Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-07-02
Dull Market in the Hand of Pro-
fessional Traders.
SITUATION 4 WEAK SPOT
Belief That Mr.. Morgan's Return
WiH- Revive Interest.
GENERAL MARKET REPORTS
Special Dispatch to The Evening S,nr.

Special Dispatch to The Evening Star.
NEW YORK. July 2-Fears of labor
troubles and the usual uncertainty concern
ing the growing crops combined in forcing
lower range of prices in the stock mar
ket this morning. London sent over an ir-
regular price list and had little business for
the local ma rket
Professional trading made up what
passed for a market. and there was scarce
ly an instance IN which any special incen-
tive was apparent, The intense heat en-
couragtd the do-nothing policy. and many
brokers' worked harder to secure an ad-
journment over Friday and Saturday than
they did to create activity in the market
There is no business to keep them in
town. and they striving to secure an
Official closing Of the board during the last
half of the week
The Steel shares were supported as the
necessity arose, and an effort was made to
neilttle the strike outlook. The larger In
terests in the company are said to be will
ing to avert trouble which might extend
into general suspension OF business at
the numerous plants of the United States
Steel Company.
Traders sought to encourage selling in
the common stock by circulating rumors OF
delay in considering the question of a
dividend on the common stock Earnings
are sufficient to meet all dividends and the
management of the company is above Jug
Cling with the subject for stock-jobbing
purposes
ST. Paul was moderately strong ali
things considered, and there are evidences
that the stock Is favorably regarded by a
certain class OF investors. The course of
Union Pacific was similar to that Of the
last ten days. and there was the usual
neglect on the part of the inside interests
Illinois Central was quietly bought by con-
SerNatlVe interests and earning capacity
alone was urged IN explanation Of the de-
mand.
The western roads have nearly three
weeks of doubtful weather to contend with,
and crop scares are almost certain to de-
tract from prices. Good judges of pros
poets predict no material injury to the
growing grain, and some buying is occa-
sionally inspired by such assurances
The greatest defect in the Immediate sit
uation, from the speculative standpoint, is
the money situation.
Call rates were again above the legal
rate, but brokers explain thi. on the theory
that the dividend payments throughout the
country will require some time 60 get back
into New fo-k- While this view is entirely
true. II is also fact that recent bank diff
hculties will delay the inflow. The Buffalo
situation showed signs of further weakness
To-Day. and 1t is hard to avoid the conclu-
sion that uncovered weak spots are uumer-
Gus.
The stock market indicates strength Of a
passive kind. but il cannot withstand
shock The public finds itself In the midst
OF the vacation season and hesitating and
uncertain stock market
The natural thing to do is to yield to the
temptations of the former and get out OF
town as the most attractive of the two con-
Gtlons. Professional traders hesitate to sell
extensively and many believe that Mr. Nor
gan will impart new life to the list i'm
mediately upon his return.
A stagnant market would seem to be IN
evftable, and those who have stocks are
likely to confine their efforts to watching
them. and those having nothing to watch
are too pleased with their condition TO
change it-at least not for a fortnight