The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-12
STOCKS AND BONDS
Losses Scored Generally Throughout
the List.

Losses Scored Generally Throughout
the List.
New York, July 11.-Wall street had an
other paroxysm of nervousness to-day and
made some deep cuts in the prices of
stocks before equapamlty had been re-
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 Sc
cUrity holders.
Broadly considered the selling came
from large spectators who had accumu-
lated stocks or had held on to them from
long anterior date, in the hope of real
izing in the mid-July demand, which
sometimes follows the July disbursements
and the refux of funds from the interior
to New York before they are required for
moving the crops That some unexpect-
ed developments have helped to discour-
age this new buying and even to induce
selling is evident; but the underlying
cause of the selling is the indisposition OF
| the New York banks to foster a specula-
| tive movement at this time in view of the
| exigences of the money market which
| promise to come into 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 in
duced a feeling in Wall street that the
| crop situation had been over-dlscounted
IN the weeks stock market.
The feeling gained ground that technical
| causes would have to be looked to for an
| explanation of the force OF the selling
movement This left the way open for
many venturesome surmises as to the con-
cealed causes of notable Liquidation going
| on. One of these was that dscord had
broken out afresh over the control of the
| Northern Pacific Facts cited to corrob-
crate this were several. The Northern
Pacific directors. it was pointed out had
met and adjourned yesterday without an
nounclng the personality of the new COM
| promise board. Sensational reports were
current of stormy meeting between the
two principals in the Northern Pacific
contest. Attention was called to the di-
vergent policy of the banks representing
the two contending interests, the one side
| calling loans freely on Monday, while call
loan rates were 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 protection OF
recently acquired large holdings In. that
| property had to do with the liquidation
in other parts of the list. The liquida-
ton spent it's greatest force during the
first hour when half million shares were
| marketed.
A tendency towards recovery then de-
veloped which carried prices early in the
last hour TO an average level near to or
above that OF last night. The recovery
| however, was not held and the closing
was unsettled aDd irregular with renewed
declines In some OF the principal active
stocks Rock Island reached O level ~
below last night. Atchlson AZ; Northwes-
! tern 8: Lackawanna, AZ; st. Paul and
Iowa Central preferred. 31s; Chesapeake
and Ohio. 3h st. Louis and San Fran
cisco first preferred, ss. and Baltimore
| and Ohio Delaware and Hudson, ST.
Louis Southwestern preferred. Chicago
and Eastern Illinois and Great Northern
| preferred points each number OF
| the prominent industrials lost points OF
more and losses OF two points and up
wards were very numerous. The call loan
market continued easy and sterling ex-
change also weakened. The hope H. en-.
tcrtained that large government disburse-
menta will help the money market IN the
immediate future. The large liquidation
/ effected IL also q sensible relief, and the
| prospect Of Increased receipts Of Klondlke
gold a q factor 20 be taken account Of.
The railroad bond market was mOder-
ately active and irregular Total sales.
par yalue, f2sl0.000. United States old A.
and ihe C. declined = per cent on the
last call
Tho total sales Of stocks to-day were t.
1900 including Aichison, 1872, do pre-