The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-12

'community-of-interest' policy which they
inaugurated. They cannot AFFORD to let
it fall through. now that they are In the
midst of their plans. II they did you would
see the worst panic that has ever been
known In this country"
WEAKNESS EXTENDED
THROUGH ENTIRE LIST. ~
Rock Island was the feature at the
opening. The first sale was at 49,, against
a closing yesterday at 1401a. 1t sold I'D to
1371s in the first half hour and then de-
clined to about the opening price. Atchison
closed yesterday at T% This morning Il
opened at n and sold down to 731. before
1890 o'clock. Then there came a recovery
to 741s.
The opening sale Of Union Pacific COM
mon was at 991a. 1t shot up to 103as. and
quickly fell as low as 971a. Its closing
yesterday was 99A. Missouri Pacific also
showed wide fluctuations, Closing yester-
day at 10, it opened at 1854. In the early
sales it sold as high as 1851 and then
tum6led to 1924 in the first hour.
The weakness extended through the entire
list.
Toward noon stocks rallied sharply, and
on animated buying movement some
Shares made a full recovery Among the gains
from low We're: Atchison 4: the preferred,
%; st. Paul. 3ss; Rock Island. 81: Delaware
and Hudson. Chesapeake and Ohio. Louis.
Vile and Pennsylvania, each; Tennessee
trail. Ia. and Southern Pacific. X. Steel
common lost IA and then rose n: while the
preferred lost and fully recovered Il.
In the neighborhood Of 1:3O o'clock prices
began to shade of again. When the erpors
of the Morgan-Kuhn-Loeb trouble had been
proven false by the semiod1cial statemene
given above. operators on the wrong side
cast about for further ammunition. The
bank statement would be the worst Tor
many n week. That worked well for q
time. but money ruled at per cent and
private dispatches from Omaha and Other
Western points said that the bankers there
were releasing their balances in the city.
SENSELESS RUMORS DENIED
RECOVERY PRACTICALLY COMPLETE
Then came the news from Pittsburg that
the conferees had met and had practically
agreed upon terms Of peace. This proved
a heavy blow to the calamity crowd and
they were plainly disconnected.
Next came the rumors Of failures Theso
affected one large house. one Of the best
known and one Of the strongest, and zone.
too. which had been on the lips Of the gos-
sips In previous declines. Other houses
were named. These reports fell by the way
side. No bank or firm had failed to- nav
its debit at the clearing house, and nc ex-
cited borrowers had put in an appearances.
And so the stories. senseless as many OF
them were. came along and as quickly ~
they came were met by denials. which had at
last some element OF authority in them.
That the market is sensitive. and that Il re-
spends easily to bear reports is evident, but
talks with conservative operators to-day did
| not develop any anxiety on their part. The
chance to liquidate has been taken adyau.
age Of These declines. said one Of the
Stock Exchange men. are, all things con-
sidered. not unwelcome. but there is little
to justify them at this time II the corn
damage is eliminated
The market having become temporarily
oversold, the recovery was continued and
rallies became general Reports that the
steel strike was settled and that the Atchi-
son was willing to withdraw its Threatened
rate reduction helped inspire better tone
to the trading.
The market failed to hold the afterpoon
rally and sold on rather easily on lighter
volume Of trading than prevailed In the
morning. The tone was feverish and weak
at the close. with the Western railway
stock under renewed pressure.