Evening star., 1901-07-17
Expected Reaction Follows Recent
Calamity Talk
SHARP ADVANCES OF CHANGERS
Good Prices Obtained Throughout
the List
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. July 1.-THE OVERRIDING of
| the calamity talk Of the last few days pro-
duced the inevitable reactionary movement
| this morning. Some attempt was made to
! force a decline at the opening but support
came In and prices were advanced to the
point OF discouraging selling for either ac-
count. The news from the corn belt WAS
encouraging, and there were evidences of
| renewed activity on the part of the bank
ing interests
The granger stocks In which a large
short interest existed, were advanced
| sharply under a.mixed demand. in which
some splendid buying was a feature. The
buying or St Paul was OF the latter char
acter A D per cent advance In Union Pa
cihc was accompanied by rumors of an in
creased dividend. The directors meet to
month. but II is likely that the rate will be
nxed only at the last moment. when crop
conditions. as then exist. can be considered
| IN determining the subject.
The appearance of 200 shares OF North
ern Pacihc on the tape at 1ls, as against
the last previous sale. on June L. at 1856
was the subject of much comment. Coinci-
dentally with the announcement came
rumors of an absolute settlement of all
differences as to the control Of the prop
erty The market rallied smartiy under
the influence of these statements and COM
mission houses took the view that a menace
kof remarkable possibilities had been re-
moved.
Union Pacific interests will be represent
ed In the new Northern Pacific board and
one OF the larger eastern trunk lines may
go IN also. The improved prospects for
harmony In community OF ownership circles
found prompt reflection in St. Paul. Erie
ana numerous other stocks In which spe-
cial movements are expected. The last
named property was advanced under a
good demand. and a dividend on the first
preferred Is said to be under consideration
for early payment.
Rock Island moved up at the expense
OF the short interest and some accumula-
tion growing out Of the more harmonious
attitude of western roads
The Steel stocks advanced under mixed
buying and a further accumulation by in
terests Identified with the management
The strikers failed to close several mills
curing the day and were openly repulsed
by one non-union MILL This fact encour-
aged the belief that a compromise might
take place at any time Strength on both
sides has been demonstrated thus far and
some middle ground may be found upon
which to adjust differences
The money market was steady but
money was in supply fully equal to meeting
the new demands. Indications so far for
the week are favorable to the banks on
the currency movement. and foreign houses
DO not expect to ship any gold during the
week. All of the days news had ten
dency to favor the market and a mild bear
panic ensued I'm consequence. Stocks were
hastily covered and the supply vas limited
The pace was too fast. however and is
not likely to hold. The undertone is bet
ter and the condition of the speculative
mind Is more nearly normal but some OF
the things now being discounted are far
into the future.