The Montgomery advertiser., 1901-07-12
WALL STREET REVIEW
ANOTHER PARoxYsM OF NER-
 oUsNESS YESTERDAY.
Some Deep Cuts Made in the Prices of Stocks Before the Market Steadied-Analysis of
 Movements.

NEW YORK, July 11.-wall Street had another paroxysm of. nervousness today of stocks before equanimity had been re- stored. There were various causes aS- signed for the spasm of liquidation in- ciuding some that were palpably surmise bear leaders to increase the fright of se- curity holders. Broadly considered, the selling came from large speculators who had accumulated stocks or had held onto them from long anterior date, In the hope of realizing on the mid July de- mand. which sometimes follows the July disbursements and the reflux of funds from the interior to New York before they are neded 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 of the selling is the in- disposition of the New York banks to foster 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 undoubtedly done to the corn crop and the threat of more to some was potent The aeton of the ing in Wall Street that the crop situa- tion had been over-discounted in the weeks stock market; The feeling gained ground that the technical causes would have to be looked for for an explanation of the force of the selling movement. This left the way open for many venture some surmises as to the concealed causes of these was that discord had broken out afresh over the control of the North ern Pacific. Facts cited to corroborate Pacific directors. 1t was pointed out, had met and adjourned yesterday with out announcing the personality of the new Compromise Board. Sensational re- ports were current of a stormy meeting between the two principals in the North ern Pacific contest Attention was called to the divergent policy of the banks rep the one side calling loans freely on Mon day 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 conjecture that the pro- tection of recently acquired large holdings in that property had to do with the dras- tic liquidation in other parts of the list
 The liquidation spent it's greatest force during the first hour when half a mill lion shares were marketed. A tendency
 towards recovery then developed 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 unset tied and irregular with renewed declines in most of the principal active stocks.
 Rock Island reached a level 71s below last night, Atchison A. Northwestern 5, Lack awanna 4h; St. Paul and iowa Central In St. Louis and San Francisco first pre- ferred 1s4. Baltimore and Ohio, St. Louis Southwestern preferred. Chicago and Eastern Illinois and Great Northern pre- ferred points each. A number of the prominent industrisls declined 3 points or more and losses of points and up- wards were very numerous. The call loan market continued easy and sterling ex
 change also weakened. The hope is en- tertained that large Government disburse- ments will help the money market in the immediate future. The large liquidation effected is also a sensible relief and the prospect of increased receipts on account | of Klondike gold Is factor to be taken account of.
 The railroad bond market was moder- ately active and irregular. Total sales, par value. $3,51O000. United States old 4's
 and 5's declined k per cent. on the last call,