Evening star., 1901-07-03
Selling of Steel Stocks the Feature
of the Day.
good BUYING ON DECLINES
The Hot Weather is Still Po-
tential Factor.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. July 3-The declaration of
the dividends on the Steel stocks failed to
arouse the market from it's midsummer
apathy, and prices were again irregular
as the result of the purely professional
trading. The Steel shares were sold in
round amounts throughout the day. the
support being good at times. but the guam
tity Of stock for sale made an impression
around delivery hour.
The failure to state specifically that the
i Ier cent declared on the common stock
was quarterly disbursement was made
much Of In certain quarters. and some OF
the selling was attributed to the disap-
pointment growing out OF this indefinite
action The argument was scarcely worth
while but In the present disinterested con-
ditson of the market 1t served as a depress-
ing influence.
The strike outlook is an uncertain guam
| tity, and it will require several days 10 de-
termine just how far concessions will go
toward avertiug such an unpromlsing
currence.
MIR. Morgan may prevail in the matter
and present indications are that he will go
to some length to preserve harmony The
persistent selling of the stock. and the
strong buying on the way down show con-
clusively that the opinion of the street Is
widely divergent on the outlook.
Outside Of the dealings in the Steel
shares there was little real business. the
holidays being practically the only busi-
ness The adjournment from today until
Monday will allow for a general catching
up in routine affairs and may cover the
culnnation of the hot spell. The latter iss
powerful factor in promoting dulness.
Owing to the extent OF the holiday period
money rates to carry over until Monday
were slightly higher.
Around noon rates had reached IL per
cent. and later in the day the rate was stili
further advanced During the delivery
period the rate was IA per cent. and a few
belated borrowers paid more. Money
should come into the local market in great
er quantity next week and the adjournment
should allow an accumulation at the banks,
since there will be speculative demand
FOR loans until Monday.
Crop conditions are unchanged and there
is the usual conflict among the authorities
as 10 the fate Of growing grain. The ex-
perts sent out by the Granger roads are
OF the opinion that an absence OF rain for
another week could be withstood without
injury. Others who have gone over the
field report an immediate need of rain IL a
full crop is to be had.
Stocks are sympathetic to the varying
reports. but the buying at the decline ap-
pears good in spite of the fact that # lacks
aggressiveness. Union Pacific is heavier
than Its neighbors, and the reason for the
pressure is not apparent. st. Paul on the
other hand. is rather strong than other
wise. and Illinois Central finds an especial
ly ready market
Little is heard of deals and the commu-
nifty Of interest plan. The anthracite coal
shares are neglected. the southwestern
group Is Stagnant and there is no evidence
OF market activity in any direction Local
Traction shares are bought by the pool
from time to time. but IL is recognized
that the market is unwilling. and that there
Is no profit in forcing it, Banking condi-
lions should Improve, and the crop scare
period should elapse before any big up-
derEakings are assumed.