The Washington times., 1901-07-09
THE MARKET STILL UNEASY
Stock Prices Exhibit a General
Tendency Downward.

Atchison and the Pacifics Lead the
DecIine-Good Features of the Day
Ignored by the Street - The Crop
outlook Continues to BE Gloomy.
NEW YORK, July S.-Apprehensicns
regarding the money outlook, the grow
ing seriousness of the corn crop situation.
and indications of railway disturbance
in the Southwest were the leading factors
which produced very sharp decline in
the stock market this morning onset
ting the unfavorable Developments were
seroi-otficial reports that the United
States steel labo- difficulties will be
speedily adjusted; the belief that the Dl-
luminous coal situation is responsible Tor
negotiations that Will lead 10 important
action favorable to the trade. and num-
her of railway gross earnings statements
that were gratifying. Call money how
ever. opened at 10 per cent bid and al
though il Immediately became easier
the poor bank statement Of Saturday,
with it's heavy loss in cash and small
decrease in loans. was discoUraging 10
nu,nbe rof weak, duh accounts.
Traders also were were inclined 10 be
bearish. predicting stiff money rate for
several DAYS and IN the first hour helped
quite urgent. good many stop loss
orders were uncovered, and the support
on the early decline was not remarkably
good. a moderate rally had been scored
at noon. but on the advance there was
renewed selling pressure, with prices
again Welding rather easily and the mar
ket becoming unsettled and soft
Enquiry at the banks indicated that
considerable shifting OF loans was in
progress. and the disposition was to look
for a firm money market in the near
future. There was no Improvement IN
the corn situation over Sunday and the
price Of that staple again advanced
There was no rain in Nebraska Kansas.
or Texas. and the tone Of the crop reports
was pessimistic.
The Pacific stocks and notably the At
chisons led the decline and suffered the
most pronounced losses on the cut IN
rates. which. however, was said to be
strategic move in order to force the Chi
cago Great Western TO join the pooling
organization.
stories Of a conference between Mr..
Morgan and representatives OF the United
States Steel disaffected labor interests
were not substantiated. and the official an
nouncement that the dividend Of 1 per
cent on the common stock Of that COM
pany is a quarterly payment did not keep
the Steel issues from participating in the
downward movement. Surface indications
pointed to q conference today Of bitumi
nous coal interests. but this. like other
favorable features, was ignored by the
market
ception of the Steel issues. were heavy,
ana the opening here reflected the same
tone. The aggressive Atchison policy was
4H.a1r-
of leading railway shares by representa-
tive firms. UncoEhrmed and vague ru-
mOrs OF trouble were circulated and con-
tributed TO the uncertainty which was re-
sponsible for declines that extended TO
per cent and more Missouri PACING,
Southern Pacific the Atchisons, st Paul,
Illinois Central, ana jhe Onlon Faclhcs
were all weak and declined easily Many
stop losses were uncovered. and the alb
sence Of notable support on the early de-
cline led to renewed liquidation
Pennsylvania New York Central. and
the local traction shares were also under
severe pressure, while the industrial
shares. without any specific developments
affecting them. shared il the decline. Su-
gar PEOPLES Gas Tennessee Coal and
Iron, and Colorado Fuel. in addition TO
the Steel issues. encountered a selling
movement that caused prices TO yield at
The selling of Steel common attracted
considerable attention as OF the charac-
ter usually called good" Western houses
were sellers Of both Steels and railway
stocks Rock Island declined sharply on
sales said to BE- for the controlling inter
est that had liquidated a considerable
line Of stocks. London sold about 10000
shares in the early trading and bought
Zoo on the break
Foreign houses were inclined to view
the outlook more cheerfully than local
interests and said that London was at a
loss TO account for the heavy decline
The sale OF small block of General Elec-
tric produced a 5-pOint drop in that stock,
but 6he decline was without significance