The sun., 1901-07-25
FINANCIAL AND COMMERCIAL.
WEDNESDAY. JuIx "A

"WEDNESDAY. July u
The speculation in stocks to-day va, ~.
narrowest in many weeks. Total tran.aa'
tions we're less than 500, 900 shares. and nes,,.
q third Of the business was In three .,ool.
VIZ. Southern Pacific. Union Pacific ana
Atchison. The first named was the Isadsr =
respect to activity and was cxception.n.
strong throughout. In the late trndin. !,
declined In common with the remainder q,
the list. but sustained a net loss OF les. ,h..
q point. A already noted In this coh,r,,
there has been persistent buying OF sou,b'
ern Pacific for several DAYS past Tbi.
would seem to indicate a belief on the ns,,
OF the buyers that the stock will shortly \.
placed upon a dividend NJ basis. now
over II is to be noted that the Southern p,-
CLIO road enjoys an exceptional position a.
compared with some Of the other tran.con-
tinental lines OF traversing sections OF IN.
country In which crops have not been I'm.
paired by unfavorable weather. Another
advantage which the company has Ia N.
Introduction OF oil as fuel in conseauenc.
OF the discovery OF large deposits OF mineral
oil. both In California and In Te1ns ~
change will result in q saving OF at least q
third In the fuel account of the companies
that are substituting oil for coal
The speculation as a whole Il still unds,
the influence OF the crop situation. To-day's
advices from the corn belt and from a portion
OF the spring wheat country were connictine
Private advices from Chicago were in the main
az distressing In their character a. at any
time. At the same time. some OF the oldest
and most conservative dealers in grain. who
have the most extensive facilities for collect.
ing information. still insist that the extent
OF the present damage Ia grossly exaggerated:
and thcy also had sdvices OF heavy rains in
certain localities and Of lower Temperatures.
These last circumstances were corrob GRATED
to an extent by the daily map Of the Govern.
ment Weather Bureau. The corn market,
though strong. did not nuctuate widely, and
Western operators were not aggressive sellers
Of stocks until the last hour. Untn that
time the market was in the main steady, At a
recovery from q rather sharp decline at the
opening. Prices have apparently touched
level that attracts moderate purchases by
actual buyers. and also by some Of tho more
important interests. At the early decline
support was obvious in Union Pacific and /.
Atchison.
The professional element continues to
bass its operations from hour 70 hour upon
the dial in the wheat pit Of the Produce *
change. which indicates the fluctuations
in the prioe Of that cereal. The fact Is now
pretty well established that Chicago specu-
lators take advantage Of this situation to
influence the course Of local trading on the
Stock Exchange. thus demonstrating again
the ability Of those SPECTATORS TO get the
best OF their competitors In this market.
thA Tnin a. Ia~
cally all the ground II gained yesterday.
and though IL rallied sharply the improve
ment was subsequently, lost. Atchison on
the other hand, though II closed az per cent.
lower than last night. retained moro than .
third OF yesterdays gain. st. Paul. in which
the dealings were only half as largo as yester-
day. retained. Notwithstanding a loss Of
81 per cent. the same amount Of improve
ment that Atchison did. Missouri Pacific.
on light transactions. made similar show
ing Tho remainder Of the railway list was
comparatively neglected. and in only one
stock other than those named did the transso-
tions exceed 10. 900 shares That stock was Wa
bash preferred. Both issues OF the Wabash
company advanced sharply In the early
dealings presumably because OF evidence
that the company will obtain without further
dnicilty an entrance into Pittsburg.
The dealings in the United States Steel
stocks were on about the sans scale as yes
terday. The market for them showed ex-
ceptional frmness. and they closed only
slightly lower than yesterday. The only
noteworthy decline in the Industrial list
was in Amalgamated Copper. on the announce
ment that a suit had been brought by one
Of the opponents OF the company with the
view OF having the organization declared
illegal Consolidated Gas was In demand
at advancing prices Other less active is
sues that proved to be superior TO the final
tendency OF the market were Pressed Steel
Car preferred and. in the railway list. Nor
folk and Western and st. Lawrence and
Adirondack.
The Sub-Treasury was debtor at the
Clearing House this morning TO the extent
OF over 5000 900. reducing the amount ab-
sorbed by that institution from the banks
last Friday to about $3.50. 900. Foreign ex-
change was easier. owing to the resumption
OF comparatively heavy purchases OF bread
stuYs for export. London was not q note
worthy factor In the security market, though
a better tone was reported there. owing to
a fractional advance In Consols. in conse-
Quence OF a revival OF peace rumors from
South Africa. The closing Of the local mar
ket was in the main heavy. but with prices.
as a rule. fractionally above lowest,