The Washington times., 1901-07-27
TRADING LIGHT, But FIRM
A Fair Demand for Stocks, With
tie Offerings Small.
Agricultural Conditions Not FiGur-
ing in the stock Market to Grcat
Extcnt-The steel Issues Strong
A Good stchison Showing.

NEW YORK July 26-The dealings ii
today's stock market Were very light in
volume. but the tone of the trading was
distinctly firm. While attention again
convergcd almost wholly upon the agri-
cultural situation and tho general intel
ligence from that quarter was not parti-
cularly encoura giug. the liquidation ap-
peared to have run its course and there
was fair demand for stocks for both
speculative accounts and a paucity of of
fcIingS.
The weather map. which is tho first sub
ject to receive notice at the present time,
showed general showers in the North
west. but very little moisture in Kansas,
Nebraska or Iowa. In the grain market
prices were very well maintained. and
in fact, there was no correlation between
the movements in stocks and grain, or, at
all events, none Of the character main
tanned throughout the week
There seemed 10 be a growth of the
conviction that the stock market had
been adequately discounted whatever
damage to the corn crop that may appear
when the final figures are made up. and,
IN short the agricultural situation played
less of figure in the market than il has
done in some weeks.
AS regarded other factors in the trading
1t might be noted that London again sent
in lower range of prices for American
stocks, but the dealings here for foreign
account were in very small volume. There
was no apparent change in the labor diff
fculties in the steel trade, but in this in
stance also opinions showed n decided
shifting as to the eventual upshot of the
trouble. The United States Steel Cor
poration shares were, indeed, aggressively
CT md zfey,4 h. 1aI hat 1,afr
tendency was highly instrumental in the
steadiness of the general stock market
Speculative interest also showed a de-
cided drift toward other quarters of the
market than those which have recently
been monopolizing attention, the anthra-
cite coal stocks. for example, being more
active than for long time.
In the railway list notable features were
st. Paul, Union Pacific Missouri Pacific,
and the a!S:.S-Hn shares. Notwithstand-
ing the still unfavoraOie intelligence from
the corn belt. the showing of the latter
company for the month OF June attracted
some attention, inasmuch as its net in
come for the month showed an increase
of nearly $4,000 over the corresponding
period of last year. There was partic-
ular explanation of the especial strength
and activity in st. PauLand Union Pacific
apart from the present concentration of
speculative interest in those stocks.
What are designated as the higher |
priced shares We're all firm, including !
Pennsylvania. New York Central, Illinois !
Central, and Chicago and Northwestern. !
Apart from the Steel issues, the dealings I
in the industrial quarter We're very light 4
in volume. United States Rubber stocks .
We're firm on this mornings suggestion
that the various concerns in the rubber .
trade were likely to consolidate after the /
fashion of United States Steel Corpora
ton.
Among the specialties, Consolidated Gas
continued firm and active and the Cop
per stocks were in good request Very
little attention appeared to be devoted to
the probable showing of tomorrow's bank
statement The preliminary estimates as
to the cash movement of the week varied
very widely. The banks have apparently
gained over 10000 in cash, and there
is no reason to suspect that the loan ac-
count will show any material increase,
SO that further gain in surplus reserves
is quite likely to appear.
The Indifference accorded to the proba-
bilities of the bank statment was, how
ever. largely based upon the profound
ease in the money market. Sterling ex-
change was easy at yesterdays rates.
The trading varied little in character
from that of the entire week.