The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-10
WALL STREET STOCKS
Level of Prices Mere Carried
Down.
HEAVY BLOCKS THROWN
Sharp Concessions From Last
Nights Prices.

New York, July s.-sSupport FOR the
market from tbs large banking interests
and syndieatss which seemed yesterday
10 have abandoned it 70 the effect CT
forced liquidation worked a prompt
transformation II speculative sentiment
today. The opening dealings disclosed
that there was stiu urgent liquidation 70
be Effected and some heavy blocks we're
thrown Upon the market st sharp con
cessions from last nights closing prices,
but brokers with supporting orders were
present At the same time ard were bid
ding above the prices ~ which others
were letting stocks go TIE consequence
was some wide openings IN the prices OF
the CHANGERS. Pacific and Southwestern
stocks on sales OF L00C % 3.se0 shares OF
each The average level OF prices was
carried :. point OF more below last night.
and there were exceptional losses IN
Louisville OF 34s. IN Baltimore ard Ohio
OF 81. and IN Southern Pacific - -
United States Steel received determined
support from the outset ard although The
irsr offerings were OF 130o shares The
price vas held at last nights level. Dur
ing the rest Of the day the market show
ed steady rscuperstiou ard Al tiTuss de-
veloped tone OF positive bGoTancy. The
stock which suffered most scutely IL yes
Jerday's liquidation were most colspicu-
Gus in todzzy's rally, notably St Paul,
Union Pacific, Missouri Pacific and Atch-
ison. The movement IN these stocks was
eclipsod by that % Louisville in which
the dealings were on very large scale.
The opening loss in this stock and the
subsequent movement gave color 70 the
superstition that IL was raided for the
purpose OF accommodating stock- n the
isSs dealings IL spurreS 70 1I0iz. 81 ez-
trems rise OF -. L closed with a net
gain OF ~ The recovery il the other
leaders from the low point ranged from
IN g. Some special strength was shown
By Illinois Central on the declaration OF
the dividend and tbs decision 20 issue new
stock. and by St Louis and san Fran
cisco second preferred on the placing q
Srbck On a PEP cent dividend basis.
There was 10 apparent cause Tor the re-
covery in the general list aside from
the conference inspired b. the evidence
that powerful support was in the mar
ket and that the orniaous and urgent
liquidation Of yesterday was thereby
checked. The disqaiet which was caused
yesterday By the mystery surrounding
last weeks large loss II the cash reserves
Of the banks vas dispelied BY the ex-
PLANTATION that cash had been shipped %
Buffalo 20 provide against . possible r1n
on the banks there The opal-n--l4eI
freedom with which loans were made by
banks under Morgan control quoted fears
Of credit contraction ard coun teracted
the effect OF the recent policy of thu
banks IN discriminating against collal-
eral. This policy had is pert n in IL
ducing liquidation which might have err
angered the hanks themselves Il carried
20 extreme. Its check. therefore, caused
general redef. News regarding tbs corn
crop was not improved today. and Atch-
fson officials continued 20 talk II = bel
dzerent tone OF the announced CIT II
freight rates Assertions were persist
ertly made, however. that the freight race
trou5le would be adjusted and some scep-
ticls1n vas expressed as q The ugic Of
cut IN freight RACES at tine when con-
plant is made o. the car famine ard q
more business Offering than can Be han
died BY the railroads The feeling flla-
a campaign 20 Gerress prices uas1r .
ilvclreS. with the purpose Of acclmula--
Ing stocks. made the bears timid and The
covering OF large short lines helped ths
rise II prices. The closing vas hrm ard
near the top
The bond market vas moderately active
but Only q part CT the list recovered IL
svn1ozrEy vita stocks Total sales. par
value e - so4 United states new fours
declined I. Fer cent ana the old Tours ad-
vareed = per cent on the last call
Closing prices OF stocks E=re as fellows.