The Washington times., 1901-07-12
THE MARKET In A FURRY.
Most Violent Declines Since the
May Panic Scored.
Many UnfavOrabIe Circumstances
Combine 40 bring About a Fail in
PriceS-Rock Island. Atchison, and
ST. PnuI SuCcr-A Temporary Rally


PriceS-Rock Island. Atchison. and
st. Paul surer-A Temporary Rally
NEW YORK July 1.-THE most violent
declines since the May panic were scored
in the stock market today. \ number of
unfavorablc Influences, more or less we'll
defined, were the factors which brought
about such extreme declines as 6ia per
cent in Rock Island ~ in Atchison com
mon, p. in Atchison preferred, AZ in St
Paul. and losses extending from l TO > per
cent throughout the general list. At the
opening the market was confronted with
the Government monthly crop report,
made public late last evening. and the coL-
dition of corn was 50 low that il helped
produce disqualification am0nG the shares
of the roads most affected by this crop.
The condition Of corn on July / was
placed at S.26, which is the lowest condi-
tion in a number of years for this sea
son. Since July ! there has been further
damage to the crop, and this morning,
while the temperature in the corn belt
WAS lower, there was no moisture, and in
consequence the cereal had another sharp
advance. tnfaVorabie figures We're also
reported regarding the oats and hay
crops. but they were offset by a remark
ably fine wheat showing.
Another adverse factor was a reported
disagreement between the Northern Pa
cine interests recently so prominently be-
fore the public. Although there was a
prompt semi-Ofiicial denial of any dis
agreement whatever, the possibility OF an
outbreak in that quarter had an extremely
depressing influence on speculative scnti-
meut, and doubtless made more pro-
nounced the heavy liquidation of the
The London market opened lower and
rather excited in the American depart
ment, where declines in some instances
exceeded per cent. There were Iiquidat-
ing sales here at the opening which could
net be checked. Stop loss orders and
exhausted margins, together with aggres-
sive bear selling, caused break in which
the whole market participated.
The declines were most conspicuous in
the Western railway shares, and there
was heavy selling for the account of
Western operators and a Rock Island
interest in particular. The demOraliza-
tion extended to the industrial quarter
of the market. where Sugar was the
worst sufferer. but the declines were not
as severe as IN the railway list. The
United States Steel issues displayed con
siderable resistance. Offerings on the de-
cline were very well absorbed.
The local transportation shares were
also relatively steady. the extreme de-
cline in that group not exceeding , per
cent London was q seller Of stocks in
this market and obviously took an unfaV-
orable view of the situation here. Be
fore the noon hour recovery set in
which was based on denials of vague re
ports of impending trouble in new di-
rectiOn and some good buying by leading
houses. Scale buying orders We're in evil
dence and helped check the decline. On
the rally, however, prices again yielded
70 moderate offerings. with the market
becoming very much quieter It's tone,
T. Wever. was feverish and unsettled. and
the volume of commission house buying
was insignificant.
The market having become temporarily I
oversold the recovery was continued and |
rallies became general. Reports that the !
Steel strike was settled and that the !
Atchison was willing to withdraw its I
threatened rate reduction helped inspire /
q better tone 10 the trading.