Evening star., 1901-07-09
Big Drive in Stocks During the
First Hour.
HEAVY SELLING FOR FOREIGNERS
Reaction Came Later and Gen.
eral Recoveries Were Noted.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. July e-The opening OF to-
days stock market reflected a further
pressure OF stock. and lower prices ruled
Tor g. time. London sold upward OF 1900
shares during the morning. mostly Union
Pacific and Baltimore and Ohio. Berlin
sent selling orders into this market through
London, but these sales were well taken
and after the first hour the underline
showed marked strength. Yesterdays ru-
mors OF the reopening OF the Northern Pa
cihc controversy were generally denied, and
the rumored friction between leading inter-
ests was said to have been adjusted
|. Atchison was prevailed upon to with
hold the cut-rate schedule. and efforts will
be made to put an end to the secret cut
ting in that territory. This latter an
nouncement forced a sharp covering of
short contracts and the entire market ral-
lied from to per cent from the low point
of the first hour
Atehison common was In splendid de-
mano, commission houses having a liberal
supply OF orders for both accounts
Union Pacific and St. Paul were well
taken, the latter especially going into
strong hands. A determined buying move
ment in Louisville and Nashville was a
feature of the afternoons market. special
inside developments being urged in expla-
nation OF the demand.
couAHerH anu SOUTHWESTERN roads were
nrmer as the result of a mixed demand
The impression that Morgan Interests
were large buyers and that yesterdays
drive was bit of keen strategy brought
In an Increased inquiry from commission
houses.
The Traction shares were stronger. es-
pecialy Manhattan. and talk of pool buy
Ing was received The industrial hs gained
In strength also, the steel shares sharing
in .the improvement in the railway list
The money market was kept a trihe
easier by offerings from the larger banks
but In spite of this fact fears that tight
money would prevail for considerable
period are unabated. Commission houses
expressed the view that stocks were cheap
but they might not advance without the
assistance of an easier loan market
There is a strong effort being made to
guard the market against attack and in a
Few instances aggressive buying may be
employed to force one or two stocks into
prom nence In order that attention may be
detracted from vulnerable points
Thefe are about six weeks left In which
to prepare to meet the demands for the
purpose OF moving the crops. During that
time the crops themselves are to be W aSched
Present indications are favorable but
safety Is not assured 1t would seem un-
likely that the rally Of today should hold
or that 1t should be protracted The public
is not to be forced into any market which
fuctuates to the extent Of yesterdays and
tOGay s and in opposite directions
Traders find excellent opportunities In
such a situation, but traders market
with protectorate of banking interests Is
the best that is to be expected The last
hour reflected a strong tone. and the best
prices of the day were recorded during this
period. Now that yesterdays losses have
been so nearly regained a better test of the
real situation may be had.