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Show HN lH After Violent Drops and Erratic B Advances Market Settles Hj Down Fairly Well. BIG DEALS HELPED TO STEADY THE SPECULATION H Earnings of Steel Trust Were R - Unusually Large for the M' Last Quarter. I1 NEW YORK. July 31. The Important ! financial and railroad news which he-' came known .last week went far to explain ex-plain ihe recent turmoil and unsettlo-ment unsettlo-ment In the stock market and served, at the same time, to relievo It by the sot-1 sot-1 tlement of a threatening situation. The surrender to an International syndicate headed by Kuhn. Loeb &. Co., of holdings accumulated by tho so-called Pearsons syndicate to the formation of a railroad combination, reaching from tho Atlantic to tho Pacific, transformed the speculative specula-tive position. The transaction In Its first . bearing, relieved the stock market of a necessity for forced liquidation, such as the Tuesday stock market gave an example of. Rapid Fluctuations. The selling out of loans to the hard pressed holders of ihe stock designed to form the combination threw the market into demoralization that day. An excited rise In price of corn raised the temporary tempor-ary apprehension that prospective partial par-tial failure of that crop and fears for tho country's general credit position were Involved In the acute depression of tho stock markot. While the trouble which overtook the ambitious project for the formation of a new railroad combination might be traced primarily to the market depression grow- Iing out or general causes, tt was recognized recog-nized that probably It was much aggravated ag-gravated by tho attitude of powerful groups whose Interests were likely to be Impaired by the proposed now project. The obvious absence of any protective measures in the stock market for some time past was explained by the unwillingness unwill-ingness of these opposing interests to afford af-ford support, for the extrication of the embarrassed party. The moment choson for the relief of the perilous stock market mar-ket situation was the moment of surrender surren-der of the aggressive new projectors in the railroad world. The antagonisms Involved In-volved lay not only In the railroad Held, but In the industrial as well, touching some of the most powerful financial in-. in-. crests lu existence. Money Situation. The surface showing of improvement in the banking position was allowed Its due inlluence on sentiment. The private settlements set-tlements of the week Involved placing of large blocks of securities abroad and there sprang up an Important demana in the open market for foreign account. The foreign credit account of the New York money, market was correspondingly strengthened. The Quarterly earnings of the United States Steel corporation were unexpectedly unexpect-edly large and the heavy decrease In unfiled un-filed orders while significant of shrinkage shrink-age In trade activity, was viewed In the light of the reduced prices at which orders or-ders must now be booked. Reports of agreement by the principal copper producers pro-ducers to curtail output were revived. |