The Washington times., 1901-08-13
RULED BY CORN And STEEL
The Stock Market Swayed by the
Crops and the Strike.
Effect of the Government Report
shown in the Railway List-Labor
Troubles Less GIoOmy-Sugnr Re
fning Sancrs IA sharp Decline.

NEW YORK. Aug. 12.-Dealings in the
weeks stock market opened under the
conflicting influences of the agricultural
situation as set forth in the Governments
crop report published on Saturday after
noon. on the one hand, and Of the radical
ly changed conditions in the steel strike
on the other Movements of prices were
fairly logical. The railway list, and par
ticularly those stocks most directly af-
fected by the conceded serious impair
ment of the corn crop, opened at material
declines The United States Steel issues,
on the contrary, responded to the favor
able intelligence in substantial advances.
As regards these two dominating fac
tors in the market situation, it is still
difficult to speak with any degree of GER
tainty. Estimates of the probable corn
harvest derived from the percentages
furnished by the Department of Agricui-
ture, indicated a yield ranging from
1S9S 600 600 to $50, 600 600 bushels. These fig
ures were pretty much in line with the
calculations with which Wall Street has
of late received from the West and, in
deed, for some time there has been little
hope that the Governments figures would
show a yield of much as 1,5cO, 100000
bushels. which until recently had been re-
garded as a minimum harvest.
on top, however, of the Governments
reduced estimates Wall Street is now told
that since the first of the month the corn
crop has become further seriously i'm
paired and that 1t is now idle to look for
a harvest of much more than 1,100000.0 900
bushels. 1t must be said that statements
to this effect are altogether unofficial and
are most decidedly open to question, in
asmuch as the weather conditions in the
corn belt since the first of the month have
been decidedly propitious. and it is i'm
possible to understand in what manner
the crop should have retrograded in the
interval
The grain market, however, and corn
particularly, continued exceedingly strong,
the latter staple opening at and retain
ing the greater part of an advance of =
cents bushel. Somewhat singularly. the
magnificent prospects for a bumper wheat
harvest and particularly for the spring
crop continued TO be ignored today. or, at
any rate, were quite overshadowed by the
attention devoted TO the prospects for the
corn crop.
AS regarded the steel strike. this morn
ing,s intelligence unequivocally en-
couraging. The refusal of the employees
of the Illinois Steel Company to accept
the general strike orders issued by Presi- !
dent Shaffer would indicate that the cause |
of the Amalgamated Association is tot |
tering.
The money market was easy. The re- |
newed firmness of sterling exchange and 1
the large batch of gratifying returns of \
railway traffic were alike virtually ig- |
pnred in the days dealings. London fur
nished lower range of prices for Ameri-
can stocks, but the dealings here for |
foreign account were of limited proper
tions and conducted on both sides of the
market.
Price movements, after the opening,
were exceedingly irregular and trading
fell away materially in volume. par
ticularly sharp decline in Sugar Refining,
which was not however. accompanied by
novel bearing on the property
or the condition of the refining industry,
was the main feature of the market,
apart from the strength of the United
States Steel issues.
In the railway list unusually irregular
appeared Atchison. Missouri
Pacific, and Union Pacific were sharply |
depressed at the opening of business, but
most of their decline subse-
quently. Pennsylvania, st. Paul, South
ern Pacific, and Texas and Pacific were
firm.
The only other important movements in
the market were those noted in Peoples
Gas, which recovered sharply, and in
Amalgamated Copper. which appeared to
be better supported than for a number
Of days.