The Washington times., 1901-07-17
MANYDISTURBING FACTORS
The Stock Market Unable TO Main
tain Firm Tone.

DiscourngipG Grain and Labor Re-
ports Again Affect Speculative
Confidence unfavornbIy-The Steel
NEW YORK. July 16.-During the
earlier part of the day the stock market
showed an actually better tone than II
has presented In the last fortnight. but
before noon speculative confidence was
again materially disturbed by reason ot
n sharp advance in both wheat and corn.
The bette rmont in the market in the early
dealings was directly attributable TO the
more encouraging advices in respect Ia
the meteorological conditions in the cora
growing sections
Moderate rainfalls were reported in por-
tions of Kansas and as far north as South
Dakota. but definite information as to the
actual extent uf the resultant RELIEF was
still wanting The opinion seems to be
now quite commonly held. and notwith-
standing the movements in the grain
market that the actual extent OF the
damage to the corn crop by reason OF the
drought has been very much exaggerated,
and in fact that the main motive in the
circulation of these reports has been the
tremendous speculation now being con-
Quoted on the Chicago Board of Trade
At the same time the scare which was
created by the alarmist intelligence re-
specting the condition of crops arrived AT
a time when public interest in the stock
market was perhaps unduly extended, ana
IL goes without saying that the shock TO
confidence has been increased by num-
ber of familiar occurrences, the chief Oh
which, of course, were the dubious money
market situation and the strike OF the
employees of a number of the constituent
companies of the United States Steel Cor
poration-
In today's market the securities of the
last named concern continued heavy ana
failed TO participate even in the early ad-
vance This mornings intelligence re-
specting the status of the labor troubles
was indeed somewhat diScouraging- IL
is ordinarily the case. however, that at
the outset of similar difficulties the situa-
tion appears to favor the striking en-
ployes but on the other hand. II is
obviously true that the position OF the
malcontents is weakened liz exact ratio
to the number of men who go out
Ii is obvious that the resources of the
Amalgamated Association are not SUI
ficient to support, for any considerable
period of time. sucn a multitude of men
and their families have voluntarily
abandoned employment, and the question
of the strike appears to have narrowed
down to a mere test Of endurance. The
present difficulty is singular in this re-
spoct. that, apart from few media OF
expressions of opinion, CT ndemnation of
the policy pursued by the labor union and
operatives is general. IL has been suffici-
entity proved within recent years that
with the present high state of the coun-
try's prosperity. any reasonable demands
OF labor will be acceded to. but on the
present occasion 1t has been abundantly
demonstrated that the strike has been
forced by a combination of arrogance,
ignorance. and Incidence, with which the
misguided strikers need not expect sane
public opinion to sympathize.
Foreign houses traded quite actively in
the local market, but the operations On
this account were nearly altogether on
arbitrage. The London market was
heavier in the earlier part OF the day, but
a smart rally followed, and American
stocks participated fully in the improve
nont. A recovery of about ! per cent in
consols within the last twenty-four hours
was an interesting feature of the London
market. The course of prices IN the To-
cal market furnished profitable opportu-
mites for arbitraging transactions, and the
5000 shares of stocks. The local stock
market movements appeared to be gov
erned altogether by the Western meteor
ological conditions, and opinions regard
dustry.
The money market continued easy and
showed Indications of further relaxation.
All the railway traffic returns submitted
made highly gratifying showings, con-
spicuously the Missouri Pacific and the
Missouri, Kansas and Texas companies
AS has been the case for some time, mar
ket movements appeared to be determined
by common impulses. and there was little
or no news or gossip bearing upon partic-
ular stocks: The general situation was
not one which could be counted upon to
incite active outside interest in the trad
Ing. and in fact commission houses COM
= monty reported very limited business
The professional element sold stocks
freely, both on account of the advance in
the grain market and also upon the the
ory that the recovery from yesterdays
low level had attained normal proportions.
As regarded special movements. II might
be noted that the local traction issues
were all notably strong. with especial
activity appearing in Brooklyn Rapid
Transit and Manhattan Railway. Impor
tant contracts in relation to the electrical
equipment OF the Manhattan Railway
were let today. Others conspicuous fea-
tures of the market and leaders in its
varying movements were st. Paul. Union
Pacific Missouri Pacific. Denver and Rio
Grande. and the Atchison shares. In con-
nection with the movements in St Paul
and Union Pacific 1t was reported that
the final agreement upon the various con-
troversies growing out of the Northern
Pacific incident of some weeks ago had
been signed.
The movements among the specialties
ard the industrial stocks. apart from the
Steel Corporation shares. We're apparently
well in line with those in the general mar
ket. The Copper stocks. Western Union,
Consolidated Gas. General Electric and
Peoples Gas all rose sharply in the fore
noon and participated in the reaction
which followed upon the advance in the
grain market. In the same quarter of
the market a particularly rapid advance
In Texas Land Trusts made that issue
conspicuous.