Evening star., 1901-07-12
FINANCE AND TRADE
Bears Had Practical Control in Stocks
Again Today.
LOWER Prices PREVAILED
Prospect Of 9ort Crops Given as
Cause of Slump.
GENERAL MARKET REPORTS
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK. July. 12.-Today's stock
market emphasized all the unsatisfactory
conditions Of the week. and forced prices
down to new low point. London was ir-
regular. and sent over selling orders. espe-
cially in Peunsytvania and the Readings
Liquidation and short selling combined in
oncoVering numerous stop-ioss orders. and
prices found little support. Traders at
tacked one group after another. and found
them all vulnerable. The high-priced
STOCKS were especially weak at times. the
leading banking interests failing to give
them support while under pressure.
The injury done the corn crop and the
absence OF rain in the west generally were
the chief arguments used In explanation Of
the weakness. Burlington officials were
quoted as saying that corn would come
through all right even II rain did not fall
Tor another week. In other sections the
lower temperature seemed to inspire hope
also, Out In Wall street all was gloom.
Inc real reason for the selling probably
local.
Money was kept easy around Al per cent
and less fear Of the immediate money mar
ket was expressed. The men who control
the money market are those VINO are most
interested in the big deals locking to the
rearrangement Of the countr3s railroad
map. There is friction over the latter
yield.
With the banks loaned up practically to
the limit OF their resources, conditions did
not warrant open hostilities on the subject
OF railroad consultations. Loans had to
oe reduced as a condition precedent to
attack. and heavy liquidation has ruled
throughout the week. AS loans are re-
duced prices are reduced. but the process
Is favorable to forcing terms on the main
proposition.
The Wabash is trying to invade Pennsyl-
vania territory, there are several roads
guilty OF rate cutting in the west, the
leadlng interests are suspicious Of each
other and the great scheme for harmony is
threatened by the attitude OF those who
have been most active in its development.
fhe trouble, however, is more apparent
than real. While the millionaire factions
are preparing for final coup, overloaded
accounts are being hquidated, banks are
strengthening their resources and values
are again assuming their natural relation
to prices.
Conditions have not warranted improve
ment and the big deals have been stopped
about half way. What happened to the
original st. Paul deal has overtaken the
entire community Of ownership scheme. If
the project survives the first family mis-
understanding 1t may yet become a fixture
In American rrailroading.
Atchison issues we're under pressure all
day, the common, selling down to 10 and
rallying only around delivery hour on COW
ering. -
Union Pacific was weak and round
amounts were supplied on the way down
St. Paul. Rock Island and all the south
western group were in good supply at de-
clining prices. Wabash preferred broke on
stop orders and pool selling in anticipation
OF dfficulty }prer the Pittsburg extension.
The steel stocks, copper and all the in
dustriais were sold for both accounts
The weakness in Copper was credited to
Standard Oil selling and the old story of
Morgan hostility to this faction was re-
yived. --
Tomorrow's bank statement is expected
to show a decrease In loans and a slight
gain in cash
Rumors OF probable rains In Kansas with
in the next twenty-four hours caused a
shortlived rally during the final hour