The age-herald., 1901-06-28
STOCKS SPLIT OUT 1T \ LIVELY RATE Caused by Suspension of the Seventh National Bank BUT NO DEM0RALIZATI0N There Was a General Recovery the Latter Part of the Day, Which
 Wiped Out Losses Sustained
 at the Opening.

New York, June 27.--There was quite q lively spillng out of stocks for time today as a result of the suspension of the Seventh National Bank. one of the minor members of the Clearing House Association in consequence of action by the control sr of the currency, but the market at no time approached any where near the demoralizatlon. The drop in prices. however, was very gen. eral and extendnr to over points in a number of active stocks which have been recent favorites in the speculation. St. Paul, Union Pacific and Manhattan were the severest sufferers and Missouri Pa eide and Texas and Pacific also yielded rather easily. The latter part of the day, however, witnessed a general recov- cry which practically wiped out the early losses and established considerable gains for soms leading stocks. Union Pacific and Metropolitan Street Railway were the only stocks among the leaders which failed to benefit fully from this late re- cuperation in the market The bears were an active factor during the selling movement and their buying to cover had considerable to do with the late rally. There was ano opinion prevalent that some of the large financial interests were quietly taking advantage of the low level of prices to pick up stocks without mak- ing any attempt to support prices. But this opinion is hardy consistent with the gingerly manner after which the prices were bid up.
 The selling for London account which was supposed to originate in Berlin was
 t11xo I1I a was probably not sufficiently allowed for in current estimates of the market. The reports of further banking troubles in Berlin did not seem to have any striking effect in sentiment here The suspension of the Seventh National Bank came as a surprise after the tiding over of it's af- fairs which were effected yesterday and the day before, as it was generally sup posed that friends of the bank would supply sufficient resources to carry 1t through. The worst effects of the em- barrassment had been discounted on Tuesday during the period of suspicion conjecture when rumors were rife Of far extended banking difficulties. The dis closure since made in the banks affairs and the character of securities which had involved 1t in it's difficulties served to give some confidence that the trouble was localized as those securiteis were not dealt in on the exchange and are not widely distributed The incident was found nevertheless to create an unpleas- ant impression and served to intensity the pinch in the money market incident to the turn of the half year. There was considerable shifting of loans, partly in preparation for next weeks dividend disbursements and partly on account of the throwing out of unsatisfactory col lateral for call loans. The call loan rate ran up to 15 per cent. With this substan- tial recuperation in prices of standard se- curities since the May panic the fact has rather been lost sight of that such a period of speculative confidence and in- fation as eliminated then is bound to leave it's residue of doubtful securities which might be easily marketable in period of expansive confidence but would be a drug in the market in quieter times. The market closed dull but firm at the recovery There was some selling or railroad bonds in sympathy with stocks but othr mortgage issues advanced. To- tai sales par value $2, ,025, 900.
 United States bonds all unchanged on the last call.
 New York Stock Market.