The age-herald., 1901-07-12
STOCKS SLUMPED
 ON FREE SELLING Grainger Roads Led by Rock Island the Greatest Sufferers NORTHERN PACIFIC FIGHT Reported That the Two Factions Con- tending for Its Control Had a Stormy Meeting and Adjourned
 Without Announcing Board.

New York July 11.-Wall street had an- other paroxysm of nervousness today and made deep cuts in the prices of stocks be- fore equanmity had been restored. Ihere were various causes assigned TOT the spasm if liquidation including some that were palpably a surmise of the result or the interest of the bear traders to increase the right of security holders Broadly considered the selling came from large spectators who had accumulated stocks or had held onto them from long an- terior date in the hope of realizing on the mid-July demand, which sometimes follows the July disbursements and the reflex of funds from the interior to New York before they are needed for moving the crops. That some unexpected develop ments have helped ito discourage this new buying and even to induce selling Is evil dent. but the underlying cause of the sell ing is the disposition of the New York banks to foster a speculative movement at this time in view of the exegencies of the money market, which promise to come into force earlier than usual this fah. the damage undoubtedly done to the corn crop and the threat of more to come was a potent influence. The action of the corn market itself induced feeling in Wall street that the crop situation had been overcounted in the weeks stock The feeling gained ground that technical causes would have to be looked to for an explanation of the force of the selling movement. This left the way open for 4h1 cealed causes of the notable liquidation going on. One of these was that discord had broken out afresh over the control of the Northern Pacific. The facts cited to corroborate this were several The North ern Pacific directors, it was pointed out, had met and adjourned yesterday with out announcing the personality of the new compromise board.
 Sensational reports were current of stormy meeting between the two princi- pals in the Northern Pacific contest. At tention was called to the divergent policy of the banks representing the two con tending interests, the one side calling loans freely Monday while call loan rates were, rising and the other side coming to the relief of the market by lending millions and lowering the rate. The sensational drop in Rock Island
 
 of recently acquired large holdings in that property had to do with the drastic liquidation in other parts of the list. The liquidation spent it's greatest force .. during the first hour when half million ' shares were marketed: A tendency to- wards recovery then developed which carried prices early in the last hour to an average level near to or above that of last night. The recovery however, was not held and the closing was unsettled and irregular with renewed declines In most of the principal active stocks. Rock Island reached a level 71a below last night Atchison 4M; Northwestern, 5; Lackawanna, Az; St. Paul and Iowa Ohio, 3A; St. Louis and San Francisco, 1st preferred 3A and Baltimore and Ohio, Delaware and Hudson, St. Louis Southwestern preferred; Chicago and Eastern Illinois and Great Northern pre- ferred 8 points each. A number of the prominent industrials declined points or more and losses of ? points and up- wards were very numerous. The call loan market continued easy and sterling exchange also weakened. The hope Is en- tertained that large government dis bursements will help the money market in the immediate future. The large liquidation effected Is also sensible re- lief and the prospect of increased re- ceipts on account of Klondike gold Is a factor to be taken account of.
 The railroad bond market was moder- ately active and irregular. Total sales par value 8, ,510o0O. United States old As and 5's declined 4 per cent on the last call.
 New York Stock Market.