The Washington times., 1901-07-18
PRICES RECOVER SHARPLY.
The Easiness in Money a Strong
influence in the Market.
Rumors of N Truce in the steel
Trust strike Also Add TO the Ad-
ynnciny Tcndcpcies-St. Paul uud
Union Pacific Among the Leaders.


NEW YORK. July l7-It might he
stated at the outset Of any description OF
today's stock market that there was
nothing in the real news of the day to
which its tende, cies could be referred.
There was apparently very little change
in Western agricultural conditions. A
light downpour of rain was reported in
the Central Western States. but there
were no evidences that the showers had
been sufficient to relieve the situation
materially. and. In fact. the grain market
in its general course furnished little en-
enlargement to the stock market.
Very little change appeared also in the
labor difficulties in various directions,
Sc far as this mornings intelligence was
concerned, although, on the other hand,
ii might lee noted that rumors were per-
sistently circulated or the stock eN-
change that a settlement of the troubles
IN the steel trade was impending. 1t is
altogether probable that overtures for an
armistice or for absolute peace may have
been undertaken. and it is also highly
probable that the stock tape itself will
furnish the first premonition of the con-
clusion of the treaty. The public at large,
however. was today wanting in any def
mite information. and the mornings news
upon the question was Ut satisfactory.
In addition to the absence of any def
mite information of any improvement in
the chief subjects now enga ging attention.
the stock market was adversely affected
at the opening of business by the very
severe declines in the London market for
American stocks. These declines in sew
eral cases, extended to points the Unit
ed States Steel issues being again notably
weak. Upon the opening of business here
foreign houses appeared as active sellers
in the general market and disposed of
over $1,000 shares of stocks here with the
course of the morning. Later in the day
the London market for American stocks
showed decided Improvement, and, indeed,
the general securities markets there were
by no means weak and consols were de-
cidedly firm.
One factor of influence which led to
the general and pronounced recovery in
prices after the opening of business was
the pronounced ease of money. Large
sums were offered early in the day at 31a
per cent, and the bulk of the borrowing
was effected at and under that rate. The
sterling exchange market was quiet and
fairly steady and furnished no indica-
tons of resumption of gold exports TO
Europe. The first of the railway traffic
returns for the second week of the month
came to hand today and were satisfactory
exhibits. particularly regarded the ST.
Paul showing.
The conspicuous leaders in the improve
ment of prices were St. Paul, Union Pa
ciiic. Southern Pacific, Rock Island. the
Nickel Plate issues, the Atchison shares,
and Illinois Central There was really
very little news or gossip attending the
movements cited. Progress in the final
settlement of the grave questions growing
out of the Northern Pacific episode in
May was the main influence in the ad-
vance in St. Paul and Union Pacific. In
cidentally it might be noted that there
were light transactions today in North
ern Pacific stock for the first time in more
than a month The sales were effected
far below the last previous transactions.
The anthracite coal stocks We're COM
paratively heavy, being naturally de-
pressed by the renewal of the labor trou-
bles in eastern Pennsylvania. but with
the course of the day they. too, partici-
pated somewhat in the lettering tendency
of the market. The dealings were in fair
ly large volume, and We're very well dis
tributed.
Outside OF the railway list advances
were fairly common. Sugar Refining was
notably strong, and the United States
Steel issues were likewise firmer than
they have been for a number of days,
presumably on the clearer notion as 10
ne probable upshot of the existing labor
difficulties affecting the corporation. The
local traction issues were also in good re-
quest. and the so-called specialties were
all steady.
IN. covering of short contracts ap-
peared to play no little part in the ad-
vance of prices, although. on the other
hand, close observers of the dealings re-
ported not only an evident increase in out
side interest, but clearer evidences of
powerful manipulation for an advance
than have been apparent for the last
three weeks.