The Washington times., 1901-07-23
CORN RISES, STOCKS FALL.
A Concerted Manipulation of the
Markets Suspected.
Western Houses Heavy sellers Early
and Throughout the Day-Techni-
cal Influences Operate for De
ciines-RaiI.vays suffer Severely.

NEW YORK, July 22-Price movements
We're in inverse order to those in the
grain market Throughout the business
session of the Chicago Board Of Trade it
was apparently the case that stock Iaar
ket ventures We're predicated el.cs-the.
upon the movements in corn. That staple
opened this morning within range of
prices , to 4 per cent higher than Sat;ir
days final figures. Only nominal reces-
sions were recorded in the quotations for
- corn during the day, and upon each adj
vance in the staple renewed weakness de-
veloped in The stock market.
These corresponding movements were,
indeed so well timed as to make it APP
pear almost certain that a concerted ma
nipulation of the two markets was in
progress. Western houses, that is to say
those firms with private wire connections
to Chicago, were extremely heavy sellers
of stocks upon the opening of business
and subsequently during the day. Their
procedure was. it is needless to say, ac-
companied by the most alarming reports
respecting the condition of the corn and
Nspring wheat crops. and it may be con-
ceded for that matter that the less disin-
terested news from the crop section in
question was scarcely more encouraging
than that which emanated from the Chi
cago Board of Trade.
So far as the stock market was con-
cerned, the conclusion appeared to have
been generally reached that the whole
fabric of the country's trade was threat
ened with prostration by reason of what
is as yet little more than problematical
issue to what a few years ago was re-
garded as comparatively minor crop.
of he scored hta IL
way list reflected a condition of senti-
ment which could be described as nothing
short of decentralization. Stocks of the
grade of St Paul and Union Pacific
showed declines IN excess of 10 points
frcm Saturdays highest figures, and cor
responding losses were registered else
where. The stocks cited are named on
account OF their particularly influential
position in the present speculative case.
Attention appeared TO be so wholly alb
sorbed in the agricultural situation that
the bettering conditions respecting the
labor troubles in various directions were
altogether ignored. The collapse of the
machinists' strike and that of the station
ary firemen in the anthracite region was
wholly disre garded
The strong and gratifying monetary sit
uation. as directly attested in Saturdays
p1ilh statement, WHie a SuDJect OF ulS-
cussion, was also without any real in
fuence in the dealings. Few returns of
railway traffic were submitted. and the
general routine situation was bare of in
teresting developments. Sterling ex-
change continued exceedingly firm, but
even that additional factor on the bear
SIDE was altogether overshadowed by the
disturbing news from the corn-growing
States and the almost sensational ad- |
y2.Ice in corn.
Practically all of the technical influence
of the day operated for lower prices. Lon |
don sent in a much lower range of prices |
for American stocks, although it might
be noted that for the first time in num- |
Der of days the dealings in this marlHt !
for foreign account resulted, on balance. |
in purchases, albeit the total takings |
were in very light volume AS noted, |
Western houses were very heavy sellers, |
and there were many evidences that the |
decline in prices had attained proportions |
which necesstated the closing out of |
weakened speculative accounts.
The bulk of the days dealings was fur |
ntshed by the railway list. The declines |
in that quarter were most severe in the /
Island, ST. Paul, and uaion Pacific. There |
were virtually no exceptions, however, to |
the general drift of prices. and the move |
ments varied only as to the degree of the |
declines scored.
The Industrial quarter, the specialties, |
and the local traction stocks moved alto |
gether in line with the railway list. AT /
the same time the United States Steel is |
sues might be described as having been :
comparatively firm, and. broadly speak |
ing, the local fractions showed better sup /
port than was evident in the railway list. |
The bond market. particularly for the ore /
speculative issues. was weak in sympathy !
with the tone of the dealings in stocks.