The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-13
WALL STREET STOCKS
Another Drastic Process OF
Liquidation Is On.
LOSSES ARE SEVERE
Rally in Afternoon Evened Up
Extreme Decline.

new 1oEE. July To-Day STOCK mar
ket was submitted 10 another drastic
process Of liquidation. which caused some
severe losses in the prices Of stocks. In
the late afternoon there was substantial
rally which wiped out important proper
tons Of the extreme decline. The late
recovery was extremely cratic and was
unstesdily held. The closing was irreg-
ular but with prices near the top on the
recovery There seemed 10 be no new
cause TO induce the continuance Of the
selling movement beyond those OF a tech
meal nature. The bears We're the active
factor in breaking prices. but the spec
ulators long of stocks stood passive with
out any resistance IN the shape. Of buying
to support the market. The consequence
was that on each successive raid by the
bears step loss orders were uncovered
and speculative margins wiped ont. fore
ing the rokeTs 70 sell out their customers
to save losses for themselves. The banks
continued keenly alert TO the course OF
prices encroached upon the margin OF
valuation as collateral compared with the
market valuation forced additional liquid
alton Of the exchange. There were larSe
selling also through cCmm'ssi OIL houses
from all quarters oy that class Of holders
which is discouraged by the mere fact
of a decline and which sells out on the
prospect of getting stocks back at lower
figure. Rebuying by this class OF folj-
ers added to the demand from the shorts
and stopped the late rally. Reports from
the corn belt showed no Improvement
and it was the opening quotations for
corn which tOppled over prices Of stocks
after some progress had been made to
wards recovery in the early dealings. The
terms Of the announced settlement Of the
western freight rate disturbance were
also considered unsatisfactory owing 70
the continued detection OF one OF the
minor roads In the territory. The diver
gence OF news from the conferees on the
labor dispute on the steel trade was the
subject Of continued apprehension. The
fact that assurance were given yester-
day that an official statement would
probably be made before the end OF the
week Of the terms OF the Northern Pacific
settlement caused disappointment over
the non-appearance Of such a statement
today and caused some recurrence OF
uneasiness lest renewed discord should
develop nthat quarter. Under the food
of selling orders thrown upon the market
by the influence Of the various discour-
aging factors there were declines below
last nights level for Wabash preferred Of
8 points. Union Pacific IA; Atchison IS :
preferred So: st. Paul 81: Iowa Central
son, 5; Chicago and Alton and Texas and
Pacific 4; and st. Louis and San Fran
cisco, 1. 1t viii be seen that the corn
carrying railways wers decidedly the
greatest sufferers. bu that the weakness
was very generally is indicated by such
losses and Delaware and Hudson. O.;
Lackawanna, 4: New York Central, g.;
Pennsylvania. 3; Chesapeake and Ohio,
3; Baltimore and Ohio. 3@s; Continental
Gas. 81; General Electric y; Colorado
Fuel, %; Colorado Fuel preferred, Z: u.
S. Steel 31S and a general decline embrac-
Ing the most prominent stocks running
from l TO 4 points. The later rally which
materially modified these declines was
primarily due to the oversold condition OF
the market the bears having operated on
the short side with great boldness
throughout the weak. The prospect Of
a favorable bank statement was also a
factor. Apparently the banks have re-
ceived from the interior something over
s.. 10000 on balance while the outgo TO the
treasury including the gold shipment Of
500. 900 and s225 900 deposited for transfer
othe interior amounts to N,6l8.000. There
should be a net gain 70 the banks there
fore OF at least s.. 10000 on the week.
New York exchange at Chicago was quot
ed at . premium and the sub-treasUries
daily debit balance at the clearing house
is augmenting considerably promising
some contribution 70 the money market
next week. No doubt is felt that the
very large liquidation during the week IN
the stock market has resulted IN con-
tracing the loan account and thus re-
ducing the reserve liabilities.
The railroad bond market was only
moderately active and weak in sympathy
with stocks. Total sales par value. s.,
$50 600.
United States new As declined 4 and the
old IS and the IS advanced = per cent on
the last call.