The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-07-26
new York stock Market

New York, July 24.-The dullness
and the feeble fluctuations in prices in
today's stock marke reflected the flag
glng of speculative interests. which is
usual after an active speculative move
ment has expended itself has beer
followed py reaction. By this morning
the fact mad become quite obvious
that yesterdays violent in the
prices of stocks had been principally
based on the relapse in the grain mar
kets, rather h on any actual news
OF the grain crops. The consequence OF
this revised view Of yesterdays move
ment was some renewed miseiyinps
lest yesterdays reported benefit from
rains had been overstated. These mis-
givings were accentrated by published
estimates from exhaustive inquiry
showing neavy damage already infict-
ed upon the corn crop.
The sharp opening declines, however.
met considerable effective support and
substantial rallies followed. The weak
ness vas again renewed in the stock
market when the grain markets OPEN
ed and showed notable strength for
both corn and wheat, the resulting de-
ci1nes in stocks exceeding those at the
opening and extending from the grang-
ers into other portions OF the railroad
list.
The tendency of stocks to rally from
declines showed the growth OF a feeling
amongst the spectators that, ever cor
ceding substantial damage to the corr
crop, the decline already effected in
prices of stocks has fairly discounted
this damage.
Another party argues hat prices of
stocks are still unduly high, compared
with previous years, Notwithstanding
the wide declines that have occurred
from the vQar'G high 1aSraI THUG fh1rn
is room afforded for two c~ontending
parties in the speculation and the ir-
regular fluctuations in prices which
constitute what is called a traders
market.
Money market considerations again
loom into some prominece as a factor
in the activity Of speculation. 1t is
realized nat the heavy liquidation in
stocks for the last two weeks had
been in preparation to meet the crop
moving requirements. n not renewed
speculation. The ansfe of funds
from New York through deposits at
the ~sub-treasury is the signal that crop
requirements have begun. The neces-
sity must thus be recognized OF adjust
ing speculative demands upon the
money market to this prior and more
urgent requirement. The lack Of def
mite conviction regarding the outlook
was evident from the confused and ir-
regular movement OF prices.
An attempt was evident to lead an
upward movement. by bidding up Union
Pacific and the Wabashes and there
was some show of drmness amongs
the southern railroads and seaboard
soft Goa carriers; but the market yield
ed at the last to renewed weakness
when the room traders attempted to
take their profits and the lowest prices
for the grangers and Paciics were
made slightly before the close, which
was feverish and irregular. At the
lowest declines were: Missouri Pacific
3A, ST. Paul 3N, Union Pacific 81, At
Gibson rs, Kansas and Texas preferred
%, while in the general list declines Of
l TO . points were very general
The railroad bon market was duh
and heavy. Total sales, par value.
were 81. 315. 900. United States new IS
declined u per cent. OF the last CALL
The total sales of stocks today were
500, 900 shares.