The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-09
BAD CROP SITUATION
AFFECTS STOCK MARKET.
BEAR NEWS ACCOUNTS FOR
BREAK IN NEW YORK.
Bulls in Steel Disappointed-Ciose
:; Generally Weak After Small
Rally in Rock Island
and q Few Others.
REpus1rc SPECIAL

REPUBIIC SPECIAL.
New York, July &-American stocks in
the London market opened idle and rather
heavy without much change eince Wednes-
day. but broke badly in the later trading in
sympathy with the lower prices In New
York. and closed practically at the worst
prices Of the day. Tho general market was
heavy. but eonsols were fairly hard. In spite
Of talk Of new war loan. Money was easy
IN London. and there was q rather moro
tranquil feeling IN Berlin, where It was gem
eraly believed that the recent financial
troubles had run their course
In the local market there was a sharp
break and . good deal OF bear news to ac-
count for Il. Tho crop situation was an Inn
portant factor, and, although guesses at the
state OF the corn crop are VIGOROUSLY wild.
It seems to be the general opinion that a
large part Of the crop is irreparabIy dam
aged by the drought
Tho break In United States Steel was
somewhat OF a disappointment to the rath-
er large bull account. In view OF the fact
that It was officially announced that the
last dividend payment waa specifically
quarterly. and the moro hopeful news on
the labor situation.
Chicago was very heavy seller of the
steel stocks and grangers. and there is rea-
non to believe that the controlling interests
In ROCK 1SianQ uSnleneQ tnear commitments
very materially. probably in order to main
tain their position in that road The Bank
Of Commerce loaned some A.000,000 in the
room, easing the money rate In the early
part Of the day to per cent and check
ing the decline In the general list some
what. but later there were a renewed de-
mand for money and a continuance OF the
selling.
It seems probable that some Of the banks
have at any rate shifted loans during the
day, and there can be no question that
money and crops are the dominant factors
IN the market outlook. The cutting of
rates by Atchison has been a serious factor.
but 1t may prove in the long run to be of
benefit to all the Pacific stocks.
The movement is directly against the CHI
cago Great Western. which has been getting
something like 10 per cent of the business
and providing only . per cent of the facii-
lies. The latter road is unquestionably the
disturbing element in the rate situation, and
# looks as il it would be necessary for one
of the big systems to secure control OF 1t
to obviate further trouble OF the same kind.
Crop reports are rather contradictory, and
the worst Of them come from Kansas, where
X appears that corn has undoubtedly suf-
fered considerable damage.
The buying in the United States Steel pre-
ferred on the decline has been of very
good Character. and houses possessing the
best inside Information are buying stock.
They say that at these prices with a 4 per
cent common stock behind them, Steel pre-
ferred is as cheap as anything in the room.
London sold early, but: bought little later,
and the sentiment over there seems consad-
erably more tranquil than it is here.
There were some small rallies fh places
notably in Rock Island, but the close was
last half hour was mainly on traders COW
ering shorts. The easing OF Of money; how
ever. to per cent was q satisfactory fea
ture and the scattering realizing by com
transactions were larger than for some TINT
past.