Evening star., 1901-08-12
Crop Report Caused a Weak Open
ing in Stocks.
RALLIED BY STEEL ISSUES
Good Buying Of tho Standard
Railways at Close.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star


NEW YORK. August I2-Speculative
sentiment inclined toward lower prices at
the opening Of today's stock market, but
developments In the steel strike neutralized
the discouraging figures of the crop report
and the selling was not In sufficient VOL
ume to produce actual weakness. Caution
was the dominant influence, and the room
lacked the courage of its convictions to a
noticeable degree. Stocks are not pressing
for sale. and their owners are stronger
In resources than the professional element
who would cry them down.
The crop report is bad as Wall street
uses the term, but one crop disappointment
cannot overthrow all that has been done
nor restrict indefinitely all that has been
planned to do as the result of several pros
porous years. The selling which followed
the first indications of crop shortage and
all that came in advance of the official
report discounted very thoroughly the In
quiry that is to come. Railroads are not
nke1y TO nave present dividends changed
as the result OF any decrease In earnings
attributable solely to the meager corn crop.
Recent changes in the railroad map have
resulted In giving all the larger properties
an interest in miscellaneous hauling and
scarcely a trunk line remains that is en-
tirely dependent upon grain for freight.
Not that the crop condition will not be felt,
but with other business normal the coun-
try Will survive the shortage. The failure
OF next years crop would be a calamity.
but that term is too big for the present
condition.
The news from the steel strike continues
10 run In favor Of the companies and the
nope Is expressed that an early conclusion
OF hostfl1ties may be announced in spite of
tne omcial utterances to the contrary.
The stocks of the United States Com
pany were again given excellent support
and seemed to require It less than formerly
Advices from Chicago characterized the
attack on Peoples Gas as a stock jobbing
scheme, which would fail to receive the
legal sanction necessary to make 1t a sue
cess Inere was some good buying OF the
stock on the declines and some covering
was reported by western operators Tine
attacks on the local stock market by west
ern traders Is arousing some resentment in
Wau street, and an attempt at discipline
Is not improbable
Sugar was weak under sales Of round
amounts by the interest which covered so
freely last week. The argument used was
that no increase in dividends was likely
now that competition had broken out in
new quarters. Current business was said
to be unsatisfactory, and the selling around
130 was rather persistent. Since the policy
or the company has been to disclose little
or nothing of it's internal condition the
free offering of statistics at this Juncture is
viewed with caution. A movement Of some
proportions is going on in the stock, but it
Is not likely to prove profitable to the
public.
The railroad list rallied with some show
OF snap during the final hour, but the buy
ing was credited to those who had sold
earlier IN the day. 1t has already been
demonstrated that the leading interests in
st. Paul. Atchison. Southern Pacific. and
similar issues, are willing to support them
and to add to present holdings. In certain
quarters the stocks named have an en-
thusiastic following in spite Of the draw
backs to immediate activity. Commission
houses are doing little, but report an in
quiry from returning clients as to which
stocks are the most promising purchases.
The money market is acting well. but
opinion Is not wholly uniform as to the
prospect for easy money during the re-
mainder Of the season. Leading bankers
adhere to their original views that activity
and not stringency Is the most that 10
likely.