The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-07
GOOD ADVANCES In PRICES
The Early Market Movement n
Boom in Railways.
Tie First Crop Scare" of the Season
Causes Reactions From the Best
Levei-Anothcr Gain Later - Bur-
IIngton and Atchison strong.

Iington and Atchison strong.
NEW YORK. March 6.-wan Street
was treated today to the first crop
scare of the season That there will
he more of these there can be little doubt,
ard, indeed. crop scares" are among
the most familiar phenomena OF specu-
lation during the spring and summer
months.
Today's development in this respect
was occasioned by a sudden and severe
drop in the temperature throughout TIE
winter wheat belt, and the West sent
in doIorous dispatches reciting the conse-
quent injury TO the growing grain The
information. or the reports in question.
served TO check for a time a sharp gen
eral advance in the market and particu-
lar buoyancy in the Atchisons. Rock Isl
and, and Burlington and Quincy.
As the remainder of the market had
been sympathetically benefited by the
strength shown in those two stocks, so
it ceased to advance when the reaction in
them appeared.
The market opened very firm. but with
out any novel developments of impor-
tance engaging attention. Higher prices
were shown in the London market for
American stocks. and the transactions
here for foreign account were in un-
usually large volume il. comparison with
recent records. During the first hour the
foreign purchases on balance aggregated
fully 50,e00 shares. but later on foreign
houses turned sellers, probably for the
same reasons which induced local oper-
ators to reverse their position. On the
reaction the market became exceedingly
duh, and, indeed. the trading occasionally
came to practical standstiIl.
The call loan money market ruled at
the slightly higher level which developed
yesterday as result of the heavy trans
fer of funds involved in the Southern Pa
ciiic purchase. No alteration, however,
was noted in the time loan division of
the market. The Sub-Treasury continues
to gain heavily from the banks. the bal
ance in its favor since last Friday now
amounting to upward of s3.GO.O0o,OO0 and
apparently this ill-adjusted condition of
things must continue for some time
he large number of traffic returns sub
mitted today for various periods We're
all exceedingly gratifying showingS The
midday reaction resulted in fairly uniform
declines, but already noted in the
earlier part of the day, some spirited ad-
Fances were scored. Noteworthy features
aside from those cited were Baltimore ana
Ohio, Norfolk and Western which at
tanned its highest recorded price: Union
Pacific. Hooking VALLEY common and nr..-
Reports OF IN increased dividend on
Rock island. which were not. however.
generally credited. attended the advance
IN that stock. The advance in Burlington
and Quincy was on buying of the same
character. which has been noted in the
stock for j long time and which is be
lieved to foreshadoW the entrance into
the manaSemen mt OF new and important in
teIests. St Paul did not share in the
extensive movements noted in the other
granger stocks. and, while fairly active,
was almost stationary.
notwithstanding the uneasiness in re
gard to the labor situation in the anthra-
cite regions. the securities affected were
steady, with decided strength appearing
in to .rie ISSUES.
The steel industrials were again virtI-
ally neglected. Sugar Refining showed
the same irregular movements that have
marked the dealings in that stock of late
and American Smelling underwent iolent
and erratic price movements, which were
apparently induced by the uncertainty
as to the issue Of the pending litigation
In the com eany's affairs.
The so-called specialties shared in the
tendencies of the general market. Ten
nessee Coal and Iron was notably weak
and Anna lgamated Copper, after opening
per cent lower than its final figures yes
terday. showed a disposition to recovery.
The dealing in Consolidated Gas fell away |
materially. but the stock continued firm. 1
The Southern Railway shares were
again today rather reactionary. prob |
q bly, because of the extension of the iIea |
tn1t some recent reports regarding the |
rake of dividend on the preferred were |
exaggerated. Action on this important |
question will be taken probably on Fri |
day.
A conspicuous feature of the market |
was Louisville and Nashville in which |
an exceedingly rapid advance occurred |
in the afternoon. Rather more encour5g g
ing reports regarding the weather in the |
winter wheat belt were received also, and |
in conseG there was a fair recoV-
cry from the low prices made in the mid
day reaction. The market continued, |
however wanting in the snap and anima-
tion which marked the early dealings.