Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-07-09

Stocks.
SOME NOTABLE OPERATIONS
Indicated by Movements OF Prices ON
the New York stock Market.

the New York stock Market.
eBy Associated Press1
NEW YORK, July s.-The action of
prices in to-day's stock market made
Il evident that very large financial in
terests were conducting some notable
operations. The effort was made to
have ii appear that some occult a
oeuyre was going on designed to in
veigle the public into parting with
their stocks at declining prices for t
their stocks at declining prices for the
benefit of the large financial interests,
who seemed TO be themselves selling
stocks with great industry. The final
action of the market left little room to
doubt that urgent liquidation was be-
ing effected. Great caution was exer-
eised to Judge correctly how far the
liquidation was Influenced by tne i'm
mediate developments of the day and
how far by a general OF disquiet
and distrust, which has been gaining
force in the market for several weeks
past. The episode of the Seventh Ma
tional Bank failure and of the bank
failures in Buffalo have become sum
GENTLY clear to indicate that they are
not of prime importance In the immedi-
ate losses involved or In the immediate
collateral effects, but as a possible
symptom OF general conditions they
have received serious attention. The
accumulation of doubtful securities has
always proved a consequence of a
period of Industrial expansion, business
prosperity and the general credit which
Is thereby caused. The actual present
conditions in Germany bears striking
testimony to this economic law. The
Seventh National Bank episode has uh-
doubtedly induced a general overhaul
ing of collateral by the banks of the
Wall street district. Not a little liqni-
dation has been Immediately induced
as a result. In the stock market there
have been large speculative holdings
which are withheld from sale only by
reason of the support which has been
accorded to prices by large syndicates
and mcnied interests.
The indications were that a consid-
cradle part of this support was with
drawn to-day and large holdings were
dislodged by the decline in prices which
was allowed to occur. The selling was
concentrated in character, the bulk OF
it coming from a few stock exchange
houses, which have often acted for
western capitalists, some OF whom had
become prominent in the steel trade be-
fore the formation of the United States
Steel Corporation and have been rele-
gated to the background since the rise
of that corporation. The selling attrib-
uted to this source was enormous, not
only ofthe United States Steel stocks
themselves, but of the railroad stocks,
which led the slump. The immediate
cause of the weakness Of this group
was the reported announcement by the
Atchison authorities that freight rates
would be cut in the Chicago-Missouri
river territory July 18th. As the rail-
roads in this territory comprise the
principal properties supposed to have
been brought into community OF inter-
est and as there has been a large spec
ulation in them founded on this sup
position the hostility manifested by a
cutting of rates made them peculiarly
valuable.
They led the decline all day with
only occasional struggling rallies on
covering by bear traders. In the final
break st. Paul fell an extreme 10Hs,
Missouri Pacific s, Union Pacific 7%,
Atchison 6M and United States Steel,
which had offered some resistance dur
ing the day, suddenly dropped A points
under very heavy offerings. While the
general market was less acutely affect
ed, there were some very sharp losses
recorded among the New York public
utilities, the most prominent industrials
and the Eastern trunk lines ana coalers.
The declines in these ranged from 3 to
7 points in the principal case and the
market closed in a semi-demoralized
condition. The cali loan rate was Of
fered down from s per cent in themorn-
ing to 2 per cent at the close, without
relieving the weakness Of the stock
market. Rumors OF financial difficulties
could not be traced to any reliable
source, nor could anything be learned
to justify them. Growing uneasiness
was expressed over the requirement OF
the money market for the coming crop
and a doubt whether there would be
any considerable relux on funds to