The age-herald., 1901-07-21
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 U Depression.

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 7 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 1n Quilting 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 srelnforcements from east .ern sources. The supporters of the mar ket made headway against the bears in the first hour when vigorous efforts were made to drive the bears to cover. There was 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, higher bids for stocks brought out such large offerings that the bulls were obiiged to desist and prices fell by rapid strides practically up to the close. St. Paul fell points under last night; Rock Island Az; Northwestern, &; Atchison, S7s; Atch- ison preferred, 1& and others Of the Pa- cific and Southwestern groups as well as leading Southern and Trunk line rail roads and specialties from l to points Some of the less prominent stocks show ed largo losses. The United States steel stocks were largely dealt in but moved narrowly and were supported, the com mon losing only A and the preIerreu closing Is higher.
 This week opened with a deluge of H. quidation of stocks induced by the un- looked for a rupture of negotiations anu calling of a strike by the members or the Arfalgamated Association of Iron, Steel and Tin workers. The shutting down of some of the anthracite mines on account of firemen's strike was also a depressing factor. Coming on top or last weeks severe declines and the re- sulting losses and impairment Of mar gins and resources. serious consequences were threatened by this renewed oeiiior- alization in the stock market.
 The realization of this was apparent in the effective measures to support the market by the two dominant groups ol capitalists, whose quarrel precipitateo the Northern Pacific corner ana the May panic The mere fact which was maue 1oti iNa these two powers were united Tn support of the markets afforded immediate re- -slief to sentiment. The acute depression ,sof the week before was principally due to the evidence of selling on behalf or 4 one of the interests of various stocks and to the fear to which this gave rise that the Northern Pacific quarrel had broken out afresh. It was evident that no vague intimations and assurances sthat all was harmony would avail to quiet the disturbance caused by this fear The decisive step was therefore de- termined on of announcing the new har- mopy board of directors for Northern Pacific This step was admittedly taken with a view to stock market exigencies S 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
 
 Early knowledge of the coming announce ment was clearly apparent in the enor- nous buying all through the list by in ssiders on Wednesday, although it 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 ket on Monday. The new demand att tracted by the publication of the North iern Pacific harmony plan and by vague intimations 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 stions through the sub-treasury have made eimportant contributions to the money market. The disposition of bankers, how ever, is still toward rather cautious con servation of resources for the require ments of the crop movement. The break ing of the drouth in the cotton belt re- lheved the fears of absolute disaster there but in the same measure the promise of prosperous conditions is seen to involve an active interior demand for money in the near future. There persists also the underlying influence of a probable pro- Ionged contest in the steel trade. involv- ing non-production and consequent re- duction of demand which would other wise result from the wages and profits thus discontinued.
 Railroad bonds have moved in sympa- thy with but less widely than stocks. United States refunding 2s, the 3s and the old As advanced A. and the new As \ below the closing call of last week.
 Eine~cis;
 New York, July 20-The Commercial Advertisers London financial cablegram says:
 Attendance was small and stocks were lifeless today. The American department was unsettled and a few additional clear ance sales following the recent embar- rassment of small operators sent prices below parity. These over. the tone hard ened. Atchisen. Union Pacific and South ern Pacific being the best features, but the fluctuations possess practically no sig N. 3. GOTHRAM & GO. .c