The Washington times., 1901-08-10
THE MARKETS CLOSE WEAK
Corn Crop Forecasts Followed by
Selling of Western Railways.
Strength and Animation shown in
the EARLY DenIinGs-Lnter Recess
sions Set I'm, Most of the Advances
Heinz Lost - Steel Issues steady


NEW YORK. Aug. 9.-The early deal
ings in the stock market were character
lied by decided strength and animation,
b,it with the course of the morning the
trading fell away in activity and recess
sions from the days best prices were
common. For the most part the more
optimistic views regarding the status and
probable duration of the steel strike ac-
counted for the early advances. Nothing
that was definite, however. was added to
the general information in this last re
spect with the course Of the day and dur
ing the morning very gloomy forecasts OF
the Governments crop report to be pup
lished tomorrow afternoon appeared and
were followed by quite general profit real
izing sales.
Interest in the strike situation and in
the Government crop report SO over
Swallowed everything else that even the
usual Friday discussion of tomorrow
bank statement was omitted. 1t may be
noted at the same time that the prelimi-
nary estimates of the current movement
of the week indicate that the banks have
gained about 50 5O0, 0oJ and there is no rea-
son TO suspect that the loan account to-
morrow win show any material increase.
There were few statements of railway
traffic of interest submittd and little
other definite news bearing upon partic-
ular stocks. Rumors of independent ef-
forts to bring about a settlement OF the
labor difficulties in the steel industry con-.
tinued in circulation, but they were as
void of substantiation as those which
have preceded them. Money was extreme
ly easy, and sterling exchange was steady
at the slight reaction which appeared
late yesterday afternoon.
London prices for American stocks were
quoted above parity with yesterdays To-
cal final figures, and foreign houses again
bought moderately in this market, al
though their total takings were under TO-
600 shares. After the opening dealings the
trading was in light volume, but was still
fairly well diversified. The United States
Steel Corporation issues retained the lead
ing position in the industrial quarter they
have occupied for so long, and, indeed lit
tie else was done in that direction, al
though the tone there was fairly steady.
The National Lead shares were particu-
larry firm.
Nothing particularly new, bearing on
the local traction stocks came to light,
but both Manhattan and Brooklyn Rapid
Transit were steady, presumably on con-
lectures respecting the Forthcoming de-
cisions in the franchise tax cases. A firm
tone prevailed In the dealings among the
so-called specialties. Western Union was
particularly strong, as were Tennessee
Coal and Iron, AmalgannaJed Copper, and
Consolidated Gas. The buying Of Con-
solidated Gas was Of the same character
which usually appears in advance of the
dividend declaration OF the stock. The
features Of the railway list We're the So
called junior Vanderbilt issues and the
Gould stocks.
Canada Southern, Cleveland, Cincinnati,
Chicago and ST. Louis. and the Nickel
Plate shares were notably firm. In the
other group, Texas Pacific, St. Louis
Southwestern, the Wabash issues. and
MISSOURI Pacific all advanced rapidly
at the opening. although they subse-
quently participated in the somewhat re-
St Paul, Union Pacific, and the Atchison
issues likewise rose smartly at the open
1pg.-5ut subsequently lost the greater
part of their advance. There was moth
ing Of interest to be cited in connection
with the movements in the various stocks
Iowa Centrals, and the other railway
specialties moved counter to the general
market being depressed at the opening
and rallying later on.
The stock market closed weak, with
very little bearing on the general situa-
ton which would account for its
tendency. The West sent in a very
pessimistic forecast of the Government
crop report, particularly as to the condi-
ton prevailing in Iowa, and these state
ments were followed ~ quite heavy SELL
ing of Western railway stocks. Peoples
Gas broke with particular violence on ru-
mors that suit has been begun against
the company by the city of Chicago to
enforce the payment of overdue taxes
There was little increase in animation on
the decline and the trading seemed to be
almost wholly for professional account.