The age-herald., 1901-07-10
LIQUIDATION OF LEADING STOCKS Several Blocks Thrown Upon Market But Prices Maintained LOUISVILLE PROM MEN Raid Made On This Stock for Purpose of Accommodating holdings-Grang-
 CTS Weak On Account of
 Corn Crop Report.

New York. July 9.-Support for the market from the large banking interests and syndicates which seemed yesterday to have been abandoned owing to the ef- fects of forced liquidation, worked prompt transformation in speculative sentiment today The opening dealings disclosed that there was still urgent 1iqui- datfon to be effected and some heavy blocks were thrown upon the market at sharp concessions from last nights clos ing price, but brokers with supporting orders were present at the same time and were bidding above the prices at which others were letting stocks go. The con- sequence was that some wide openings occurrd in the prices of the grangers. Pacific and Southwestern stocks on sales of 1000 to S509 shares of each. The aver age level of prices was carried a point below last night and there were excep- tional losses in Louisville at 3ss; in Bal timore and Ohio of 3A and In Southern Pacific of 1%. United States Steel re- ceived support from the outset and, al- though the first offerings were of one thousand shares. the price was held at last nights level. During the rest of the day the market showed steady recupera- tion and at time developed a tone of positive buoyancy. The stock which suf fered most accutely in yesterdays lidui- dation were most conspicuous in today's rally, notably St. Paul, Union Pacific, Missouri Pacific and Atchison. The movement in these stocks was eclipsed by that of Louisville and Nashville. in which the dealings were on a very large scale The opening loss in this stock and the subsequent movement gave color to the suppostion that it was raided for the purpose of accommodating stock. In the late dealings it spurted to 110la, an ex- treme rise of "A It closed with net gain of 21a. The recovery in the other leaders from the low point ranged from 3 to 5. Some special strength was shown by Illinois Central on the declaration. of the dividend and the decision to issue new stock and by St. Louis and San Francisco second preferred on the plac- ing of stock on a four per cent dividend basis
 There was no apparent cause for the recovery in the general list aside from the confidence inspired by the evidence that powerful support was in the market and that the ominous and urgent liqui- dation of yesterday was thereby checked. The disquiet which was caused yester- day by the mystery surrounding last weeks large loss in the cash reserves Of the banks was dispelled by the explana- ton that cash had been shipped to Buff falo to provide against a possible run on the banks there. The open-handed freedom with which loans were made by banks under Morgan control quieted fears of credit contraction and counteracted the effect of recent policy of the banks in discriminating against collateral. This policy had its part in inducing hquida- tion which might have endangered the banks themselves if carried to extreme. It's check therefore, caused general re- lief News regarding the corn crop was not improved today and Atchison off, cials continued to talk in befligerent tone of the announced cut in freight rates. Assertions were consistently made, however, that the freight rate trouble would be adjusted and some scepticism was expressed as to the logic of a cut in freight rates at time when complaint is made of the car famine and of more business offering than can be handled by the railroads. The feeling that a. campaign of depress prices might be involved with the purpose of accumu- latins stocks made the bears timid and the covering of large short lines helped the rise in prices. Closed firm and near the top.
 The bond market was moderately &C., tive but only a part of the list recovered in sympathy with stocks Total sales par value. g. .9O5, 900; United States new 4s de- clined K per cent and the old As ad- yanced IA per cent on the last call.
 New York Stock Market.
 Bv Private Wire to Murphy & Co.