The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-28
STOCKS AND BONDS.
Suspensions of Seventh National
Bank Caused sharp Decline.

New York June T.--There was quite a
lively spining out OF stocks for a time
to-day, as result of the suspension of
the Seventh National Bank, one of the
minor members Of the Clearing House AS
the Controller. of the Currency, but the
market at no time approached anywhere
near to Generalization. The drop in
prices. however, was very general and
extended TO over 8 points in a number of
the principal active stocks which have
been recent favorites in the speculat ion.
St. Paul. Union Pacific and Manhattan
were the severest sufferers and Missouri
Pacific and Texas and Pacific also YIELD
ed rather easily.
The latter part of the day, however.
Witnessed a striking and general recovery
which practically wiped out the earlier
losses and established considerable gains
for some leading stocks. Union Pacific,
St. Paul and Metropolitan Street Rail-
way were the only stocks among the
leaders which failed to benefit fully from
this late recuperation in the market.
The bears were active in the selling
movement and their buying to cover had
considerable to do with the late rally.
There was an opinion prevalent that some
of the large financial interests were
quietly taking advantage of the low level
of prices to pick up stocks without max
ing any attempt TO support prices. But
this opinion is hardly consistent with
the gingeriy manner in which prices were
bid up after the selling pressure hao re-
Taxed with a palpable disinclination to
secure stocks. 81
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 estimates OF the
market. The repor1s of further banking
troubles did not seem to have any strik-
ing effect on sentiment here ~--
The suspension Of the Seventh National
Bank came as a surprise after the tid-
ing over of its affairs which was effected
vest erday and tho day before. as II was
generally supposed that friends of the
bank would supply sufficient resources to
carry IL through. The worst effects of the
embarrassment had been discounted on
Tuesday during the period Of suspicious
conjecture, when ,rumors we're rife OF far
extending bendng difficulties The dis
closures since made OF the banks affairs
and of the securities which had involved
1t in its first difficulties served to give
some confidence that the trouble was To-
Called, as those securities were not dealt
IN on the Exchange and are not widely
distributed. The incident was found new
ertheless, to create an unpleasant i'm
preston and served to intensity the pinch
IN the money market incident to the turn
of the half-yeer. r.
There was a considerable shifting Of
loans. partly in. preparation for next
weeks dividend disbursements and partly
on account of throwing out Of unsatis-
factory collateral. for call loans. The call
loan rate ran up 10 Is per cent. With the
substantial recuperation in prices OF
standard securities since the May panic
the fact has rather been lost sight of
that such q period OF speculative conf
dence and imitation as eliminated then Is
bound TO leave It's residue OF doubtful Sc
curities which might be easily market
able in period Of expansive confidence.
but would be a drug ia the market in
duieter times. The market closed very
dull but firm at the recovery.
There was some selling OF railroad
bonds In sympathy with stocks, but 9TH
err MORTGAGE issues advanced. Total sales,
par value $2,052O0o
United states bonds were all unchanged
on the last ball. Total sales OF stocks
to-day were 672.500 shares, including
Atohison, 300 do preferred, 10000; Erie,
n 500 Louisville and Nashville, 1880;
Manhattan 2bUO' metropolitan, L4U,
Missouri Pacific, % 100; New York Cen
trail, 1900; Ontario and Western, 1920;
Pennsylvania. 1850: Reading. $500; do
first preferred $500; do second preferred,
$500; st. Paul, 1920; Southern Pacific
"a. 100; Southern Railway; 1920; DO pre-
ferred, 24o0; Texas Pacific, $500: Union
Pacinc, 1890; Amalgamated Copper, 49,
600; Brooklyn Rapid Transit 1890; Peo-
pies Gas, 1880; Sugar. $500; Tennessee
Coal and Iron. $500; United States Steel,
50, 100; do preferred. 1880.