The Montgomery advertiser., 1901-07-21
WALL STREET REVIEW
CROP SITUATION A DIscoURAa-
 ING FEATURE.
The Closing Prices Were Near the Lowest-Buying to Cover Some what Modified the Pre-
 vailing Weakness.

NEW YORK, July e0.-Anxiety over the western crop situation overrode all other conslderations in the stock market today and carried prices down through the att tempts of the inside interests in certain stocks to support the market. The clos Ing prices were near the lowest. The only
 modification of the weakness was due to the buying to cover and take profits by the bearish traders who saw handsome proftS that accrued as result of the de- cline yesterday and today. These bear fsh operators have been supposed by
 Wall Street to be resident chiefly in the
 West and to be concerned in pulling ing gained force in Wall Street today that this double campaign has more basis in fact than was believed yesterday and the western contingent received large re- Inducements from eastern sources. The supporters of the market made headway against the bears in the first hour, when bears to cover. There was resumption of operations in Southern Pacific and that stock as well as St. Paul and Missouri piahf pas,fc srss.,vs left well oyer lay immediately developed. based on the reports of the new damage to the corn crop, and reports of extensive dam needed in Wall Street. Another attempt was made to rally the market on the strong bank statement-a large loan con increase in cash to recuperate the sur plus of the banks. However. higher bids for stocks brought out such large offer ings that the bulls were obliged to desist and prices fell by rapid stages practically up to the close. St. Paul fell under last night, Rock Island AZ. Northwestern, s: Atchison 3ss. preferred 2%. and others of well as leading southern and trunk line railroads and specialties from to points. Some of the less prominent stocks Steel stocks were largely dealt in. but moved narrowly and were supported. the common losing only X and the preferred closing Mc higher.
 This week opened with a deluge of liqui- dation of stocks induced by the unlocked for rupture of negotiations and calling of a strike by the members of the Amalga- mated Association of Iron, Steel and Tin workers. The shutting down of some of the Anthracite mines on account of a flremen's strike was also a depressing severe declines and the resulting losses and impairment of margins and resources serious consequences were threatened by this renewed demoralization in the stock market. The realization of this was ap- parent in the effective measures taken to support the market by the two dominant groups of capitalists, whose quarrel pre- cipitated the Northern Pacific corner and the May panic. The mere fact. which was made patent to the speculative pub llic, that these two powers were united in ate relief to sentiment. Early knowledge of the coming Northern Pacific announce ment was clearly apparent in the enor- nous buying all through the list by in- not until just before the close that the announcement was given to the public. One of the detrimental effects of the slump in American stocks was it's unset ting effect on the London stock market where fortnightly settlement was In progress. It is striking o1ample of the new importance and influence of Ameri- can financial affairs. That a decline in the shares of an industrial corporation in New York should result in a drop in decade The immediate explanation is found to be in the fact that the course of United States Steel stocks aroused dis trust among London bankers and money was difficult to secure or the carrying over on these stocks. In fact, American securities as a whole were somewhat af- fected. so that even discount rates hard ened during the pendency of the settle ment. Heavy blocks of the United States Steel stocks have been placed abroad as the result of the recent foreign visit of the foremost capitalist in the corpora- ton syndicate. but they came back in a stream and weak as a result of the strike. The drop in consols was supposed to be dicate, which. 1t will be remembered, re- ceived liberal allotment of the last is- sue. H5
 This operation was naturally resorted change market to the selling in New York by British holders of American securities. The impression produced on the London market, which led to some thing resembling a public renonstrance from Lord Rothschild on M1hnay, was doubtless an additional motive towards the action taken to support the market and check theNiecline It made it evident also that part of the heavy liquidation of last week was due to preparation for