The Washington times., 1901-08-09
MORE CONFIDENCE SHOWN.
Trading in the Market Fairly
Large and Well Distributed.
Interest Centres i'm the steel Situn-
tiop-St. Paul and Union Pacific
Continue to Hold Conspicuous
Position-A Reaction mt Midday.

NEW YORK. Aug. S.-The material re-
covery in prices in this mornings stock
market was plainly enough based upon
the announcement made yesterday of the
resumption of operations by an impor-
tant steel plant in Pittsburg, followed up
this morning by the further announce
ment. that work had been resumed by
t1G other mills in the same specialized
line of the steel industry.
In addition to the actual developments
in the strike situation. the street still
clings strongly to the notion that efforts
10 terminate the troubles have been un-
dertaken by certain interests not afiil-
lated with either party to the contest.
The stock market opened firm and with
trading showing confidence that has long
been missing. The dealings were fairly
large and better distributed than for
many days The market made further
advances during the forenoon and con-
tinued very strong until well after mid
day, when there was a fairly general re-
action. Interest seemed to centre again
exclusively in the steel situation.
AS had been expected, nothing more
than a semi-annual dividend of per cent
was declared upon Union Pacific COM
mon, but neither that stock nor the gen.
eral market was in consequence affected
to the slightest degree. 1t is probable
that asfurther sharp rise in sterling ex-
change carried some influence in check
ing the rapid advance in prices and prob
ably apprehensions that the Governments
crop report, to be published late on Sat
urday afternoon, will make a very poor
showing likewise induced feelings of eau
tion.
One corn trade authority intimated to-
day that II was disposed to reduce its
recent estimates of crop of 1.50o. 600
bushels by loO.c00,0c0 or probably 200. .ecoeo9
bushes. Both corn and wheat continued
exceedingly strong. The London market
for American stocks was fairly firm and
foreign houses bought moderately in this
market, circumstances which carried some
weight in view of the more confident
speculative feeling prevailing at the open
ing of business.
The several quarters of the market
moved with good deal of uniformity.
The Steel issues naturally were the con-
spicuous features among the industrial
shares, but Sugar Refining was also
strong on comparatively small dealings.
firm tone was common In the local
traction quarter and among the special
ties, with no news or gossip of interest
to be cited in connection with the move
ments in those directions.
In the railway list St Paul and Union
Pacific retained the conspicuous position
they have occupied for SO many days. and
were the leaders in the various swings in
prices that took place in the course of the
business session. Some exceptionally eX-
tensive advances were scored among such
less active stocks at Lake Erie and West
ern, Minneapolis and st. Louis. ST. Law
renee and Adirondack, Canadian Pacific
and Iowa Central. but in each of these
cases sharp reactions appeared when the
general list lost the animation which
characterized the dealings of the fore
noon