Evening star., 1901-06-27
Stocks Somewhat Unsettled by Bank
Suspension.
BEARS MADE 4 HARD DRIVE
But Were Forced to Cover Dur
ing Last Hour.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. June 27.-Lower prices In
London and uneasiness over the local bank
situation resulted in a heavy and depressed
market this morning. The continental
money situation was not reassuring and
there was no incentive to new business
An attempt to rally the market toward tae
close OF the first hour was temporarily sue
cessful, but the movement had scarcely
started when the failure of the Seventh
National Bank was reported
The closing of the doors OF this institu-
ton led to an attack prices in nearly
all parts of the list, declines of a fun point
and more being recorded in all the active
shares. Good support came in at the low
prices. and the large interests made an ef-
fort to stay the decline. This effort was
moderately successful also but the effort
to construe the confession of insolvency
into favorable factor met with failure
so far as speculation was concerned.
The fact that the larger banks and trust
companies allowed the Seventh National to
close was taken an indication OF con-
hdence in their own ability to meet all de-
mands.
The clearing house sheet went through
successfully at an early hour. The profes-
sional character Of the market and the
general lack of business may be credited
with Keeping the decline in prices within
small bounds
1t is estimated that the total amount OF
interest to be disbursed on July 1 will be
between s1oO.6O,0O0 and $125. 100000. IL is
readily seen that the banks have been
forced into a conservative attitude for sew
eral weeks in order to meet this demand.
The money situation should improve after
the present week and new life may be in
jected into the market IL no further fall
ures are reported.
Union Pacific and st. Paul were heavier
than the market again. and no explanation
OF satisfactory character is to be had.
There has been some disappointment be-
cause OF the failure to provide for ST. Paul
In the same manner as Burlington. but
such Disappointment should be confined
strictly to speculative interests. There
has been no enthusiasm on the part Of in
side interests for the last fortnight. and II
Is this fact which gives the street the most
concern
The high-priced investment shares sold
down quite as easily as those In other
departments, and the inference Is plain
that there is no significant buying OF these
issues by investors who expect surplus
dividend payments next week. The in
vestor thus indicates a belief IN his abfl-
ity to buy to equal or better advantage
at later date.
The selling of the Steel stocks and other
industrials was based a fear of heavy
liquidation Of such issues by one of the
depositors of the suspended bank Prices
shaded off easily for a time, but the selling
movement soon ran its course and gave
way to dull and heavy market. Com
mission houses were disposed to advise
scale buying on any further setback, but
clients were timid and unwilling to assume
new risks.
In tie late trading disposition on the
part Of the bears to cover outstanding
short contracts and some good buying by
the bull pools helped the market to a good
rally and cleared the atmosphere OF some
of the dire predictions that have been float
ing around promiscuously today.