The Saint Paul globe., 1901-07-09
LOSSES ALL AROUND
GENERAL FEELING OF AppREHEN-
SION AND DIsTRUsT IN
WALL STREET
BEAR RAIDERS ARE HAPPY
Pressure to Sell Extended Through
out the Active L6sta and Prices
Declined sharply on
Heavy Trading.
Closing.

Closing
Mon. w ed.
Call money, New York; as
NEW YORK, July .S..le4LThe action Of
prices in today's stock market made it
cvidoat that very large financial inter
ests were conducting some notable opera
tions. The effort was made to have it
appear that some occult maneuYeF was
going on, designed to inveigle the pubic
into parting with their stocks at decln-
lnS prices for the benefit of the large
financial interests, who seemed to bs
themselves selling stocks with great in
dustry The final action of the market
left little room to doubt that urgent
liquidation was being effected Great
caution must be exercised to Judge cor
rectly how far the Liquidation was in
Huenccd by the immediate developments
Oh the day, and how far by a general
sense of diSquiet and distrust which has
been gaining force in the market for sew
efal weeks past. The episode of the Sew
ehth National bank failure. and of the
pank faliGreS in Buffalo have become
Sullclently clear to indicate that they are
not OF prime Importance in the irnnledi-
ate losses involved or in the immediate
Collateral effects, but as a possible
symptom of general conditions they have
received serious attention. The accu-
mutation of doubtful securities has al
ways proved a consequence of a period
of Industrial expansion business pros
PCItLy dlt0 LH6 general Cr6ulE winch Is
thereby caused The actual present con-
dittors lin Germany bear striking testi-
mony to this economic law. The Seventh
National bank episode has undoubtedly
induced a general overhauling of coIlat-
eral by the banks of the Wall street
district Not a little liqu1datfon, has been
Immediately induced as a result
In the stock market there have been
large speculative holdings which We're
withheld from sale only by reason of the
support which has been accorded to prices
by large syndicateS and moneyed in
terests. The indications We're that con-
siderable part of this support was with
drawn today and large holdings were dis
LOGGED by the declineI in prices which
was allowed to occur6osrhe selling was
concentrated in character, the bulk of it
coming from a few stock exchange
houses who have Often acted for West
ern. capitalists, some of whom had be-
come prominent in the steel trade before
the formation Of the United States Steel
corporation and have been relegated to
the background Sincec the rise OF that
corporation. The selling attributed to
this Source was enormous, not only of
the United States Steel4stQcks themselves
but OF the railroad stocks which led to
the slump. The Immediate cause of the
weakness of this group was the reported
announcement by the -Afehson authori-
ties that freight. rates, would be cut in
the Chicago-Missouri river territory uly-
10. As the railroads in gthis territory
sII1O
posed to have been brought into COM
munitY OF interest, and 81 as there has
been large speculationfdp them found
ed on this supposition, the hostility NAM;
1fested by a cutting of rates made them
particularly vulnerable 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 1875, Missouri Pacific s,
Union Pacific 75s Atchison 65k and iii ited,
States Steel, which had sOffered some re-
sistanGeo dNrings the day. suddenly, drop
ped points under very heavy offerings.
hileothe general market was less ct1te0
ly affected, there were some very sharp
losses recorded among the New York pttbz
lie utilities, the most prominent indus
trials and the Eastern trunk lines and
coalers.' The declines in these ranged
from to poihtsein the principal cases
ard the market closed In q -demor-
allied condition. The call loan rate was
offered down from s per cent. in the
morning, toa2 per cent at the close,
without relieving the weakness of the
stock market. Rumors Of financial diff
ficulties could not be traced to any re-
liable source % nor could anything be
ine5gT was EXPRESSED e over r the e 7 fedulfe- Sii
ments Of the money money market fREu the SOM
ing crop, and doubt whether there
funds to New York previous to the crop
mo@eraeht.yr go - "a ao.ro,-
Railroad bonds were weak, in synpa-
thy with stocks T. Total sales. par value,
81, ,960,G00 United States refunding Is ad-
vanced u per cent on the last call,
STOCKS. es4', 494af,4
Furnished by Charles II. F.. Smith &
Co.. members of the New YORK Stock
Exchange, Pioneer Press building, who
York. Closing. prices are bid:
ysq Closing.