New-York tribune., 1901-07-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.
'Ex dividend.

There was a substantial improvement in STOCKS
yesterday. The only notable exceptions were the
shares of the United States Steel Corporation
These issues were kept from advancing py the
strike of the steel workers. but they displayed a
degree of resistance to the adverse clrcum-
stances in their own case that was not a little
surprising There was distinctly less of dis
position to sell the Steel stocks short. In fact
many short contracts were closed on the theory
that any favorable turn i'm the strike might, and
probably would result in a quick recovery in
these stocks The remarks of officers of the con-
stituent concerns IN the United States Steel Cor
poration affected by the strike implied belief
their part that the strike would not he pro-
tracted and would not reach the proportions pre-
dicted by the leaders of the men who have quit
work. AS for the labor troubles in the anthra-
cite coal regions and in other quarters. the i'm
preston seemed to be that they would be terrni-
mated without serious consequences. A curtail-
ment Of coal production at this time, neverthe-
less. would be likely to bring about an increase
in prices. stocks are comparatively small
The news from the regions in the West where
the most damage to the growing crops had been
reported was more favorable and accounted
chiefly for the betterment in the stock market at
large. What appeared 10 be trustworthy ad
vices were that the reports of injury to corn and
oats had been considerably exaggerated, while
an abatement OF the killing heat, with rain in
some sections and promise of it in Others led to
the hope that the limit OF the harm had been
reached. 1t IS idle to make light of the import
ance of the crops-to say that the railroads are
longer dependent on them The crops are-and
long will continue to be the mainstay of the vast
Western railroad systems and their Importance
is likewise great to the connecting lines to the
seaboard. 1t is all very we'll to say that 1.-The
country has grown up to- the Western roads,
but 1t is the products OF the earth that have
built up the Western country. and they must be,
directly and indirectly. Its chief support and in
turn, the support OF the railroads The effect on
railroad stocks of a threatened partial failure of
the crops of corn and oats has been shown in the
last ten days. The crops figure to an enormous
extent in the exports OF the country. Without
them the United States would not be able to
maintain the balance of international trade In
it's favor.
The market retained It's strength fairly to the
close In the latter part OF the day there was a
decrease I'm the volume of business. This was
something that was regarded with satisfaction
as IL marked decline in the selling movement
and partial restoration at any rate. of conf
dence. The Generalization in stocks having
ended. there a development of ease in
money. There certainly is an abundant supply
OF funds for the present requirements of the
STOCK market ana when change in this par
ucular will come it is difficult 10 determine The
flow of money TO the South and West to handle
the cotton and grain crops will not fully set in
for several weeks, and in the opinion of bankers
1t will not attain as large aggregate as it did
last year, for the that the deposits in the
Southern and Western banks far ahead of
the deposits at this period in 1900 The loans of
the New-York banks have again materially
tracted this week. and the banks have also
gained further in cash. so that their position is
very strong. There may be additional special
shipments of gold to Europe. but. if So there will
te no significance in them. as they will not re-
fleet the condition of foreign exchange.