Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-07-01
Speculative Fears Affect Early Wall
Street Dealing.
STEEL STOCKS AND THE STRIKES
Generally Unsettled Conditions in
the List
GENERAL MARKET REPORTS
ecial Dispatch to The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK. July 1.--American railway
shares were inactive In the London stock
market this morning. but prices showed
advances of u to ~ per cent as compared
with our closing figures OF Saturday.
Atchison common, Union Pacific and
Southern Pacific were the strongest fea-
lures in that market.
The local stock market at the opening
showed the effect OF speculative fears. due
to the unexpected failure OF a national
bank in Buffalo, n. Y. and also to labor
troubles in the iron and steel industry
Spectators were inclined to believe that
the latter trouble might spread. and finally
end in a contest between all the constit-
uent companies of the United States steel
corporation and the Amalgamated GD
Workers Association.
This trouble. IL ii should occur. would Of
course, mean a settlement Of the question
of recognition or norl- recognition of the
above association, and might broaden out
into a very bitter struggle. This is only
what the average Spectator thought when
he sold stocks this morning. The actual
situation. however, with regard to the shut
down ordered at some of the union steel
mills is no more serious than is generally
developed at this season Of the year and
this no doubt is why there was so little
weakness shown by the United States steel
stocks under the pressure of bear sales in
the carry trading. Tennessee Coal and Iron.
on the other hand. sold off per cent.
In the railway list our prices were not UP
to those OF London. st. Paul lost almost
two POINTS. Illinois Central over per cent
and most of the other active railroad is
sues showed over a point decline in the
first hours trading. After that time, how
ever, the market Quieted down and some
rallies occurred
Around noon persistent rumors of an inn
f.sr
troubles were circulated, and II was also
Stated that the clearing house committee
was in session, but the latter statement
was quickly denied by the manager Of the
Clearing House Association, who stated
that no meeting had been he'd. none had
been called and that there was no inten-
ton of holding or calling one.
In regard to the rumors about an i'm
pending bank failure, well-informed bank
in the street say that the local situa-
ton is thoroughly sound and that they be-
iieve these sinister rumors have been PUT
out to facilitate the covering of short con
tracts by the bear traders. After the de-
livery hour there was a little disposition on
the part of the bulls to work prices up:
business was extremely dull. however. but
pressure to sell stocks on the rally was
not in evidence.
Atchison shares held strong all day and
there is said to be good buying OF both
common and preferred stock in anticipation
Of a good move in both classes of this stock
just soon as the corn crop is considered
to be reasonably safe.
Central Railroad of New Jersey declared
the usual quarterly dividend of IL. per cent.
Some people had looked for an Increased
dividend on this stock to per cent basis.
but the usual declaration today brought
out no disappointing selling movement.
Sugar stock was extremely dull all day.
but the price held firm and a good adj
vance IL, th's speciality at this season Of the
year is predicted by some close observers
In the street