New-York tribune., 1901-07-21
fnanrlal. +.
The Financial World.

m
Monday morning. which caused prices - as'
considerably below their closing o,ot,,,. spen
the previous Saturday was as much AM "
continued lack Of rain over SUNDAY .s ue
declaration of the steel strike So likexiss
reports of rains came from various no,,t.
Tuesday and Wednesday, the news was u,y,-.
to the utmost in promoting the rally Of the
ket The rains unfortunately were NOT gara~-,
nor abundant except at one OF two plaess. -
the weather map of Friday and YESTERDAY -
a very discouraging exhibit Yessersarss -
ing prices brought the general level NJ 49,
tions 10 about where they were the ,rs-,,...-
Saturday, or little better But they v-sra ,..,,
above the low level of Menday
The situation last Monday norni,s
which required good work on the part Of ~.
big operators to prevent bad day If
tain there would be crowd of selling ors...
II was therefore expedient 10 opeu tbs ,,.rss.
as low as possible. which would SCARF ...,
short sellers and long stock which baa :.
taken, would be got cheap. II turned ON, g..
the prices made in the first hour that n,o-r,r
were the lowest of the week Luckily the r.,n
came; and to help the good work along an
nouneement Of the harmony board of Nor,
ern Pacific was made. 1t is thought that ,h,
announcement made ahead of tins, ,,,.
Mr.. Morgan's hand was rather forced ~, -,
circulation of rumors, with scare headlines a,
the sensational papers. of renewal Of tra,h,.
over the Northern Pacific affair Bank naanIa
With large loans TO think Of we're little xor
RED; and public announcement of the term.
OF settlement urged.
The rally of the market was done in tbs 49,
scientific style. Tive three leading stock,
which could most easily be handled were taksn
hold of and rushed up boldly: the rest Of IN.
list moved in sympathy. The elimination cams
on Thursday. On Monday. Union Pacific so,d
at S912; on Thursday at 109-a rise of nearly
twenty points in four days In the same time
st. Paul rose from 155 to 15S. Other advances
were Atchison common from 40 to IS1S: Mis-
souri, Pacific from 1919 to 100: Southern Pacific
from 30 10 80. This rapid work covered good
deal of unloading. the stocks bought low on
Monday and Tuesday going out again later as
the market would take them.
Undoubtedly. however. there would have been
no such hasty selling if the weather map had
not turned bad again. Clear and warm" sue
ceedng Cloudy. with scattered showers" did
the business. On the top of 1t came Shows crop
report. with the cheerful estimate that the area
Of crop damage would prove extensive
than that of 1891 The market lost all its vigeE
Prices wilted under the selling pressure: and
when the bank statement came out yesterday.
showing a great increase in the surplus reserve
and reduction of loans. instead OF a rally there
was another weakening. prices closing al the
lowest of the day. Union Pacific closed shade
under par-nine points down from Thursday. but
still ten points up from Monday. II will be
that this is good trading market
The trading in the steel stocks has been
the usual large scale. but their range movement
has not been very wide. They opened among
the lowest naturally enough. last Monday; raj
lied afterwards and fell away again with TIE
rest of the list In this il will be that thsy
followed the general price movement; and Mr.
Morgan's emphatic declaration that there could
be- and would be- no compromise. had appsT-
entity only a very slight effect on the stocks
rnarketwise. In fact although there had been
some loose talk of compromise. one seemed
TO take il seriously. II Is felt that the labor
leaders have overstepped the line in ordering
strike when no question of wages OF hours OF
labor is involved. On this account also. 1t Is
felt that the strike will not last long. The men
have before them the work they want, at the
wages they want. and the hours they want
They are ordered to strike because some OF their
leaders insist on the corporation compelling all
the non-union men in certain mills to become
unionists.
II may seem little fanciful. but il Is fact
Of experience. that in certain labor disputes the
state of the weather has an important bearing
At the time this dispute was still In the stage
Of argument the country was swelteTing in tor
rid heat and the men were as ready to strike
as not simply because the exhaustinS tempeTa-
ture made them more disposed 10 quit work
than do anything else But II will be found
pretty severe strain on their discipline TO stand
out when the Thermometer lowers. and work
is waiting for them at their own scale OF wages
There Hin be breaking of the ranks then.
The labor leaders are watching the stock mar
ket about as closely as any one It forms the
burden of their talk They seem TO believe that
the corporation will have to yield prevent its
stocks going down. Perhaps if they knew
little more about the market their faith would
he less
The fact is il looks very much at this time as
if the steel stocks would go lower. but they VIII
only go with the rest of the market II they 40
The prevalent feeling in the Street is that We
shall have to stand lower range OF prices oe-
fore there is a permanent turn for the better
The sharp rally of the past week was legitimate.
because the sudden dip of Monday was more
fresn fright than anything else; and there was
enough good news Immediately following "
justify the recovery. But at this writing there
is nothing To make bread bull market on.
The whole thing would be changed II the
weather i'm the dFouth stricken regions changed
II for example, we were 20 read on Menaas
TaarHiag. that rains had been continuous since
Saturday night, and very heavy over all 'hV
corn belt. That would give life and vitality 70
things again. But as said here last week, every
day that the dry weather continues means SO
much more less; and IL means a very irregular
stock market. because the market viii certainly
discount the damage done and which II Is
feared may he done. As the damage Is not
evenly distributed, but is little or nothing on
some systems of roads and very severe on