The Washington times., 1901-07-24
,ORN STILL IN THE LEAD.
The Stock Market Continues to
Reflect the Grain Movement.
Firmness on Reports of Rain in the
West and Weakness in Cereals
London Buys on BnIance-Trnders
Tnke the Long side ON OvcrseIIinE

London Buys on Balance-Trnders
Tnke the Long side ON OvcrselIinE
NEW YORK. July 2s.-Advances ex-
tending from / to points in the Western
railway stocks made a rather remarkable
opening in the stock market this morning,
after the uncertain tone to its closing last
night. Preceding the opening here. Lon
don sent in sharp advances throughout
the railway list which were alleged to
be based on reports of soaking rains
throughout tho corn belt.
Following the opening price immediate
ly yielded under the pressure of moderate
sales, with Chicago offerings very much
reduced as compared with the prices oi
the last six or seven days The opening
demand in this market appeared to be
largely inspired by the anxiety of bear
traders to cover short commitments. The
tone of the market during the first half
hour reflected disposition to await :he
opening of the grain markets. Stocks
hardened when grain was offered down
on the curb, and there was further I'M
provement accompanying the sharp break
of almost cents in the price of Septem-
ber corn.
Throughout the session, however, stocks
continued to follow in inverse order the
movements in corn. Substantially ever!
fiuctuation in corn was Immediately re-
flected by a movement in the opposite dl-
rection in the grangers. The news re-
garding the weather was extremely con-
ficting and the early reports of copious
rains throughout the West were at direct
variance with private dispatches from
Chicago.
Obviously there was considerable ma
nipulation this morning in both the stock
and grain markets. The selling pressure
was less in evidence today than for some
time and there was more pronounced
tendency of prices to harden on rumors OF
favorable developments.
Wall Streets views are very much
mixed at present regarding the immediate
outlook The speculative position has ap-
parently been strengthened by the elimi-
nation of large number of weak mar
gin accounts. The monetary situation as
reflected by the rates for call money and
the market for sterling exchange indl-
Gates easy conditions for the near future
The labor situation appears to be very
much clearer inasmuch as the strikes IN
the anthracite coal regions have been
settled advantageously to the operators,
while the hope is general that the United
States Steel Corporation will win out in
its difficulty.
The uncertain factor exists in the crop
situation and 1t is conceded that th'
damage to corn has been very serious
while the outlook is still threatening,
Conservative judges have cut down then
estimates OF the corn yield to 100000
bushels or less. In Wall Street, how
ever. exaggeration is alleged, and it ap-
pears reasonable to believe that in the
demand for sensationalism the growing
crops have in all probability suffered IN
a way that has not been justified by the
actual facts, and this particularly applies
to wheat
The West was not so aggressive today
in the stock market. and at times there
was a decided scarcity of stocks onerfng.
From time to time the market would
rally quickly. but IL was also clear that
the leading market interests were not
disposed to institute vigorous upward
movement at the moment.
Opening gains were most pronounced in
the grangers and the Pacific stocks. St.
Paul opened at an extreme advance of
points. Union Pacific common 212, Mis-
souri, Pacific 3 Atchison common ?. Atchi-
son preferred l. and Southern Pacific IA.
The changes in other directions were in
most cases fractional and without espe-
cial significance. except in Sugar, which
displayed considerable strength and ad-
vanced during the morning The rise in
that quarter was based on the announce.
ment of the new issue of stock by tne
American Sugar Refining Company. which
will carry subscription rights to stock
holders. The Steel shares were well sup
ported during tins day and at times
moved up rather easily, but the fiuctua-
tions were not notably broad. At noon
il was stated that the Northern Pacific
board of directors with the changes as
indicated by Mr.. Morgan a week ago, had
been elected and this served to harden
the tone of the market, which, however,
subsequently became dull and almost
featureless.
London traded in 5000 shares. buying
%, 600 on balance. The afternoon rally was
attributable to the renewed weakness in
corn and Isported improving weather
conditions.
There was general covering, and traders
were disposed to take the long side for
a turn on the theory that the market had
been oyersold Firmness in the Steels
was inspired by favorable reports bear
ing on the strike.