The Washington times., 1901-07-28
STRONG At THE CLOSING.
The Best Prices of the Day Held
on the Exchange.

An Increasing Activity in Steel
That Were observation-disclosures
Sugar Trust Invasion of Cuba.
NEW YORK July 27.-Although the
week has been quiet one on the stock
exchange and the speculative element
both in and out of Wall Stree appears
to have been as much disturbed as ever
over the crop situation and the steel
strike, prices have gradually worked to
a higher level This moderate improve
ment, added to that of last week, would
seem to Indicate that both Of the unto
ward circumstances referred to had spent
their force during the first half of the
month.
The country as a whole is not pessi-
mistic, nor indeed has it any occasion to
take gloomy view of the present or fu-
ture, as far as business sagacity can pene-
trate it. While both the steel strike and
the partial failure of the corn crop are
important and deplorable occurrences.
they do not threaten to impair the sub
stantial superstructure of general bust
ness. Moreover. ii is not difficult to find
compensat1ons in each case. The short
age in the yield of corn will be offset on
year by the extraordinary production of
wheat, which has been marketed at good
prices and also by the higher prices that
will be obtained for as much of the corn
as farmers are able to spare.
Two developments this week appear not
to have received the attention they de-
serve because of the great interest
aroused in the crops and in the labor sit
ustion. They are the establishment of
free trade between the United States and
Porto Rico and the announcement by the
American Sugar Refining Company that
it proposes to use a part of the new capt.
tai which II has asked its stockholders
TO contribute in extending its business in
producing raw material in Cuba and
Porto Rico.
The establishment of new trade reia-
tions with the last named island has, of
course, been foregone conclusion for
some time, and in consequence of those
new relations an increasing volume of
commerce between the island and this
country may confidently be looked for
ward to. This development will unques-
tionahly have a powerful influence upon
public sentiment in Cuba. The most sa
sacious business men in Cuba realize that
close and unrestricted trade relations be-
tween that country and the United States |
are desirable. and 1t can be stated with |
out fear of contradiction that one of the |
arguments. if not the principal one. used
by the Administration with the Cuban |
delegation that visited Washington last |
spring to induce its members to advocate |
the acceptance of the terms of the United |
States relative to the establishment of a /
new government on the island was that |
the Administration would use its infiu- |
ence in the near future to establish en-
tirely satisfactory trade relations be- !
tween the old Republic and the new.
The management of the American Sugar |
Refining Company is doubtless in posses
sion of all the circumstances of the con-
ference referred to. Hence its confidence |
in announcing that il is prepared to en-
ploy a part of its new capital in reviving
the stricken agricultural industries of |
Cuba. The recently organized Consoli-
dated Tobacco Company. with its cash
capital of sS0.0eo.00O doubtless contem
plates pursuing a similar policy.
Todays stock market was extremely
narrow. but in the main very firm There
WAS increased activity in the Steel stocks
at steadily advancing prices. fransac-
tions in them were in excess of 10000
shares. or nearly half of the total sales. |
and both issues closed al the highest
prices recorded for them. which showed
net gains of ~ and rs per cent for the
common and preferred, respectively. 9th
er industriais that were exceptionally
strong were American Cotton Oil. Ameri-
bacco preferred, and Virginia-Carolina
Oh ernical preferred on light transactions.
IN the railway list the shares of the
granger trunk lines and of the trans
roads received the most at
iention but the greatest improvement
was in less active issues notably North
vC stern c. c. {. q st. L.. Duluth. South
Shore and Atlantic preferred. Metropoli-
tan Str, ct Railway. ST Louis Southwest
ern preferred. and Twin City Rapid Tran
sit
Prices yielded generally after the pub
ication OF the bank statement. because
IF the unexpected large Increase in the
oans. II was promptiy explained that the
greater part of this increase was due to
he fact that the First National Bank
.arried in its loan account this week the
Iuly l9. This item is offset in the accounts
appear in the baik statement, notably in
he deposits.
The loan is doubtless a temporary one.
made from the surplus and undivided
,rc;its Of tho institution and will be n
luidated as soon as the new stock is issued
n exchange for the stock of the National
Bank of the Republic aud 10 the subscrib-
FRS for the amount not used in making
he consolidation.
As soon as this situation was explained
% the street the market recovered rap |
diy and closed strong at about the best |
,rices for the majority Of the list
Sew York stock Exchange. July -.
Uiph- Low Clos Net !