The age-herald., 1901-07-22
CROP SITUATION AFFECTS STOCKS Great Anxiety Over Present Conditions in the West LIVELY CONTEST ON FLOOR Shutting Down of Some of the Mines In the Anthracite Regions On
 Account of Strike Caused
 Depression.
LIVELY CONTEST ON FLOOR

New York, July 2O.-Anxiety over the western crop situation overshadowed all other considerations in the stock market today and carried prices down. The closing was nearest to the weakest and the market was weak at the last min- ute. Only modification of the weakness was due to the buying to cover and take profits by the bearish traders who saw handsome profits accruing as result of the decline of yesterday and today. These bearish operators have been sup posed by Wall street to be resident chief ly in the west and to be concerned in bulling grain as well as bearing stocks. The feeling gained force in Wall street today that this double campaign has more basis in fact than was believed yesterday and the western contingent re- ceived large endorsements from east ern sources. The supporters of the mar ket made headway against the bears In Vi the first hour when vigorous efforts were made to drive the bears to cover. There was a resumption of operations in South- ern Pacific and that stock as well as St. Paul and Missouri Pacific were left well over last night. Aggressive selling by the bears immediately developed, based on the reports of the new damage to the corn crop and reports of extensive dam age to the spring wheat crop Another effort was made to strengthen the mar ket on the well defined bank statement but met with failure. However, hlgner bids for stocks brought out such large offerings that the bulls were obliged 10 desist and prices fell by rapid strides practically up to the close. St. Paul Ieii 4 points under last night; Rock Island Az; Northwestern, s; Atchison, 3ss; Atch- ison preferred 1%, and others of the Fa- c,fic and Southwestern groups as well as leading Southern and Trunk line rail- roads and specialties from l to polhts. Some of the less prominent stocks snow ed large losses. The United States steel stocks were largely dealt in but moved narrowly and were supported. the com, mon losing only "A ana the pieieiiou closing H higher.
 This week opened with deluge or H. ou,dation of stocks induced by the un- looked for a rupture of negotiations anu calling of a strike by the members or the Amalgamated Association or lroh' Steel and Tin workers. The snuttins down of some of the anthracite mines : on account of a f1remens strike was also a depressing factor. Coming on top ol last weeks severe declines and the re- sulting losses and impairment of mar gins and resources, serious consequences 4 were threatened by this renewed oenior- alzation in the stock market. s The realization of this was appareh. in the effective measures to support tne market by the two dominant groups ol capitalists, whose quarrel precipitateu 1fhe Northern Pacific corner and the May |. panic The mere fact which was maoe patent to the speculative public that these two powers were united In support of the markets afforded immediate re- lief to sentiment The acute depressloh of the week before was principally que to the evidence of selling on behalf Of one of the interests of various stocks and to the fear to which. this gave rise that the Northern Pacific quarrel nao broken out afresh. It was evident that no vague intimations and assurances that all was harmony would avail to uuiet the disturbance caused by this fear. The decisive step was therefore de- termined on of announcing the new har- mony board of directors for Northern Pacific This step was admittedly taken with a view to stock market exigencies and to lessen the pressure of liquidation which was proving detrimental to many important financial projects and depress- Ing prices to a level felt to be unwar- ranted by the promise of the future of sustained and increasing earning power. Early knowledge of the coming announce ment was clearly apparent in the enor- nous buying all through the list by in- siders on Wednesday, although 1t was not until just before the close that the an- nouncement was given to the public.
 There was profit taking by speculative buyers of the period of the decline on Monday. There seemed to be in addition some Tightening of inside holding by the Insiders who bought to support the mar -k. vIA md at- tracted by the publication of the North ern Pacific harmony plan and by vague ntimations of further steps to be taken In perfecting it was therefore partially offset Money market conditions have been easier as a result of last week s liquidation and the government opera lions through the sub-treasury have made important contributions to the money market. The disposition of bankers, how ever-,is still toward rather cautious con- Dervation of resources for the requre- ments of the crop movement. The break lng of the drouth in the cotton belt re- heved the fears of absolute disaster there but in the same measure the promise of prosperous conditions Is seen to involve In active interior demand for money in the near future. There persists also the underlying influence of a probable pro- longed contest in the steel trade involv- hg non-production and consequent re- uuctlOn or demand Wn1cn would other wise result from the wages and profits lhus discontinued.
 Railroad bonds have moved in sympa- Thy with but less widely than stocks. United States refunding 2s. the 3s and .he old As advanced A, and the new As below the closing call of last week.
 Einancis;
 New York, July 2O.-The Commercial Advertisers London financial cablegram bays: