The Washington times., 1901-07-02
DECLINES AT THE OPENING
Unfay0rable News and the Weather
Cause DepressiOns.
Little Speculation. However, Indulg-
ed In on the Mnrket-NickeI Plate
an Exception TO the General
Tendencies A Moderate Rally.


NEW YORK, July 1-Unfavorable news
and the prevailing depressing atmospheric
conditions caused moderate declines in
the stock market today. Speculation was
very duh, however, for the attendance of
brokers and their clients was small, as
everyone who could tried to get out OF
town in search Of relief from the heat.
The strike of about 10000 United States
Steel Corporation employees. together with
the unexpected bank failure at Buffalo,
were the early unfavorable features, and
as the morning advanced they were re
enforced by corn and cotton crop scares.
which were responsible for sharp ad-
vances in the prices OF those staples At
the same time an uufounded rumor was
circulated through the street that meet
ing Of the clearing house committee
would be held to consider some new un-
favorable incident in the banking situa-
tion. These reports met with prompt
delials in authoritative quarters.
Notwithstanding the fact that today
begins record-breaking dividend and in
terest disbursements, between Sl25, 900
and $l20,oo0.02e, ther were some appre-
tensions concerning the money outlook
for the immediate future. a very consid-
cradle part of this amount will be sent
to the interior. and, with the approaching
demand for cash TO move the crops, it
is likely that the return movement viii
hardly be rapid enough to contribute
pronounced ease in money rates for some
time to come.
London bought Union Pacific and the
Atchisons. but sold the remainder of the
list, including the Steel issues. The total
business for this account was about 10000
shares. with sales slightly exceeding pur-
chases. The Steel issues each declined
rather sharply on the strike news. but
Pittsburg advices were to the effect that
the movement would not grow and set
tlement Of the difficulty. without serious
Ill effects, was to be expected; IN tact. II
was said that z shutdown Of the mills
involved was rather gratifying than 9TH
erwiSe at this particular season SpeCula-
ton in the common Steel shares was also
somewhat depressed by the uncertainty
regarding the dividend question, which is
TO be officially decided tomorrow
In the railway list. st. Paul. Rock ISL
and. Union Pacific Southern Pacific Mis-
souri, Pacific. and the Atchisons declined
from l TO points. on scattered realizing
and sales for the account of bearish pro-
feSsional traders.
The Industrial quarter of the market
shared in the prevailing depression. with
declines extending from ! To > per cent.
Tennessee Coal and Iron lead the down
ward tendency, on the failure 10 corropo-
rate the report that Mr. Frick will enter
the directorate. An exception TO the trend
of the market We're the Nickel Plate is
sues. which led the specialties in activity
and scored sharp advances. the common
and second preferred selling up TO new
hi2h-priced records. Reports OF favor
able dividend action and the small supply
of stocks rendered il easy to bring about
the improve ment.
Following the early decline there was
q rally of moderate proportions. but the
buying was incOnspicuous and the market
became decidedly dull and uninteresting.
Brokers were not disposed to encourage
trading. and this contributed to the hes |
itatIng character Of the price movement. |
Call money loaned up to per cent.