The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-24
WALL STREET STOCKS
Activity in Stocks Was Some
what Curtailed.
CROP REPORTS RULE
Tactical Move Was on Against
the Shorts.
0P REPORTS RULE

New York, July 2s.-The subservience of
the stock speculation to the very trying
crop conditions and to the daily weather
map was again strikingly demonstrated
today But the activity Of speculation in
stocks was somewhat curtailed as an
outgrowth Of the confused sentiment en-
gendered in the grain market by the con-
hicting price movement ggrowing out OF
the technical conditions in the grain spec
ulation- The uneasiness Of the short in
terests in stocks was easily perceived by
the force Of the opening bulge in prices.
mere were indications that a tactical
move against the shorts was being made
and the London market was used before
the opening here TO influence New York
BY a much higher range OF prices there.
London not only had reports Of copious
rains In the corn belt, but OF an immi-
nent settlement Of the steel strike There
was a consequent rush TO buy on the part
Of the shorts at the opening here. but the
nigh prices melted away within a few
minutes under the Eager offerings to re-
aliZe on the part OF interests remain
ing long OF the market. Apparently there
was much scepticism regarding the re-
ports OF rain, but when the grain mar
ket opened with a drop in corn almost
equal TO yesterdays bulge. the belief IN
relief for the crops was strengthened.
The reassuring expressions by the sec
rotary OF agriculture as TO the present
status Of the corn crop were also an fn1u-
ence. The course Of affairs subsequent 10
the heavy damage 10 last years spring
wheat crop in the northwest was cited as
d precedent which gave hope OF mainte-
nance Of earnings by railroads in the
southwest.
The publication OF the plan for addi-
tions1 issue Of American sugar refining
stock lifted that speciality and helped the
market. The second rise carried some
stocks higher than the opening, but the
subsequent uncertainty of the price move
ment reflected the hesitation OF the stock
traders about repeating last weeks at
tempt to revive a bull movement with the
crop situation still a factor. The market
was allowed to lie fallow during the mid
day period, with the exception Of a mo-
mentary upward rush in the United
States Steel stocks OF nearly 2 points
each on an unconhrmed rurnor that the
strike was about TO be settled. The later
advance in prices to the top level of the
day seemed to be based on the general
that the damage 10 the
crops had been discounted and important
liquidation had been effected leaving the
way open for an advance. The character
Of some OF the buying encouraged fol-
lowing from the professional contingent.
The money market was easier in spite OF
gains by the sub-tressury from the mar
ket and the growing demand from the
interior for funds. At the best prices
which were made in the last hour, st.
Paul was 81 above last night, Union Pa
cihc ~, Atchison 4. Southern Pacific and
ST. Louis Southwestern preferred 81. and
Missouri Pacific Sis. The last price show
ed only fractional concessions and the
closing was fairly steady.
Business in railroad bonds was fairly
active and the price movement irregG-
lar. Total sales, par value. S2405.000. Uni-
ted States bonds were all unchanged on
the last call.