The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-09
STOCKS AND BONDS
A Spell of uneasiness Causes Gem
eraI RecessIons.

ernI Recessions.
New York, July S.-The action of prices
in to-day's, stock market made 1t evident
that very large financial interests were
conducting some notable operations. The
effort was made to have it appear that
some occult maneuyer was. going on de-
signed to inveigle the public into parting
with their stocks at declining prices for
the benefit of the large financial inter
ests, who seemed to be themselves selling
stocks with great industry. The final ac-
ton of the market left little room to
doubt that urgent liquidation was being
effected.
Great caution. must be exercised to
judge correctly how far abe liquidation
was influenced by the immediate develop
ments of the day and how far by gen.
eral sense of disquiet and distrust which
has been gaining force in the market for
several weeks past. The episode of the
Seventh National Bank failure and the
bank failures in Buffalo have become suf-
ficiensly clear to indicate that they are
not of prime Importance in the immediate
losses involved or in the immediate col
lateral effects, but as possible sympathy
of general conditions they have received
serious attention. The accumulation of
doubtful securities has always proved a
Consequence Of a period of industrial ex-
pansion, business prosperity and the gen.
eral credit which is thereby caused. The
actual presene conditions in Germany
bears striking testimony TO this economic
law. The Seventh National Bank episode
has undoubtedly induced general over
hauling of collateral by the banks of the
Wall street district. Not a little liqui-
dalton has been immediately induced as
result. .4xc.
In the stock market there have been
large speculative holdings which were
withheld from sale only by reason OF the
support which has been accorded to prices
by large syndicates- and moneyed inter
ests The Indications were that a con-
siderable part of sthis support was with
drawn to-day and large holdings were dis
lodged by the decline in prices which was
allowed to occur. The selling was con-
centrated in character, the bulk of ID
coming from a few stock exchange houses
have often acted for Western capitalists,
some of whom had Become prominent in
the steel trade before the formation OF the
United States Steel Corporation and have
been relegated to the background since
the rise of that corporation. The selling
attributed to this source was enormous.
not only of the 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 At
Gibson authorities that freight rates
would be cut in the Chicago, Missouri
river territory July Is. AS the railroads
in this territory comprise the principal
properties supposed to have been brought
into community of interest and as there
has been large speculation in them
founded on this superstition, the hostility
manifested by cutting of rates made
them peculiarly 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 g. Union
Pacific TN, Atchison 6ss and United
States Steel, which had offered some re-
sistance during the day. SUDDENLY dropped
four points under very heavy offerings.
While the general market was less
acutely affected, there was. some very
sharp losses recorded among the New
York public utilities, che most prominent
industrials and the Eastern trunk lines
and coalers. The declines in these ranged
from to points in the principal cases
and the market closed in a semi-demoraI-
ICED condition.
The call loan rate was offered down
from 8 per cent. in the morning to 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 requirements of the money market
for the coming crop and q doubt whether
there would be any considerable influx Of
funds to New York previous to the crop
movement
Railroad bonds were weak in sympathy
with stocks. Total sales par value 81. &c.,
900. United States refunding 2's advanced
Y per cent on the last call.
The total sales Of stocks to-day were
/ 600, 800 shares. including Atchison $780,
Atchison preferred 3l,S00; Chicago Great
Western, $40; Erie, IS. so; Erie first pre-