The daily morning journal and courier., 1901-07-13
Ftnancia1
 THE STOCK MARhET

"'N" " ~~-A
 New York, July 12.-To-day's stock market was submitted to another dras- tic process of liquidation, which caused some severe losses in the prices of stocks In the late afternoon there was substantial rally which wiped out inn portant proportions of the extreme de- clines. The late recovery was extreme ly cratic and was unsteadly held. The closing was irregular, but with prices near the top on the recovery. Ihere seemed to be no new cause to induce continuance of the selling movement beyond those of technical nature. The bears were the active factor in break ing prices but the spectators long or stocks stood passive without any re- sistance in the shape of buying to sup port the market. The consequence was that on each successive raid by the l bears stop-loss orders were uncovered ! and speculative margins wiped out, | forcing the brokers to sell out their GUS" 1 toners to save losses for themselves. | The banks continued 1eenly alert as to the course of prices and their continual demands for additional collateral as the falling prices encroached upon the mar gin of valuation as collateral compared with the market valuation forced addl-
 tional liouidation on the exchange.
 There was large selling also through
 commission houses from all quarters by that class of holders which is discour-
 aged by the mere fact of decline ana
 which sells out on the prospect of get
 ting stocks back at lower figure He-
 buying by this class of holders added l to the demand from the shorts helped
 the late rally.
 The news from the corn belt showed
 no improvement in the view or stock
 operators, and 1t was the opening quo-
 tations for corn which toppled over
 prices of stocks after some progress
 had been made towards recovery m the
 early dealings. The terms of the an
 nounced settlement of the western
 freight rate disturbance were also con
 sldered unsatisfactory owing to the
 continued defection of one of the minor
 roads in the territory
 The divergence of news between the
 conferees on the labor dispute in the
 steel trade was the subject of continued
 annrehension. The fact that assur-
 ances were given yesterday that an on .
 clal statement would probably be made
 before the end of the week of the terms
 of the Northern Pacific settlement
 caused disappointment over the non
 appaarance of such statement to-day
 and caused some recurrence or uneasl- ness lest renewed discord should de- velop in that quarter.
 finder the flood of selling orders
 thrown upon the market by the lnhu-
 once of the various discouraging fac
 tors there were declines below last nights level for Wabash preferred Of
 points, Union Pacific 7A Atchison 5es Atchison preferred 5M St. Paul 5A , Iowa Central preferred 5%, Rock Island :, and Delaware and Hudson 5, Chicago and Alton and Texas and Pacific Az , and St. Louis and San francisco !. lhs corn- -carrvine railroads were decidedly , the severest sufferers, but that the , weakness was very general is lndlcateo
 by such losse as Delaware and Hudson
 E. I,ackawanna AZ. New York Centra l A. Pennsylvania 3, Chesapeake anc , Ohio 3b, Baltimore and Ohio 3as, con s solidated Gas 5A, General Electric lz , Colorado Fuel 9h, Colorado Fuel pre- ferred r. United States Steel 3A and f general decline embracing the mos v nrominent stocks running from l to = points. S The late rally, which materially mod r filed these declines, was primarily du @ tn tho oversold condition of the market : the> hears having operated on the shor a eide with great boldness throughout s week The prospect of favorap' | hank statement was also factor. Ap q parently the banks have received iron the interior something over $3Oo QUO oi e balance. while the outgo to the treas k urv. including the gold shipment O e s75O GOO and S225000 deposited for trans s fer to the interior, amounts to Sl,olS,ooV k There should be a net gain to the pahks if therefore, of at least $l,5O0,oo0 on LII e week.
 y Now York exchange at Chicago wa g ouoted at 25- cents premium and tn e eub- treasury's daily debit balance a e Inc clearing house is augmented con y siderablv. promising some contrlbuto e +o +ba money market next week. N ;, doubt is felt that the very large llqul
 5,4io, durine the week in the stoc
 r,arket has resulted in contracting tn
 loan account and thus reducing the r$
 serve liabilities. le The railroad bond market was oni
 moderately active and weak in symps ,e thy with stocks. Total sales par valt 1t $3,S20000.
 " United States new fours declined ,f and the old fours and fives advanced m per cent on the last call
 y, SEW YORK STOCK MA RKf f2 as
 Id opening, iIighert, Lowest Quotntio