The Washington times., 1901-07-20
iRREGULARITY In STOCKS.
Weakness in Early Dealings, but
Firmer at the Close.
Declines Due to Gloomy Crop Re-
pOrts-A Feverish Rally in steel,
Owing to Reports of Strike NcEo-
tiations-Strength in Railways.

NEW YORK, July l9.-Price movements
in today's market Sntinued somewhat
irregular, but in the main very firm
tone prevailed. Weakness was pronounced
in the initial dealings, chiefly because of
the sharp declines that were shown in the
London market for American stocks. and
of the quite heavy subsequent selling
here for foreign account.
Western houses also sold heavily, and
In connection with their stock market
operations furnished exceedingly gloomy
reports bearing upon the situation of the
corn crop the latter were TO some extent
re-enforcod by the sustained strength of
that staple, and it may be conceded that
the days advices regarding the weather
conditions in the corn growing States
were, to say the least extremely con-
fiicting. Very little change appeared in
the other of the main features of the
present situation.
A very sharp rise in the United States
Steel stocks at enc time was accompanied
by rumors of preliminary negotiations
for a settlement of the labor difficulties.
These rumors were wanting in any con-
frmation. save that furnished by the
stock tape itself The strength Of the
anthracite coal stocks also naturally in
cited reports that the labor situation in
eastern Pennsylvania was also clearing,
but these two were unsutstantiated by
trustwor hy information.
In fact ii was not possible to account
directly for any of the mere pronounced
changes in prices which develop with the
course of the business session through
any definite occurrences. Thus both St
Paul and Union Pacific. which have been
the conspicuous leaders of the market
for some days. were quite reactionary,
but no news or gossip whatever explana-
tory of their tendency was forthcoming,
and, in fact, the discussion on the i'm
proved status of these stocks continued
upon the same lines as heretofore.
A very spirited movement in all of the
so-caled Gould securities was another in
teresung feature of the days dealings.
Missouri Pacific, Denver and Rio Grande,
Texas and Pacific. the Wabash stocks.
and Western Union all shot up rapidly.
but except in the instance of the Wa
bashes the movements were unexplained.
In the instance of the advance in the
Wabash securities, it was said, however,
that tentative agreement had been ar
rived 1t with the Pennsylvania Railroad
by which the iast-named company would
withdraw its opposition to the entrance
OF the Wabash into Pittsburg.
The pressure evident yesterday, in the
Atchison stocks was again apparent to-
Gay, and superficially was based upon the
game reason, namely, the anxiety as to the
kansas crop situation. Quite a noteworthy
rise in Southern Pacific was attended by
reports that the stock would soon be es-
tablished on a regular dividend paying
basis: but these. 100. could not be au-
thoritaurely confirmed. The local trac-
ton issues were not conspicuous in the
day s market and underwent irregular
and comparatively small movements.
The so-called specialties were ne arly ali
firm. particularly for Tennessee Coal and
Iron. General Electric, and Anal lgamated
Copper. sugar Refining ana the United
States Steel issues furnished the bulk of
the deIli1 IS in the Industrial quarter. a
particularly rapid advance in Sugar Refin-
tng was attended by the rumors that an
advance ia the rate of dividend on the
stock was probable, but the reports would
seem to be altogether premature inasmuch
as the next dividend will not be acted upon
until September.
Routine features of interest were the
strength of sterling exchange, which was
described as owing to the heavy selling
OF securities here by London during the
eek. the continued ease of money, and
the day returns of railway traffic.
The ia.ier were practically ali excellent
shoNaHgs. As re gaideo the day none
tary situation it might be noted that the
preliminary estimates of the movements
of money during the week indicated a
gain in cash by the banks of about $780,
90, the accessions having been made
about equally from the interior and from
the Sub-TreasuTy.
The market became weak in the last
hour, and sold off sharply. led by Union
Selling Was generally and partly due to
the non confirmation of rumor Of a
steel strike settlement in the immediate
future.