The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-31
AMERICAN STOCKS SLUMP
IN THE LONDON MARKET.
STEEL SECURITIES SAG UN.
DER LIQUIDATION.
Monthly Government Crop Report
Likely to Prove an Important
Factor in Speculation.

REPUBLIC SPECIAL.
New York, July so.-The London market
was exceedingly dull, and American stocks
lost ground fractionally in neglect The only
strength shown was in the steel Stocks and
this was lost as soon as the New York
market opened. Consols maintained their
strength at s3Ao The settlement was pro-
ceeding satisfactorily. Money was easy
In the local market an exceedingly dull
tone developed from the outset, and was
maintained throughout the best part Of tho
day. The steel stocks sagged under moder-
ate realizing Of Western long stock and
pressure from traders. who took advantage
of the delay in the settlement pending re-
garding the strike to depress the market.
The granger stocks We're dull, but by no
, means weak. and some attempt to revive
bear sentiment on return of the drought
in the corn belt was unsuccessful.
Union Pacific was firm on a revival of
rumorS indicating an advance In the divi-
dend- There is no reason, however, to place
any credit In these. as it has been almost
oflciaily announced that no advance will
be made at this time. The soft-coal stocks
showed strength in the early trading, and
IN spite of the prevailing dizziness main
tanned it very fairly throughout the day.
The proposed combination of soft-coal in
rerests and the development of the export
trade had q good deal to do with the
strength
The weekly Government weather report
lnulcates that the rain has saved the late
corn in the West. II is taken for granted
that the early crop was ruined before the
ram came. although Nebraska, Kansas. Ok
lahoma and Missouri, the States most af-
fected, Will be able to save quite a. little
out of the wreck. Iowa should do better
IMAM mad been expected at one time, ana Il
appears that the Middle Atlantic States and
the Northwest have suffered but little
damage
Government Report Waited For.
The prospects of the wheat crop are like
| ly TO be an important factor in the market
before long. although there is some Gisposi-
| ton to hold off until the publication of the
| monthly Government crop report on lAu-
gust 10 It is probable, however that the
shrewd forecast. of that document some
time beforehand. as they usually do.
| Wabash is pushing ahead with its PittsburE
| extension. and apparently the Pennsylvania
interest Is not pressing its opposition The
Union Pacific earnings are remarkably good
| months ending June So published to-day
| was responsible for some Of the recent
| strength IN the stock
Illinois Central is making an exceptional
| ly good showing. and it is within the mari,
| 10 say that IT has an earning capacity of Il
| per cent on the stock
The close was exceedingly lu)l h,,t NV ~,
means weak. Traders raided Atchjson and
| Union Pacific on revived rumors of further
crop damage. which, however were not be.
heved, The steel stocks rallied on the con-
.thdlctlon OF the reported hitch in the
s.rike settlement. Money was easy all day
| from to 21s per cent The volume ~
! trading was smaller than for a long time
past. ana the market suffered from tho ah.
| sence' Of outside Interest.