The Washington times., 1901-07-16
Government Bonds.
The lowest prices for many weeks were
cachnl n the stock ma rket Yesterday

The lowest prices for many weeks were
reached in the stock market yesterday
morning. The Steel securities went
lower than they ever have sold before
since they were introduced to the public,
and the grangers and many other railway
securities. at their lowest prices, were
off from Is 10 80 or more points from the
best levels of a few weeks ago. Later in
the day there was a sharp recovery all
over the list, but the efforts of the open
ing drive were not all dispelied and the
close was generally at lower level than
that of last Saturday. There is nothing
new in the situation, the news yester-
day relating entirely to the weather con-
ditions in the West, to the Steel strike,
and to the monetary situation, upon
which three factors the market fortunes
depend in large measure. The kilograms
from the corn belt are various in their
nature, depending to a large extent on the
wish of the senders and the recipients,
but the general impression in conserva-
tive quarters seems to be that the
chances for general rains are now good
and that the crop damages have been
exaggerated The monetary situation is
distinctly more reassuring. The public
seems to have lost sympathy with the
steel strikers TO certain extent. and the
street begins to believe that the strike
will not be likely to do the big trust
much damage. Many market people are
saying now that after the great drop in
prices of the first half of the month a
good rally is due and short sale, are
dangerous. Some careful people Will buy
stocks. discrimiratingly, from this time
on. or the declines confident that the
tendency is likely to be upward in many
issues.
The present level Of prices is a very
different one from that of month ago.
The Steel issues are much more attrac-
tive below 40 and 80 than they were above
50 and par. Union Pacific is much more
reasonable below 80 tnan 1t was 40 points
higher. Atchison common, paying per
cent and earning T. is not very unrea-
m he IN
the SOS II was gamble that careful peo-
pie did not care to touch. The pre-
feIred stock selling where the common
did a month or so ago, looks cheap and
SO do Pennsylvania at 14U, and Reading
FIRST preferred at "a. and Erie first pre-
ferred at Go. II seems probable that for
a time the market may be rather dull,
but the trend of prices should be toward
a higher level, especially if the weather
improves Immediately IN the corn and
wheat belts
Mr. Keene is undoubtedly on the bull
side of the market for one reason or an
other He and his lieutenants are having
themselves quoted as bullish. He said 10
a reporter on Sunday that he believed the
crop damage stories to be largely exag-
gerated- and yesterday Mr.. Taylor said to
a friend that in his opinion stocks are A
purchase from this time on Mr. Keene's
contract with Mr.. Morgan to hold up the
price of the Steel securities has not vet
run out. and his belief in higher prices
throughout the list may possibly have
something to do with this, but even so it
is not a bad thing to be on the same
side with Mr.. Keene if one can be sure
which way he is trading. There We're evil
dences, too, that Messrs. Hartman
Rockefeller, and Gould were supporting
their respective securities yesterday morn
ing. which is encouraging, as these people
did little II anything tc prevent the break
up TO yesterday. Londons attitude yes
terday was instructive. 1t contributed 10
the break in the morning by selling some
thing like 5000 shares of stocks, but