The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-19
LABOR TROUBLE AND DROUGHT ALSO AFFECT STOCK MARKETS

REPUBLIC SPECIAL
New York, July 1s.-From merely spec
uiative point Of view. yesterday afternoons
late announcement respecting the compost
ton Of the Northern Pacific Board Of Dr.
rectors. with all its vast significance. was
adjudged to mark the elimination Of the
movement based upon that development.
and was utilized to realize accrued profits
upon the opening Of business to-day.
In less mercurial circles, however. than
those Of speculative Wall street. the vast
and benefcent importance Of the Northern
Pacific settlement was commonly realised as
ono Of the moro important steps forward in
financial affairs In years. It Is obvious now
that the industry Of transportation west OF
ths Mississippi River has passed under a
community Of interests equal to. II not
greater than. that prevailing in the railway
system of the country north OF the Ohio ana
Potomac rivers.
stock Market ReaetionaHy.
After opening at materially higher prices
than were recorded at the close Of business
yesterday, the stock market to-day became
quite reactionary. and the trading, which
was exceedingly active at the opening o.
business. fell away materially. Proht-taking
in exceedingly heavy volume set in right at
the opening and continued in unabated force
throughout the forenoon. =
There was little or no change IN the sew
eral features Of tho situation now engaging
financial interests. The advices. both from
the crops and the labor difficulties In vari-
Gus directions, showed no essential altera-
ton. ~
The fluctuations in the grain market, and
particularly in corn. were decidedly cratic,
and indeed Q rapid advance In the latter
staple in tho morning appeared to have .
good deal Of effect in bringing about the
reaction In the stock market.
Expect strikers to Ylela.
There was no modification Of the Views
now commonly held that the striking steel
workers will soon have to abandon their
contentious, but, on the other hand, the alb
sence Of any Indications OF an carly sur
render initiated against . renewal Of yes
terday's rise in stock-market prices.
Notwithstanding tho varying and some
what irregular movements in prices during
the course of the business session. the con-
centration Of interest in st. Paul, Union
Pacific and Southern Pacific reflected gen
eral appreciation Of this fact. =
The lingering approximations respecting
the outlook for the corn crop led to quite
marked weakness in Atchison common ano
to the sharp reactions which appeared in
Illinois Central, Missouri Pacific and the
other stocks more directly concerned. 90.
too, the anthracite coal shares and the
United States Steel issues were unfavorabiy
Influenced by the labor difficulties affecting
these properties. Market movements other
wise were not apparently Influenced BY par.
ticular causes. and the general list moved
throughout the day in more or less uni
formity.
In the early dealings the local traction
Issues all enjoyed particularly sharp ad-
vances, but they also participated In tho
subsequent reaction.
Money Market Extremely Easy.
The money market was extremely easy
throughout the day. with the bulk Of the
borrowing effected under 81 per cent. The
days returns Of railway tranic wero high
ly gratifying exhibits. London'S attitude
was somewhat disappointing. inaamuch as
only irregular price changes In American
stocks were furnished from that quarter
and on balance foreign houses were sellers
here to the extent Of some 5000 shares Of
stocks
The stock market developed renewed
strength the last hour under the leader
ship Of st. Paul and Union Pacific. Rumors
further BIG deals affecting these prope r.
ties, and their advance led to q recovery in
the general market. Notwithstanding the
fact that corn closed at about the hishest
there was marked increase Of animation
in the trading. coincidently with the after
nooB recovery.