Evening star., 1897-07-26
London Selling Causes Early Slump
in Wall Street Prices.
EFFECT OFFSET BY LOCAL BUYING
Weakness Abroad Credited to Fail
ure Of Currency Legislation.
GENERAL MARKET REPORTS
ecial Dispatch to The Evening Star.

Il ecial Dispatch to The Evening Star
NEW YORK. July 26.-Disappointing quo
tatons from Londcn and concerted action
on the part OF the room were instrumental
IN FORCING a sharp recession in prices dur
ing the opening hour this morning Lon
don's selling was attributed to the failure
OF the Senate to act upon the currency
message.
The sales of st. Paul for foreign account
aggregated 5000 shares but the local buy-
ing was superior to such selling twice over
current estimates to the earnings of
this property are equal TO something over
az per cent on the stock.
The predicted advance in the dividend
rates is practically assured An advance
of , cents a bushel in wheat at I,iy,rDool
and continued evidences of a foreign de-
mand for cur surplus crop are factors en-
tneiy beyond the Influence of profes sionaI
stock jobbers. The foreign advance in
wheat was offset during the day by local
selling, based on an increase in the visible
supply. This increase. while reducing the
option price of wheat. added TO the prices
OF the grenger railway shares because Of
the prospective increase in tonnage.
The crop situation is beyond everything
else the dominating influence in the secur-
iiy markets. The return of prosperity to
the agricultural centers means improve
,nent in practically every industrial center.
The market for manufactured articles in
the west has been closed for several years
solely because of the poverty of that sec
tion. Large crops and fair prices now seem
assured. and confidence in that locality is
increasing with each succeeding day.
Rock lslaitd. Burlington, St Paul and the
low priced Southwestern roads are likely to
lead in the activity resulting from the crop
outlook. Already these shares have made
substantial strides toward Improvement.
Earnings from now on are likely to eclipse
all previous months of tie year, and for
every increase added value will be reflected
in the stock market.
These shares, and practically all of the
active issues now attracting attention.
in charge of certain experienced stock
market interests. No material declines are
likely, therefore. except for unusually
strong reasons. Surprises are being guard
ed against. and every decline occasioned by
traders raids or speculative profit-taking
is followed by new and substantial buy
ing
A second group of stock. Eamely the an
thracite coal shares, are being pushed for
ward as opportunity offers. the buying of
these shares especially good today.
large commission orders being conspicuous
The Reading issues seem destined to have
their periodical advance. and rumors Of
a gigantic coal deal are being used to fur
ther the movement.
The higher-priced dividend-paying MEM
hers of the group were also in good de-
mand
The industrial issues were active but at
times extremely irregular. American To-
baccco was the feature of the trading in
this department. a sharp advance being
recorded from a low opening level.
Sugar was strong and weak by turns and
void of significant feature.
The engagement of SJUD.000 from the SUBJ
treasury was announced, but had no spe-
cial effect on The course of the market.