New-York tribune., 1901-07-23
BONDS.


A lower level Of prices was made in yesterday $
stock trading The tendency of speculation was
toward the bear side in the greater part OF the
five hours Of business. with active liquidation IN
the Western railroad shares and the Cnlteo
States Steel Corporation securities In the latter
named issues aggressive efforts were made by
bear operators TO force an important setback IN
values, but the character of support was such
as 10 prevent q sensational loss in either the
common or preferred. Further crop damage re-
ports apparently were responsible for the heavy
declines in the Western railroad shares. Al
though Wall Street is doubtless taking an ex-
;asgerated view of the extent of the effect of a
light corn crop on railway traffic ana on the
prosperity of the agricultural community IN the
Western States il should be borne in mind that
the results of a poor harvest in the great corn
belt must be felt adversely by the railroads and
the securities involved. A Eight corn crop this
year. however. cannot be compared in erect 10
corn crop failures Of the past inasmuch as the
farmers and the railroads have enjoyed several
years of prosperity. and are now as rule, in
sound financial condition 10 meet the loss of in
come that may follow the shortage in this year s
corn harvest
Crop experts do not agree regarding the prob
able yield of corn this year While there is so
much doubt and while the present scorching
weather continues it is safe therefore. TO be-
neve that sustained bull market is out or the
question. Monetary conditions are favorable TO
bull operations in securities. General business
conditions are sound and outside of corn crop
fears and labor disputes there is little that
should encourage short sales of stocks And as
far as crops and labor troubles are concerned
there is no good reason for the liquidation of in
yestment issues. It may be found later in the
season that the yield of corn will be up to the
average and that current uncertainties have
been nagnified beyond the bounds Of reason
Stocks sold going prices find their way into
strong hands. The impression is general that
prices will work lower, and the idea is enter
tanned in some circles that securities are worth
buying on all reactions.
The granger and Pacific shares were heavily
sold by Chicago houses and for local speculative
account Rock Island in the early dealings
broke over points, and Missouri Pacific D
points while Atchison st. Paul and Union Pa
cifc were about weak Subsequent move
rnents In the issues named, in Southern Pacific
and q number Of others brought forth even
greater losses than recorded in the first hour.
while an afternoon rally did not carry values far
above the lowest. Selling for Chicago account
was heavy. The Street was flooded with ad-
verse crop advices from Chicago, but trust
worthy reports from the corn section did not
leave the impression (as the Chicago reports did
that the crop is a complete failure, although the
action of the grain markets reflected the belief
that a good part Of the crop is lost. Corn in
New-York closed at 6l$4c for the July option.
against 577kc on Saturday and 621sc, against
bS3Ac for the September option. Wheat was up
from two to three cents. In Chicago corn ad-
venced four cents.
The largest net loss in stocks was made by
Missouri Pacific, which closed rs points under
Saturdays final level. Union Pacific recovered
half of it's early loss before the close ROCK
Island ended 612 points under Saturdays price
and Atchison 212 points The general market
closed fairly steady. Total dealings were over
10000 shares.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDS.-Market steady. Final