The Washington times., 1901-07-04

L. :. steel Common Declines ON the
Disappointment over the Dividend
Crop Reports More EncournsinC q
Fair strength in the Hallway List
NEW YORK, July 3.-Conditions pre-
vailing in financial circles today pro-
duced a degree Of staguation that has not
been experienced by the stock market in
almost a year. Trading dwinGied 20 pro-
portions that were surprisingly small and
during the greater part of the session the
market was in a condition of idloness.
The movement # prices was very poorly
defined. Fractional losses were general
ly scored in the early dealings. but the
fluctuations were so narrow that they
were utterly lacking i'm significance.
Doubtless speculation was held in check
by a meeting Of the board of governors to
consider a petition to close the stock eX-
change tonight until Monday morning.
When it was decided to grant the petition
and shut down for d three days holiday
the market became duller than ever, this
action caUSLaE traders TO refrain from
making new commitments.
About the only important overnight
news was the dividend action Of the Uni
ted States Steel Corporation directors.
Professional Wall Street expressed some
disappointment over the action of the
company IN not specifying the l per cent
dividend on the common stock as a quar-
terly payment. 1t is reasonable to believe,
however, that this company would not
undertake the payment of dividends en-
the common stock unless it was believed
that they could be maintained at the ini-
tial rate or better.
As was 10 be expected. the call money
rate advanced rather sharply in the az
ternoon, and the rise was partially ex-
planned by the holidays. Crop news was
more reassuring today as respects both
cotton and corn. The Government cot
ton report for July l shows the crop con-
dition TO be Sll against SIS last month.
which is somewhat better than the trade
expected. The reported damage to the
corn crop appears to date to be rather
premature. but as the critical period is
now at hand, and in view of the lack
Of moisture. some apprehension continued
to be expressed of serious damage from
now on.
The market opened generally steady.
but prices yielded a shade during the
early morning. Professional traders sold
the United States Steel issues on the
disappointment theory, and the com
mon, which opened UP fraction declin-
ed II per cent Tennessee Coal and Iron
advanced point and then became ir-
regular There was little or nothing do
ing in other industrials. Many usually ac-
tive shares We're not traded in at all
IN the railway list, sIuggishness was the
feature, and on very moderate sales de-
clines not exceeding q Of per cent were
recorded. The Erie issues exhibited rela-
tive strength or the expectation of IA
vOrable developments following the re-
turn OF Mr.. Morgan. The anthracite
stocks were also quite firm on knitted
trading. and the belief that the trade
situation is improving.
Southern Pacific Louisville and Nash
vile, and Nickel Plate common We're also
fairly strong. Iowa Central preferred was
inclined to be heavy on denials Of a re-
Gently reported deal During the after
noon advance in call money rates the
market showed a slight reactionary ten
oency, but there was no evidence OF liQui-
cation or pressure TO sell.
The undertOne Of the market. in view
OF recent developments and the approach
ing holidays, exhibited a gratifying degree
Of strength London was a small factor
only and bought St Paul. the Atchisons.
and the Steel issues, but the purchases
were Insignificant Throughout the day
the securities markets abroad were in a
condition Of stagnation and the London
market for Americans reflected the tone
prevailing here.
Considerable selling Of Steel common
in the late afternoon resulted in mod
crate decline with offerings fairly well
taken Call money loaned up TO 1Sd20
per cent.