The Washington times., 1901-07-21
STOCK PRICES down AGAIN
Most of the Mid-Week Improve
ment Lost Yesterday.
Chicago Selling Held Respon"ibie
for the sharp Declines - Union
Pacific, Atchison, and 81. Paul
Close Almost at Lowest Prices.

Pacific, AtchiSon, and 81. Paul
Close Almost at Lowest Prices.
NEW YORK. July 9a.-ENrectatious OF
midsummer dullHess have not been full
filed on the stock exchange this week
The strike of tho iron and steel workers
in a number oi mills controlled hy the
United States Steel CarUars. jiau. the an
nouucemcnt ol abe ueN, Nuy;h,vn Pacific
directors. and, 80 tho cua % the week.
renewed apprehension T, Fsr3ius the corn
crop have stimulated activity ,n the part
of the larger Interests in the market agd
on the part Of the professional element.
even if they have not attracted the pub
lie or Wall Street TO any appreci0b,e eN-
tent
The dealings have been fairly large,
averaging million shares a day. and the
Fluctuations have been unusually wide.
Early in the week, chiefly owing to the
beginning of the steel strike, many stocks
sold at the lowest prices since the North
orn Pacific panic in May. From those
figures there have been recoveries. rang
ing from 10 to 20 points. and, again, at
the end OF the week there was re-
dictionary movement that wiped out a part
OF the decided improvement. The course
of prices yesterday and today was to an
extent natural sequence of the mid
week Improvement, but it was empha-
sized by renewed selling. chiefly from
Chicago, where crop conditions are the
dominant factor. influencing speculative
sentiment. Something of the same con-
dition of affairs has developed on the
floor of the stock exchange. owing to
the present juxtaposition of the exchange
to the produce exchange.
II is to be hoped that the professional
dealers in stocks will not, in consequence
of their present close touch with the grain
market, be betrayed into accepting as
narrow a view of the commercial and
financial conditions of the country as usu-
ally prevails in speculative circles in Chi
cago 1t would be foolish to minimize the
Importance to the United States of its
corn crop, and equally absurd to ignore
the fact that the crop has been materially
damaged in certain sections At the same
time the country is not going to be demor-
allied, or even seriously disturbed. should
this years yield of corn be even % per
cent less than that of last year.
Everyone interested in securities is
watching the present labor troubles with
the greatest concern. There was some
speculative selling of the Steel stocks yes
terday on The publication of brief state
mc,lt by AZ Morgan as to the policy of
the United States Steel Corporation.
The ky statement of averages of the
associated banks was even more satisfac-
tory than that of last Saturday The
banks have gained in lawful money, near
ly all of it in specie, over S6,t0JOOe, making
a total gain of over S9,oJOOJO within the
last two weeks. The further voluntary re-
duction OF loans brings that item down
over $sS, ,0c1 go within the period men
toned Al the same time the surplus re-
serve has increased over s15.SO1.uo0.
~. 81
strong position, with prospects of further
improvement. 1t would not be surprising
if their surplus and loan accounts should |
reach figures, before the demands upon |
this centre to move the crops begin, that |
will preclude fears of monetary strin- |
goncy while that movement is in prog |
ress.
The stock market ignored the bank |
statement In the early dealings. II dis |
played a good deal of firmness. but sim |
ultaneously with the resumption OF busi- |
ness on the Chicago Board of T,ade |
heavy selling of Union Pacific, Atchison, |
and ST. Paul began from that centre. The |
local professional element followed this |
lead, and in consequence the closing was |
In the main heavy at about The lowest |
prices The most effective selling was |
OF the three stocks named and resulted |
in net declines of more than three points. |
The shares of the Western trunk lines |
Rock Island and Chicago and Alton.-suf- |
fered to the same extent Selling of |
Southern Pacific encountered some Opro- |
sition, and in onsaquence il rallied nearly |
a point and closed only fractionally lower |
than last night. OF course, the entire list |
was unsettled by the vigorous drive |
against the Western trunk line shares.
and declines of point CT mere were
common.
The United States Steel stocks were not |
traded in extensively and the market Tor
both was exceptionally firm. The pre-
ferred closed a shade higher tnan yesteT-
day and the common only "a of per cent |
lower. The iron industry has not yet |
suffered by the suspension Of operations |
at the mills of the three companies affect |
that there may be moderate accumulation |
of raw material If the strike should be |
protracted. The demand for finished |
products is brisk and prices are well |
maintained
General business. according TO trade re- |
tailed by prospects Of damage to the corn |
crop. nor by the various amor troubles. |
There has been some cancellation Of or |
ders for fall goods at Chicago and at ST. |
Louis, but these have been modified dur |
ing the week coincident with the improve
ment in weather conditions at various |
points Bank clearings and railway earn |
lngs continue 10 reflect the expanding |
tendency of business as compared with |
last year.
As to the speculative outlook, the liqui-
dation OF the last few weeks appears to |
have been unusually thorough, and at the /
same time a large short interest has been
created. The decline in prices has, with |
out doubt, facilitated progress in the work /
Oh combining various transportation sys-
TENS and an indication of the surprises
that are In store for the public NAV be |
found in the announcement regarding the
new Northern Pacific board made last |
week.