The age-herald., 1901-07-13
STOCK MARKET STILL UNSETTLED Bears Hammered Prices Down at Every Turn Yesterday DISAPPOINTING FEATURES Failure to Announce Terms of North ern Pacific Settlement and Un-
 satisfactory Adjustment of
 Freight Rates.

New York July 12.-Today's stock mar ket was submitted to another drastic process of liquidation, which caused some severe losses in the prices of stocks In - the late afternoon there was substan- tial rally which wiped out important pro- portions of the extreme declines. The late recovery was extremely cratic and was ; trnsteadily held. The closing was irregu- lar, but with prices near the top on the recovery. There seemed to be no new cause to induce the continuance on selling movement beyond those of technical na- ture. The bears were the active factor in breaking prices, but the spectators long of stocks stood passive without any resistance in the shape of buying to sup port the market. The consequence was that on each successive raid by the bears stop-loss orders were uncovered and spec ulative margins wiped out forcing the brokers to sell out their customers to save losses for themselves. The banks continued on the alert to the course of prices and their continual demands for additional collateral as the fall in prices encroached upon the margin of valua- tion as collateral compared with the mar ket valuation, forced additional liquida- 9ion of exchange There was large sell ing also through commission houses from all quarters by that class of holders which is scCuraged by the mere fact of de- cline and which sells out on the prospect of getting stocks back at a lower figure. Rebuying by this class of holders added to the uncertainty of speculative inter- ests
 
 of the western freight rates disturbance were also considered unsatisfactory owing to the continued defection of one of the minor roads in the territory. The di- vergence of news from the conferees on the labor disputs on the steel trade was the subject of continued apprehension. The fact that assurances Were given yes- terday that official statement would probably be made before the end of the week of the terms of the Northern Pa cifc settlement caused disappointment over the non-appearance of such state ment today, and caused some uneasiness lest the renewed discord should develop in that quarter.
 Under the flood of selling orders thrown upon the market by the inf1u- ences of the various discouraging fac tors there were declines below last nights level for Wabash preferred of eight points, Union Pacific 7A Atchson 55s preferred 5h St. Paul. 5H Iowa Central, preferred, 5A Rock Island and Delaware and Hudson, 5; Chicago and Alton and Texas and Pacific, AZ, and St Louis and San Francisco, 4. It will ---soe seen that the corn carrying railways were decidedly the greatset sufferers, e but that the weakness was very general v Is indicattd by such losses as Detroit and Hudson, 5; Lackawanna, 4; New York Central, 4; Pennsylvania, 3; Chesapeake and Ohio, 31a; Baltimore and Ohio, 3as; Consolidated Gas. 5A; General Electric, 12: Colorado Fuel, 9h; Colorado pre- ferred, 5; United States Steel, 5A, and general decline embracing the most prominent stocks running from l to points. The late rally, which materially due to the oversold condition of the mar ket, the bears having operated on the short side with boldness throughout the week. The pr ~oect of favorable bank statement was also, factor Ap- parently the banks have received from the interior something over $3,OOO,OO0 on balance while the outgo to the treasury including the gold shipment of $750,oJo and $225, 900 deposited for transfer to the interior amounts to $l, 900 There should he a net gain to the banks therefore of at least S1 100000 on the week. New York exchange at Chicago was quoted at 70 cent premium and the sub-treasury daily debit balance at the clearing house is augmenting considerably, promising some contribution to the money market next week. No doubt is feelt that the very large liquidation during the week in the stock market has resulted In con- tracting 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 sS,- s2o OOo. United States As declined A and the old As and the Els advanced per cent on the last call.
 New York Stock Market.