Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-07-10
Stocks Were Decidedly Weak Under
Heavy Selling,
PRESSURE FROM Big INTERESTS
Whole List Responded to Drive
on Southwesterns.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, July 10.-Higher prices in
London and renewed evidences OF support
resulted in a strong market during the
opening hour this morning. In spite of
the higher prices the market seemed to
lack snap, and all efforts to attract a pub
lie demand failed. The buying was not OF
the best, and later in the day the selling
came from strong interests and was ex-
tremely persistent
Brokers usually employed by Standard
OIL interests were free sellers throughout
the day. The support Of the morning was
withdrawn and traders sold literally on the
bad crop reports, particularly those from
the corn belt. These reports were empha-
sized. and in some instances exaggerated
but the market was In no condition to re-
sent the selling, no matter what the in
SEPARATION.
Rumors of an extra dividend on Louis
vile and Nashville helped prices earlier in
the day, and some effort was made to
create the impression that this extra pay
ment would be as much 2 per cent,
thereby putting the stock upon a per
cent basis for the year. Just what basis
OF fact there could have been for such
rumors does not appear. unless the SPLEEN
did earnings of the property Were expected
to be paid out as earned.
The announcement that only the regular
dividend had been sanctioned forced de-
cline of per cent in the property. and
attracted new selling throughout the mar
ket. On this break many issues sold down
under the low point Of Monday. Union
Pacific broke par under steady selling, and
all the Georgia roads were under pressure
from both accounts.
The meeting of western railroad officials
tomorrow is relied upon to reach an i'm
portant and effective agreement for pre-
venting rate cutting. 1t is officially an
nounced that Atchison will postpone its
cut for an indefinite period and try to find
way out of the difficulty which will dis
pose of the evils of secret tariffs.
Atchison issues were weak in sympathy
with the general market, however and no
special effort was made to force them to
the front. AS a matter of fact the COM
munity of ownership plan. in it's present
state, seems to be quite as much fair
weather device as all the gentlemen's
agreements which preceded 1t.
me southwestern group was sensitive to
the crop reports from that section. most
or which were unpromisng. The fractions
were strong during the morning but they
later in the day. The industrial depart
ment was weak also, although not init
mately concerned with crop developments
at this season of the year
The fact that the whole market is weak
together under pronounced pressure in a
single group indicates very clearly that
there Is underlying it some condition, appli-
cable to all shares alike. that is not salts
factory. The future is likely to confirm this
view, and to show the real cause of present
heaviness to have been the money market.
The banks are not in position to finance
big speculative movement. no matter how
good the news. Liquidation must precede
sustained activity as a matter Of absolute
necessity. The most that can be hoped for
is that the process will be gradual and pro-
longed.