Evening star., 1901-07-26
FINANCE AND TRADE
Feature of Today's Market Was Buy
ing Steel Stocks.
CREDITED TOBEFTER STRIKESITUAHION
Crop Adyices Were Less Discour-
aging Than Has Been the Case.
MUCH SIDE BUYING

Special Dispatch to The Evening Star.
NEW YORK. July 26-The buying of the
steel stocks on large scale, over 80 900
share changing hands in the first thirty
minutes. was the feature OF today's stock
market. The demand was wen distributed.
and the prices advanced easily This SUBJ
stantial evidence OF a favorable turn in
the strike situation had a beneficial in
huence on all parts of the list.
Frices improved under mixed demand
and commission houses generally took a
more helpful view of the outlook Crop
advices were less discouraging. and traders
found 1t difficult to center attention upon
the roads in the afflicted territory. 1t is
generally admitted that the reports have
been literally discounted and also that ex-
aggeration has had full sway. For three
weeks the weather has dominated prices
and the monotony Of the topic Is making
the street restless.
The settling of the steel strike was today
a more attractive subject than anything
else. The coal stocks, which should profit
by the strike settlement, also gave evidence
steadily bought and responded easily, while
the high-priced stocks made substantial
gains on light trading.
There are elaborate plans on foot for
the Erie ana hed1lflS properties, ana once
the leaders of the market find a favorable
opportunity. both issues are likely to be
forced to the front. Wabash attracts re-
newed interest. now that 1t has begun to
let contracts for it's entrance into Pitts
burg. Some big buying and a possible
change Of control may result from this
move.
Atchison"s large earnings. a gain Of
$4,000 being reported for the month OF
June, were responsible for some covering
Of outstanding contracts, which forced
temporary advance in both common and
preferred. The indications are that tomor-
rows bank statement will show a further
increase In reserves. The receipts of cur
rency from the interior during the week
have exceeded s5.OO0.00O. and the outflow
has been less than one-fifth OF that amount.
600 from the banks, leaving the net gain
for the banks somewhere in the neighbor-
hood of three millions. Most Of the money
has come from the west and south, and Is
the largest total since the july payments
Many banks which usually ship cur
rency were not called upon to do SO this
week, thereby showing an ability in GER
tain sections to finance the seasons Weeds
without decreasing local deposits. The
money condition may be said to have i'm
proved materially, the steel strike is less
ominous and the crop reports are better
than the worst. 1t now remains to be seen
what use VIII be made Of these changes.
1t is by no means certain that the lead
ing interests want activity at this time.
II they are willing to force an advance tho
public might be tempted into the market
between now and the middle Of August.
The stocks are now in strong hands and
cannot be shifted without a demonstration
in all parts OF the market and the estab-
lishment Of higher settling level. Such
q level may require more time than is now
possible before the crop movement sets In.
II prices do not break there are reasons
for assuming that the millionaire interests
will be satisfied for a considerable reriod.