The Washington times., 1901-08-07
BARGAIN HUNTERS ACTIVE.
Investment Buying Strengthens
the Markets Tone.
Rccoveries Also brought About by
Covering of short Contrncts-Get-
ting Away From the steel IssIes
-Tbe Conditions still FcyeriSh.

NEW YORK, Aug. 6.-Whi,e very little
change appeared in any or the several AS
poets of the situation at large. upon which
the attention of the financial community
is now centred, quite radical alterations
were evident in stock ~ ---gt conditions.
Beyond much doubt In, n D.
tion of the recovery in th- at. fn-.o-t
was the covering of sheTt coa,-aats, but
apparently the decline in prices. has at
tanned a degree which has invited the
interest of that class OF investors who
nearly Invariably wait for such stock
market circumstances rs those now pre-
vailing to acquire bargains.
Buying OF this sort. that is. of a strict
ly investment character. was reported in
various directions. and its app ardnce
served to quicken the short interest in
their noted procedure. Sun. the trading
throughout the day continued largely pro-
fessional, and price movements. while in
the main toward . higher level. were to
no small extent erratic and irroc uiar.
That amount of interest not asorbed IL
the steel strike situation was given over
altogether to the action on the Union Pa
cific dividend, expected on Thursday. and
to the Government crop report, to be pub
lished on Saturday next.
There can scarcely be any disappoint-
ment in regard to the two latter mat
ters. 1t is now the common opinion that
the dividend on Union Pacific common
will be declared at the same rate as that
last ordered. while it is well nigh mpos-
sible that the Governments figures set
ting forth the estimate of the condition
of the corn crop on the 1st of the month
can fail much below Wall Street present
expectations. Scant attention appears to
be paid to the fact that, on the other
hand, there is every reason to suppose
the statistics bearing on the wheat crop
VIII furnish the present large body of
pessimists serious grounds for thought
In regard to the steel strike situation
there were no new developments, and the
best Informed and more judicial-minded
persons have now settled down TO the
conclusion that none can he looked for
for practically indefinite period. 1t is
the fairly unanimous opinion that the
Anna lgamated Association has already
practically lost its fight. although of
course, Immediate surrender is improba-
BILE President Skaters forDearance in
delaying the order for a general strike
Tor two weeks was construed today as
indicating that he hoped opportunities for
graceful retreat might arise in the
meantime.
AS noted. today's real developments
were meagre in number and not partiCu-
ial y Important IN qualltS- Money call
again ruled at low rates and sterling ex-
cnarge continued firm. There was renew
ed discussion Of the probabilities of gold
export toward the close of the week but
nothing definite in that respect developed
he day S returns of railway traffic were
exceptionally strong exhibits
The reopening of the London Stock Fx-
change after the three days suspension
OF business brought with it higher prices
for American stocks from that point
with the exception of the sted issues
but the dealings here for foreign ac-
count were of only nominal PROPORTIONS
As regarded the detailed movements in
the market. ii might be said that the gem
eral list showed some evidences of cut
ting away from the Steel issues
That the covering of short contracts
was substantial factor in the lettering
tendency of the market was disclosed
in the particular strength shown in ST
Paul, Union Pacific, and other stocks
which have recently been particularly
favored by the attention of the bearish
contingent. On the other hand there
were noteworthy advances in such stocks
as Illinois Central, the Nickel Plate is
sues, ST. Lawrence and Adirondack, and
others in which operations for the short
account have not been particularly ap-
gressive. Neither the local traction is
sues nor the various specialties were par
.tcularly prominent in the days deal |
ings.
There were wide fluctuations in Sugar |
Refining, and the trading in the stock |
indicated that the short interest had been |
proceeding with more zeal than dscre- |
tion. The trading continued quite fever |
ish. and frequent and material reactions |
punctuated the improving tendency of |
the market. but the undertone in the main |
could still be described as more confident !
than any for fortnight or more.