The Montgomery advertiser., 1901-07-09
WALL STREET REVIEW
SOME NOTABLE OPERATIONS BE.
 ING CONDUCTED.
Final Action of the Market Left Lit tie Room to Doubt That Urgent Liquidation Was Be-
 ing Effected.

NEW YORK, July S.--The action of
 prices In today's stock market made 1t
 evident that very large financial institu-
 tions were conducting some notable op-
 erations. The effort was made to have 1t
 appear that some occult manouver was
 going on designed to inveigle the public
 into parting with their stocks at deciin-
 financial interests. who seemed to be
 themselves selling stocks with great in
 dustry. The final action of the market
 quidation was being effected. Great eau
 ton must be exercised to judge correctly
 how far the liquidation was influenced by
 the immediate developments Of the day
 quiet and distrust, which has been gain
 ing force in the market for several
 weeks past. The episode of the seventh
 National Bank failure and of the bank
 failnres in Buffalo have become sufficient
 iy clear to indicate that they are not
 of prime importance in the immediate
 losses involved or in its collateral enects,
 but as a possible symptom or n genera. a,,en- ton-
 ton The accumulation of doubtful se-
 curities has always proved consequence
 of a period of industrial expansion. pusi.
 ness prosperity and. the general creoM @
 ent conditions in Germany bears strikrng
 testimony to this economic law. The
 Seventh National Bank episode has un-
 doubtedly induced general 4VernaTi1an eha Waii
 
 Street district. Not a little liquidation has been induced as result
 In the stock market there have been large speculative holdings which were withheld from sale only by reason of the support which has been accorded to prices by large syndicates and moneyed inter- ests. The indications were that con siderable part of this support was with l drawn today and large holdings were dis | lodged by the decline in prices which was allowed to occur. The selling was con
 centrated in character. the bulk or it 1t | houses. who have often acted for Western | capitalists, some of whom had become prominent in the steel trade before the | formation of the United States Steel Cor | poration and have been relegated to the background since the rise of that corpor- | ation. The selling attributed to this | source was enormous, not only or the | but of the railroad stocks. which led the slump. The immediate cause of the weakness of this group was the reported
 encouragement by Atchison authorities | that freight rates would be cut in the Chicago Missouri River territory July 15. | As the railroads in this territory com prise the principal properties supposed to | have been brought into community of in- ulation in them founded on this supposi- | ton. the hostility manifested by cutting | of rates made them peculiarly vulnerable.
 occasional struggling rallies on change
 by bear traders. In the final break St. Paul fell an extreme 10ss, Missouri Pacific s. Union Pacific 7%. Atchison 6% and
 United States Steel. which had offered some resistance during the day, suddenly
 dropped points under very heavy offer ings. While the general market was less | acutely affected there were some very sharp losses recorded among the New York public utilities. the most prominent | industrials and the Western trunk lines and coalers. The declines in these ranged | from to points in the principal cases and the market closed in semi-demoral- | ized condition.
 l The call loan rate was offered down l from per cent. in the morning to per | cenh at the close without relieving the
 weakness of the stock market Rumors | of financial difficulties could not be traced I to any reliable source, nor could anything Be learned to justify the growing uneasi-
 ness expected over the requirements l of the money market for the coming | crop and doubt whether there would be | any considerable refiux on funds to New York previously to the crop movement. Railroad bonds were weak with stocks Total sales (par value). $2,960.000 United States refunding 2's advanced # per cent | on the last call. 2