The Wichita daily eagle., 1901-06-28
WALL STREET STOCKS
Was Lively Spiiling Out of
Stocks.
BEARS ARE ACTIVE FACTOR
Drop in Prices Affect Leading
Stocks.

New York. June 27.-There was lively
spilling out OF stocks for today as a re-
suit OF the suspension OF the Seventh Ma
tionsl bank. one Of the minor members OF
the Clearing House association in conse-
quence of action BY the controller OF the
currency. but the market at no time as-
preached anywhere near to deno-aliza-
ton. The drop IN prices was, however.
very general and extended 10 over s
points in a number Of principal active
stocks which have been recent favorites
in the speculation St. Paul, Union Pa
cife and Manhattan were the severest
sufferers and Missouri Pacific and Texas
and Pacific also yielded rather easily.
The latter part OF the day. however.
witnessed q striking and general recov-
cry, which practically wiped out the
earlier losses and established cousidera-
bic gains for some leading stocks. Union
Pacific, St Paul and Metropolitan Street
Railway were the only stocks among the
leaders which failed 70 benefit fully from
this late TecuperaJion in the market. The
bears were an active factor during the
selling movement, and their buying 10
cover had considerable 70 do with the late
rally.
There was an opinion prevalent that
some OF the late financial interests were
quietly taking advantsgs Of the low level
OF prices 70 pick up stocks, without max
ing any attempt 70 support prices. But
this opinion IS hardly consistent with ths
gingsrly manner IN which prices were
bid Up after the selling pressure had re-
laxed with palpabie 6isinclinauon TO Sc
cure stocks. The selling for London ac-
count. which was SUPPOSED 20 originate IL
Berlin. was a factor OF Considerable Inn
portance which was probably not sufti-
cienty allowed for in current estimates of
the market. The reports OF further bank
ing troubles IN Berlin did not seem to
have any striking eject On the sentiment
here. The suspension Of the Seventh Ma
tional bank came as surprise, after the
tiding over OF fts affairs which was ef-
fected Yesterday ard the day before. as IL
was generally supposed that friends Of
the bank would supply sufficient re-
sources 10 carry it through. The worst
effects OF the emba IRA sslnent had been
discounted On Tuesday. during the period
OF suspicious conecture. when rumors
were rife Of far extended banking dill
culties. The disclosure since made OF the
banks AFFAIRS and OF the character Of
the securities which had involved il iu
its difficulties served TO give some con-
ddence that the trouble was localized
as these securities we're not dealt in on
the exchange and are not widely dis
tributed. The incident was found, never
theless, 70 create sn unpleasant impres
sion and served 70 intensity the pinch IN
the money market incident TO tho turr
OF the half year. There was considera.
bic shifting OF loans. partly IN preparation
for next week s dividend disburEe eneui
and partly on account Of thu tnrowins
out OF unsatisfactory collateral for cal
/ loans. The call loan rate ran up 10 B PEI
cent. With this substantial recuperet!oI
in prices Of standard securities since th'
May panic. the fact has rather been lost
sight OF. that such q period OF specula
/ tive confidence and imitation as culmi
mated then IS bound 10 leave its residue
OF doubtful securities which might %
easily marketable n q period Of expensive
/ confidence, but would be drug in thf
market IN ouieter times. The raarke
/ closed very duh but hrun at the recovery
There was some selling of railroad
bonds In sympathy with stocks. but Othei
mortgage issues advanced Total sales
I par value, s., &C 900. United States bend.
were all unchanged or the last cali
Closing prices OF stocks were as follows