The Washington times., 1901-07-30
PRICES TENDING UPWARD.
All Circumstances Favorable TO a
Rising Market.
Heavy Proft-TnkinE Sales Have Lit
tie EGect-Steel Shares Lead I'm the
Advnnce-The Atchison and Other
Railroad Stocks Receive support.

NEW YORK, July cit has been n
number of weeks since there has been any
such an auspicious opening in the stock
market as was the case this morning,
when virtually every circumstance en-
gaging attention was of an encouraging
and even a stimulating character. of first
Importance was the intelligence made
public yesterday that a tentative agree
ment had been arrived at by which the
labor troubles affecting several of the con-
stituent companies of the United States
Steel Corporation would be settled at an
early date. While the actual details OF
the agreement were not made public, the
course of the United States Steel stocks
in the market was sufficient evidence that
the interests of the United States Steel
Corporation had been fully protected by
the preliminary agreement.
In addition to this intelligence the ad-
vices from the corn belt over Sunday
were unequivocally encouraging, much
more so, in fact, than at any time since
the drought first began to receive general
attention. The money market was ex-
tremely easy, and there was better COM
prehension of the real significance of Sat
urday's bank statement, particularly IN
regard to the Unexpectedly large increase
in loans. which for a time disconnected
students of money market conditions.
The first of the railway traffic returns
for the last month of the fiscal year now
coming to hand are making exceedingly
gratifying exhibits, and those made pub
lie today were no exception to this rule
The London market was strong on the
same influences effective in the local deal
ings, and foreign houses traded in this
he nfa shares
two-thirds of which amount represented
purchases. There was nothing whatever
to offset this category of strengthening
market factors. The encouraging advices
from the corn belt were satisfactorily con-
firmed by the decline in the grain mar
ket and revisions of the final outturns
of both the corn and wheat crops.
The early part of the session was in
line with expectations founded on the
situation already noted. At the opening
there were general and extensive ad-
vances. AS was to be expected, the rise
in the market since the latter part Of
the week attained sufficient proportions
to invite heavy profit-realizing
sales. particularly for the professional
element. With the course of the morn
ing renewed strength appeared and
without regard to the later variations in
the market incidental to strictly technical
conditions, the undertone of the trading
remained distinctly firm.
Interest was fairly well diversified, al
though naturally the bulk of activity
continued in those quarters in which it
has recently been most evident and in
addition to the rise in United States Steel
stocks Substantial advances appeared In
Atchison shares, Missouri Pacific, Texas
Pacific st. Paul. and Union Pacific.
Other notably firm features of the market
which have not been directly concerned
with those matters lately dominant in
the speculation were Chesapeake and
Ohio, Norfolk and Western, Canadian Pa
cifie, and Illinois Central.
There was nothing particularly novel
bearing on the industrial quarter, aside
of course, from the United States Steel
issues, the specialties, or the local trac-
tion stocks. but firm tone prevailed also
In those.