The Washington times., 1901-07-10

The steer issues DiSpiny EIrmeF
Tone-St. Paul strong Feature
Reaction From Afternoon slump
Led by Louisville and Nashville.
NEW YORK. July a-Therc was very
general recovery in the stock market to-
day on the failure Of some Of the more
unfavorable reports Of yesterday TO as
sumo definite form. Interest chiefly CEN
tired in reports Of the condition Of the
corn crop. which continued, however to
be disturbing. No rain or indications Of
moisture were visible today in the corn
States, and the price OF that staple eN-
perienccd a sharp advance, owing TO the
comparatively poor outlook
The same unfavorable weather condi-
tions were reported in the Southwest and
the outlook for the growing cotton crop
was also said to be somewhat Impaired. \
more cheerful view was taken OF the mon
etary situation, and the call rates ruled
easier than yesterday II is 10 be noted.
however. that the Sub-TreaSury in two
DAYS has gained upward Of Sl,5oo.o0 from
the banks
The opinion prevailed that the United
States Steel Corporation strike difficult
ties would be adjusted by MvsSrs, Schwab
and Gary in the very near future. and
pronounced. This view was reelected by
an improved tone IN the market Tor the
Steel issues. which displayed more re
sistance than at any time since a strike
was talked OF. Officers OF the Steel Cor
poratiCr contend THAI the strike is of no
great Importance. and does not and viii
not greatly affect their business.
K was reported during the morning that
the threatened Southwestern railroad
rate war viii he averted hy the Atshisou
Withdrawing the notice Of reduction \
meeting OF traffic officials Of Western
lines viii He held on Friday 10 consider
the situation. While il is believed the
Atchison Will maintain its present att
tude up to the last moment, ii is contend
ed that there is too much at stake for
that company to wage a war that win
result in a general decentralization of tar
IFS.
The market opened heavy with con
siderable realizing that produced the low
est prices of the decline. Early quota
tions showed losses extending from I to
2Iz per cent. The weakest features were
Baltimore and Ohio common, Southern
Pacific, Louisville and Nashville, Norfolk
and Western. and among the industrials
Tennessee Coal and Iron.
London sent lower prices in sympathy
with last nights closing of this market,
and was seller of stocks here TO the eX-
tent OF about 5000 shares. Later the
arbitrage houses bought moderately, tax
ing in all something less than 10,000 shares
and buying the Atchisons in particular
The weakness of Louisville and Nashville
was attributed to realizing sales made in
expectation OF an extra dividend, which
insiders did not believe probable.
The liquidation cCcsed in the first hour
and prominent trad had no difficulty in
bidding up prices around the room. They
were assisted by bear traders. who cover
ed their short commitments, while, as the
day ao,-:-'aa some very fair buying was
reported by commission houses. st. Paul
was a notably strong feature, and ad-
Vanced so easily that color was given to
the belief that yesterdays decline in the
stock was partly due to manipulation.
IiilGo2S Central was also cOnSpicuOuSly
strong on the announcement of subscrip-
ton privileges for stockholders. Rock Isl ,
and was slow to share in the recovery
and was heavy on what appeared to be
attempt to force LIQUIDATION. Balti-
more and Ohio common was another weak
stock. without any definite news to ac-
count Tor its tone. International Power
continued weak on the failure of the
opening OF the Rogers Locomotive Works
sale
The industrials were comparatively neg
lected and moved within narrower range
of fluctuations than the railway shares
In the afternoon the market became
somewhat dull and reactiOnary and the
high prices Of the recovery We're shaded !
on moderate offerings. Under the lead /
erShip OF Louisville and Nashville which 1
advanced more than 6 points from the /
lowest of the day, on the report Of an in |
creased dividend, the market hardened /
and the volume Of trading increased. |
Other especially strong features were the /
Steel issues.