Evening star., 1901-07-22
Crop Situation the Chief Influence
in the Stock Market.
COAL SECURITIES WE'RE SOLD DOWN
All Other Stocks Felt the Pressure
Of the Selling.
MONEY RATES WERE EASY

Special Dispatch to The Evening Star
NEW YORK. July 22-The crop situation
was again the chief influence in the stock
market, prices opening at declines and SELL
ing OF substantially under the pressure of
stock for both accounts. The advance in
the price of corn at Chicago and the strong
effort being made 20 lift the price as high
as possible in the interest OF a bull pool
had an opposite influence on the stock mar
ket
chicago has been buying corn and SELL
ing stock for several days, and so ef-
tectiNe have these operations been that
local commission houses have been forced
INTO selling out numerous weakly margined
accounts. Selling OF the latter character
and traders efforts TO uncover stop loss
orders resulted in producing a weak mar
ket for all active issues
Ihe southwestern group was especially
weak. the lack OF a short interest contrib
uting to the decline and to some wide fiuc-
tuations between sales Missouri Pacific
opened at a decline OF nearly , per cent
ana rallied only feebly during the s,,hse-
quent trading. Texas Pacific seemed TO find
a willing market under ~ and some rather
good buying went into these shares. Atchi-
son was under pressure and the most ex-
aggerated stories Of crop damage were Of
fered as the reason for the selling.
The several rallies were met with in
creased offerings of long stock and failed
TO hold In consequence. Union Pacific and
st Paul were decidedly weak and under
pressure during greater part of the day.
There was little support from the inside
and the probable reorganization of the
Northern Pacific directory, tomorrow or
Wednesday. failed to arouse interest
The coal stocks were sold down, especial
ly by London. in spite of the favorable
turn in the strike situation. This weak
ness had the appearance OF having been
manipulated in order to prevent a rally
in the general list. The one bit of good
news which came out during the day was
applicable to the coal stocks. but they
We're prevented from profiting by It. Every
active stock on the list yielded to the pres
sure of mixed selling. and the failure OF
Chicago houses to cover leads to the belief
that the short interest at that center has
been everest mated
The Steel stocks reflected the many pos
sibilities of the strike. and no reassur1ng
advices came to hand during the day On
the contrary, there was a fear that des-
perate measures might be advised as a
means OF bringing the Steel officials to
terms.
have been used as a favorable factor had
there been any organized attempt to force
an advance in the general market
The west is committed to lower prices in
the interest Of its corn speculation and
eastern capitalists have an important and
vital strike condition TO remedy. The hands
Of the leading speculative interests are
temporarily tied and there can be no sus-
tained advance for the present Rains in
the west or the OVERRIDING of the corn
manipulation would relieve the stock mar
ket pressure and the settlement OF the
strike would contribute to the same end
Until this relief comes there will be moth
ing TO tempt the average trader or the
general public into the market There are
some cheap stocks in the railroad list.
which not directly Interested in the
corn crop. but there is little inclination to
trade In them. Courage and an elastic bank
account are necessary requisites for buyers
at this Juncture. Even with these needs
supplied there would seem to be no occa-
sion for hurried action.