The Washington times., 1901-07-11

London Sends in Higher Figures.
Eat ON Realizing n Reactionary
Tendency set. In - Atchison and
the Pacifics Lose ConspicuOusIy.
NEW YORK. July flowing to con-
hicting influences the stock market today
was decidedly irregular and for the most
part the tone was unsettled and weak.
After a show Of some strength at the
opening. when the advances of yester-
day were continued, the market met con-
siderable realizing and developed a pre-
nounced reactionsry tendency.
Early gains were very generally obit-
Grated and in many instances prices re
fected severe declines from last nights
closing figures. The leading factors con-
tributing to the feeling of uncertainty and
hesitation were the monetary and crop
Outlooks. There appears to be quite a
conflict of opinion regarding the future
of the money market. The expansion Of
loans by the New York banks 10 almost
record figures, together with low surplus
reserve and the approaching demand fer
money from the interior with which to
move the crops led bearishly inclined OBJ
servers 10 emphasize their opinion that
money would rot be cheap enough to
justify active speculation for the rise.
- On the other hand. bankers expressed
the view that the money market carries
its own cure, for with higher rate. they
believe that cash would be attracted
from abroad and also from the interior.
The engagement of a small amount OF
gold for export on Thursday was report
ed. After the close of the exchanges to-
day the Government corn crop condition
report was made public and the compara-
lively poor showing has been pretty well
discounted.
Further developments bearing on the
Southwestern rate situation were to the
effect that the Atchison will not make
the threatened reduction and no indis-
criminate war viii take place.
The market opened generally firm, al
though there were some indications of
irregularity. London sent in a higher
range Of prices, with gains extending
from i to 4. st. Paul and Union Pacific
were leaders, while the Steel issues We're
firm At the opening here Louisville and
Nashville was hard and fairly well
bought or reports that q very fine state
ment for the half year would be made to-
day. st. Paul opened up per cent higher
and made a further gain which. how
ever, was subsequently lost. Union Pa
ciic and Southern Pacific also substan-
TALLY shared the improvement.
Elsewhere in the railway list the gains
were fractional and lacked significance
Decided strength was exhibited by the
local traction shares, under the leader
ship of Manhattan, which advanced near
ly per cent The industrial group was
rather neglected. with the Steel issues
inclined to dullness. pending the settle
ment of the strike matter
Sugar and AmalEamated Copper moved (
within a comparatively narrow range /
There was no special news bearing on /
their fluctuations The buying in West I
ern Union was somewhat more aggressive !
than II has been for some time. The buy |
ing to large extent was professional /
and the purchases by commission houses 1
were not heavy.
Before the noon hour the market sold /
on easily on realizing under cover of the 1
carry strength and on unfavor2ble crop /
ana money reports. The losses were most
pronounced in St Paul, Union Pacific I
MISSOURI Pacific. and the Atchisons. par |
ucularly the latter. Fresh liquidation ap-
peared on the decline and il was assisted I
by aggressive operations OF room traders |
together with an absence of active sup
port.
The weakness was general throuEhout /
the list and particularly so in the Pacific 1
stocks. A fair degree Of resistance was /
SHOWN by the Steel issues. while the other 1
lndustrlais by comparison Were not active
London traded in about 40,0G0 shares buy
ing at the opening and later disposing of |
its early purchases.
Reports Of the situation abroad were !
more reassuring than for the last few
days.