The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-09
OCCULT hDNEUTER N
Is Made to Appear in Stock
Market.
UNUSUAL ACTIONS OCCUR
General Seuse of DiStruSt and
Disquiet Present

New York. July s.-The zction Of prices
n today's stock market made II evi-
dent that very large financial interests
were conducting some notable operations
The effort was made 20 have It appear
that some occult uzneuver was going On
designed to iHveigIe the public into part
ing with their stocks az declining prices
for the benefit OF the large financial inter
esls who seem 20 Re themselves sclllf-g
stocks with great industry. The hnal ac-
ton on ne market LETT little room 70
doubt that urgent liquidation was being
Effected Great caution must be exercised
70 Judge correctly hcw far the Nquiia-
ton was Influenced BY the immediate de-
velo7ueots OF The day and how Tar By
general sense OF dis1uie- and distrusr
which has been gaining force IN the mar
kst for several weeks past The episode
q The Seventh National Bank failure and
OF the bank failures IN Buffalo have De-
cone sufficiently clear 20 indicate THAI
they are not OF prime importance IN the
immediate losses involved or IN the i'm
mediate collateral effects but as a posi-
be symptom OF general conditions. they
have received serious attention. The &C
Cunulation Of doubtful securities has al
ways proved q consequence CT period OF
and the general credit which IS thereby
caused. The actual present conditions in
Germany bears striking testimony 10 this
economic Law. The Seventh National
bank episode has undoubtedly induced
general overhauitng OF collateral by the
banks Of the Val Street district Not
a little liquidation has been Immediately
Induced as a result In the stock market
there have been large speculative hold
III l. nHr
by reason or the support which has been
accorded TO prices BY large syndieztees
and nonied interests. The indications
were that a considerable part Of this sup
port was Withdrawn today and large hold
fngs were dislodg-d By the decline in
prices which was allowed 70 occur. The
selling was concentrated IN character. but
the bulk OF IL coming from a few stock
exchange houses who have often acted for
western capitalists, some OF whom had
become prominent IN thu steel trade be-
fore the formation OF the United States
Sized corporation and have been RELOCATED
20 the background since the rise Of that
corporarion- The selling attributed 10
this source was enormous not only Of
United States Steel stocks themselves.
but Of the railroad stocks which ed the
slump. The Immediate cause Of the
weakness Of this group was the reported
tiles that freight rates would be cuI IN
the Chicago Missouri river territory July
&. as the railroads IN this territory com
prise the principal properties supposed 70
have been brought into community OF in
terests and as there has been a large
speculation IN them founded or this sup
position, the hostility manifested b.
cutting OF rates made them peculiarly
vulnerable They led the decline all Day
With only occasional Struggling rallies on
covering by bear traders
n the final break 81 Paul feil al ex-
treme les. Missouri Pacise 3 Union Pa
cidc "A. Atchisol 5ss. snd United states
Steel. which had suffered some res 81
ance during the day. suddenly dropped &
points under very heavy offerings. while
the general market was less acutely az
fected. there were some very sharp losses
recorded among the New York public
utilities. the most prominent tRdustrials
and the eastern trunk linss and coalers-
The declines IN these ranged from 3 20
Points IN the principal cases and the
market closed IN q sen1i-deTnoralZed con
d5tion The call lean rate was r1ered
down from 8 per cent IL the morning %
per cent Al the close, without relieving
the weakness o. the stock market E--
mors OF financial difficulties could not 1e
traced 70 any reliable source nor could
s--thi-~ Be Iearnzd 20 justify them
Growing U1eas irsss was expected over
The requirements q the money market
Ter the coming crop. and Doubt wheth-
p there wslssd &c any considerable re-
Aux on furGs &c New YORK previous 20
the crop movement.
Rarread bonds r-crs weak 81 sympathy
Win stocizs- TstA sales. psr value, 81
Is 30. United S-1tes twos advanced =
peg cent on the lat call
Closing stock q1ota-ions were as fo--