The age-herald., 1901-07-09
RATE WAR AFFECTS
 THE STOCK MARKET Felt in Railroad and Minor h.
 dustriaI Securities TRYING TO TRICK PUBLIC Large Financial Interests While DIS posing of Their Holdings Sought !, 7. To Convey impression That It Was Merely Bluff.
TRYING TO TRICK PUBLIC

New York, July S.-The action Of prices in today's stock market made IL very evident that large financial interests were conducting some notable operations. The effort was made to have it appear that some occult maneuver was going on de- signed to inveigle the public into parting with their stocks at declining prices Tor the best of the large financial interests who seemed to be themselves selling stocks with great industry. The final ac- ton of the market left little room to doubt that urgent liquidation was being effect ed. Great caution must be exercised to judge correctly how far the liquidation was influenced by the immediate develop ments of the day and how far by gen. eral sense of disquiet and distrust which has been gaining force in the market for several weeks past. The episode of the Seventh National bank failure and of the bank failures in Buffalo have become suf- fcientiy clear to indicate that they are not of prime importance in the immediate losses involved or the immediate collater- al effects but as a possible symptom of general conditions, they have received se- rious attention. The accumulation of doubtful securities has always proved a consequence of a period of industrial ex- pansion, business prosperity and the gen. eral credit which is thereby caused. The actual present conditions in Germany bears striking testimony to this economic law. The Seventh National bank episode has undoubtedly induced a general over hauling of collateral by the banks of the Wall street district Not little liquida- ton has been induced as a result.
 In the stock market there have been large speculative holdings which wei
 withheld from sale only by reason of tn support which has been accorded to ; prices by large syndicates and moneyed interests. The indications were that a considerable part of this support was withdrawn today and large holdings were diSlodged by the decline in prices which was allowed to occur. The selling was concentrated in character, the bulk of it coming from a few stock exchange houses who have aften 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 cor poration. The selling attributed to this source was enormous, not only of the United States Steel stocks themselves but of the railroad stocks which led the slump. The immediate cause of the weak ness of the group was the reported an nouncement by tchison authorities that freight rates would be cut in the Chca- go-Missouri river. territory 15 cents. As the results in this trio comprise the prin- cipal properties supposed to have been brought into community of interest and -- as there has been a large speculation in them, founded on this supposition the ,F hostility manifested by cutting of rates made them peculiarly vulnerable. They - led the decline all day with only occasion al struggling rallies on bear traders In , the final break St. Paul fell an extreme 10%; Missouri Pacific &; Union Pacific 7B Atchison 69s and United States Steel
 which had offered some resistance during the day, suddenly dropped points under very heavy offerings. While the general market was less actively affected there was some very sharp loses recorded among the New York public utilities the most prominent industriais and the West ern trunk lines and coalers. The declines fin these ranged from 3 to points in the principal cases and the market closed in emi-demoralized condition. The call loan rate was offered down from per cent in the morning to per cent at the close without relieving the weakness of the stock market. Rumors of financial diff faculties could not be traced to any re- liable source not could anything be learn ed to justify them. Growing uneasiness was expected over the requirements of the money market for the coming crop and a doubt whether there would be any con- siderable refiux on funds to New York previous to the crop movement.
 Railroad bonds were weak in sympathy with stocks. Total sales, par value, $2,- 960,OO0 United States refunding 2s ad- vanced h per cent on the last call.
 New York Stock Market.