The Washington times., 1901-07-13
THE MARKET DEMORALIZBD
Heavy Declines in All Quarters of
the General List.
slump Led by Railways. Which Were
Depressed by UnfavornhIe Crop
Nevs-Infuence of Labor Troubles
in the steel Trust Properties.

slump Lea by HaitNHnNS- " men were
Depressed by UnfavornbIe Crop
Neyvs-Induence of Labor Troubles
in the steel Trust Properties.
NEW. YORK. July 12-Another wave or
liquidation swept over the stock market
today and was productive OF more de
moralization than has prevailed on any
day this week Stocks at times were
thrown upon the market regardless Of
prices and with wide fluctuations many
violent declines were recorded Again
railway shares were the greatest suffer
ers. but the pronounced weakness extend
ed throughout the list The induStriais
suffered TO almost as great an extent as
the railways.
Some OF the more important declines
were points in Atchis0n preferred. 5S4 in
Atchison common. 6 in St Paul. 5ia
iH Rock Island. in Union Pacific. ~
in New York Central. 3l4 in Louisville
and Nashville. rs in PENNSYLVANIA. Sis
in United States Steel preferred. 2la in
United States Steel common, and Sia in
Colorado Fuel and Iron.
The market confronted q number OF dis
cOuraging conditions early this morning.
In the first place. Chicago sent a great
many unfavorable crop bulletins and re-
ported no let-up in the drought now pre-
vailing throughout the corn belt 1t was
also said the hot wave was extending
northward. and the area of damage gave
indications of becoming enlarged. Kan
sas reported the worst conditions that
have prevailed in years.
Both corn and wheat opened at sharp
advances. the latter apparently moving in
sympathy with corn and the trade pre-
dieting a strong market until the appear
ance Of good rains. An unfavorable in
depreciation was also placed upon the
failure of the conference at Pittsburg
yesterday 20 adjust the United States
Steel labor difficulties. While it was be-
lieved that an amicable adjustment to the
questions at issue would probably be ar
rived at this week, the fact that strike
is hanging fire. was responsible for con-
siderable liquidation in the Steel issues.
which sustained sharp declines in conse-
quence.
The market for sterling exchange was
somewhat easier and a comfortable feel
ing prevailed in the call loan quarter, but
nevertheless there were some appreheD--
sions regarding the future Of the money
market The known movements of money
during the week indicate gain in cash
by the local banks of S1.773. 40. The in
terror movement OF funds appears to have
been almost entirely in favor OF New York
and allows for loss by the banks TO
the Sub-Treasury of more than Sl.500.00.
The gain in cash, together with the con-
tfnuous liquidation in stocks that had
been noted since the opening of the week
should under ordinary conditions, tend
10 produce favorable bank statement to-
morrow.
An altogether favorable view was not
taken of the rate conference results as
arrived al yesterday, inasmuch as the
Chicago Great Western was not repre-
sented. While a war has been averted in
the Southwest, yet judging from the dis
closures made before and after yester-
days Chicago meeting, secret cutting will
probably continue. The usual vague ru-
mors OF difficulties growing out Of the
development of the community OF inter
est idea were circulated, but not believed
The market again opened irregular, and
under pressure with the trading in fair
volume Considerable resistance was
shown Immediately after the opening. and
there were moderate rallies in some quar-
tiers OF the market. but they were not
sustained London cabled lower range
of prices. with declines in consols, due 10
expectations Of q new war loan Arbl-
TRACE house were sellers in this market
disposing OF about 5000 shares, notably
The appearance of the fresh and heavy
liquidation caused the list to yield and
during the morning session prices broke
violently There was very little support
among the Pacific and granger stocks. /
where there also appeared aggressive I
bear manipulation. The Readings declined !
sharply on the more threatening aspect Of {
the compauys labor troubles.
The local traction stocks in the early (
dealings exhibited relative steadiness. but /
later participated in the decline in sym /
pathy with the weakness prevailing else /
where Among the specialties which suf- I
fered seriously were St Louis and San
Francisco common. Texas Pacific Denver |
and Rio Grande preferred, and Wabash
preferred
The liquidation OF a weak bull account
in ANA gamated Copper. which sold eX-
resulted in 4 sharp setback in
that stock and the same caused the
violent break in Colorado Fuel and Iron
Shortly before midday the market. having
become oVersold, enjoyed a rally, and
during the early afternoon a somewhat
better tone prevailed throughout the list.