Evening star., 1901-07-19
FINANCE AND TRADE
Irregularity Chafacterizes the New
York Exchange.
Low PRICES ATTRACTED BUYERS
Rally Thus Caused Stopped BY
Bad Crop News.
GENERAL MARKET REPORTS
GENERAL MARKET REPORTS
Special Dispatch to The Evening star.

Special Dispatch to The Evening star.
NEW YORK, July 19.-The trading in to-
days stock market was decidedly irregu-
lar. owing to the mixed character Of the
days news and the evening up of traders
contractss The opening was lower for a
| majority of the active stocks. but the buy
ing on the decline was good. and prices raj
lied sharply around midday. Later crop
news was an adverse influence, and all OF
the early gain was temporarily lost: The
buying by commissfon houses was slightly
better In character, but gained little in Toi-
Ume.
An interesting development Of the day
was the semi-off1cial prediction that q divi-
dend would shortly be declared upon South
ern Pacific. The buying OF the stock was
confident and a substantial advance was
recorded during the morning. The dividend
declaration Is expected to come in ample
time to meet the interest payment on the
Union Pacific convertible per cent bonds,
which are secured by a control of Southern
Pacific stock. By declaring dividend on
this collateral the Union Pacific would
employ the most convenient method Of
meeting Its interest obligations.
The demand for Chicago and Great West
ern early in the day revived hopes of a
deal for that property as the most lasting
way of eliminating i a disturber of
shortlived. owing to increased offerings at
the advance, but the buying was better
than the selling all day.
The junior Southwestern shares, which
are to participate in the Missouri Pacific
plan, were more active and higher than at
any time Of late
Texas Pacific and Wabash were bought
by Gould and Standard Oil brokers and
were well supported during the duh and re-
dictionary period Of the afternoon.
The strike news was called favorable. al
though there was little surface evidence of
any chanse from yesterday. The hopes of
q Loo ALaA
would be substantial ally. by forcing the
managers to accept their terms in order to
protect their stocks, have all been frus-
trated.
fun point during the morning and sold off
only IN sympathy with the heaviness of
the railroad list. The support under these
STOCKS Is the best ever seen in Wall street,
ana assurances are daily given that the
STOCKS will be protected and that no con-
cesslons will be made to the strikers The
question Of endurance is always uncertain
as to the time necessary to demonstrate
the superiority Of the survivor, but the
STOCK market is Just now threatened with
uncertainty of this character. TomorrOw's
bank statement Is expected to show a gain
to the banks intthe interior currency move
ment of something between $6OOOOOO and
$7.OOO,OOO. IL
Last weeks late liquidation may be Off
set by the new buying Of the last few days,
but the street expects a favorable showing
as the net result oh all charges Import
ance Is attached to the fact that the west
ern banks are sn a. strong position and
may require Tess assistance from New
York in moving the scropS The experience
of late years has been that the local banks
have rarely escaped helping the country
banks. no matter how strong the latter
seemed to be. - do
The selling Of the market during the final
hour was credited to Chicago, revival Of
the corn scare at that center being used as
an excuse for r1ie new selling. Chicago is
said to be heavily short of the stock mar
ket. some estimates putting the total
amount as high as 2JOOO shares, and the
advance in corn is regarded with suspicion
Admitting the existence of the short in
terest, higher prices for corn might well be
part Of scheme to raid the stock in order
to facilitate covering.