The Montgomery advertiser., 1901-06-28
WALL STREET REVIEW
BANK FAILURE HAS EFFECT ON
 THE MARKET.
At No Time, However, Did the Ex- citement Border on State of
 Demoraljzation - United
 States Bonds Unchanged.

NEW YORK. June T.--There was quite
 q lively spilling out of stock for time
 today as a result of the suspension of
 the Seventh National Bank, one of the
 minor members of the Clearing House
 Association, in consequence of action by
 the Controller of the Currency, but the
 market at no time approached anywhere
 near demoralization. drop in prices
 was caused, however. and extended to
 over points in a number of principal ac-
 tive stocks which have been recent favor
 Pacific and Manhattan were the severest
 sufferers and Missouri Pacific and Texas
 and Pacific also yielded rather easily.
 The latter part of the day, however. wit
 caliy wiped out the early losses and es-
 tablshed considerable gains for some
 leading stocks. Union Pacific, St. Paul
 and Metropolitan Street Railway were the
 only stocks among the leaders (which
 failed to benefit fully from this late re-
 cuperation in the market. The bears were
 an active factor during the selling move
 ment and the buying to cover had consid-
 was an opinion prevalent that some ot
 the large financial interests were quietly taking advantage of the low level of prices
 to pick up stocks without making any
 attempt to support prices But this opin-
 ion is hardly consistent with the glngerly
 manner in which prices were bid up atter
 the selling pressure had relaxed with a
 palpa ble tdisinclination to secIre stocks.
 The selling for London account, which was supposed to originate in Berlin, was factor. of considerable importance which was probably not sufficiently al lowed for in current estimatesof the mar mar ket. The reports of further banking troubles Tn Berlin dId not seem to naVS any striking effect on sentiment nere; The suspension of the Seventh Nauonsi Bank came as surprise after the tsa' ing over of its affairs which was enect. ed yesterday and the day before, as IL
 was generally supposed that friends Of
 the bank would supply sufficient re. sources to carry it through. The worst effects 2f the embarrassment had been discounted on Tuesday, during me perloo or suspicious conjecture, when rum oTS | were rife of far extended banking dit. | hcudties. The disclosures since ma1e or | the banks affairs and of the chara :tcr or securities which had involved # Tn US | difficulties served to give some connoence | that the trouble was localized, as these securities were not dealt in the exchange and are not widely distributed. The ln- cident was found. nevertheless, to ere | ate an unpleasant impression ana serveo to intensity the pinch In the money market incident to the close or the | half year. There was considerable shit | ing of loans, partly in preparation TOT l next weeks dividend disbursements ano partly on account of the throwing 9ue o' | unsatisfactory collaterals for call loans | The call loan rate ran up to 10 per cent. l With this substantial recuperatlon In prices of standard securities since the | May panic, the fact nao ratner peo,l iUo' | sight of that such a period of speculative confidence and imitation as culminatec | then Is bound to leave it's residue ol SouhtflIl securities which might be easily
 marketable in a period of expansive con 1 fdence, but would be drug in the mar:
 ket in quieter times. The market closed | dull but firm at the recovery. l There was some selling of railroad
 bonds in sympathy with stocks, but other | mortgage issues advanced.s Total sales
 q, 2,025, 900. United States bonds all un 1 changed. .t