continued easy and sterling exchange l Ilso weakened. The hope is enter aimed that large government disburse- nents will help the money market in he immediate future. The large li-
 uidation effected is also sensible re-