The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-07-05

New York, July L-Expectations Of
higher prices for stocks, which were
aroused by the action Of the market
during the latter part of last week,
were not realized today. 1t is no unu-
sual thing for the effect of July dis
bursements upon the money market to
be delayed, sometimes for a week or
wo. the Iooked-for demand for reinvest-
ment falling TO appear, and the rate for
money holding comparatively firm.
These conditions held today, although
there was some relaxation in the call
money market. There were, however, a
number of more or less disturbing FAC
tors. which discouraged buying, and
when last weeks buyers attempted to
take their profits they met no demand
to absorb their offerings, and prices
melted away easily on a small volume
of business.
The tone of the foreign markets was
quite cheerful and the occasion of some
opening advances. The passing Of the
semi-annuaI settlement day at Berlin
without a hitch was a great relief TO all
the foreign markets, and heavy dis
bursements Of government interest in
london made money and discounts easy
there. but the market here had to face
the action of the Amalgamated Associa-
ton of Iron and Steel Workers in inau-
gurating a strike in the steel trade.
officers of the United States Corpora
ton professed to belittle the effects of
the slNke. but it's effects were manifest
upon the price of the company's stocks,
nevertheless. The Independent steel
companies were also weak. United
States steel, both common and PREFER
ed. lost IL and Colorado Fuel and Ten
nessee Coal about 3 points each. The
expected dividend action on United
steel tomorrow was also a fac
tor in the situation, the bears striving
to discredit rumors that the common
stock would be placed on a 4 per cent.
dividend basis.
Fears of damage to the corn crop
from drouth in Missouri, Kansas and
Texas especially depressed the corn car
rying grangers, which were more vol
unerable by reason of last weeks
strength. The decline reached 81 in St.
Paul. 3 in Rock Island 2E in Illinois
and Pacific and 2 in Atchison PREFER
ed.
The hand of the bears was manifest
in the circulation of some alarmist ru-
mors early to the effect that the clear
ing house committee was in c%onsulta-
ton I'VE the affairs of some of the
clearing house Institutions. There vas
HO SUCH COISulldllOU anu There
were emphatic denials of any thought
or intention of necessity of such a
consultation, but the effect produced by
the runnors showed rather strikingly
that last weeks failures have left the
speculative mind in an impressionable
state. There is good ground for the
supposition that last weeks episode has
prompted some overhauling of collater-
al for bank loans and has induced a
rather stringent caution on the part of
the banks in the certification of checks.
It must follow hat business by stock
exchange houses is with
somewha less facility han when the
machinery of credit was entirely un-
trammeled. There is nothing to show
that any further ground than this ex-
lists for the rumors circulated of finan-
cial troubles.
The fierce heat had it's effect on the
trading, as it had on all other kinds of
human activity.
There was notable strength in the
Iowa Central stocks, and the New
York. Chicago and ST. Louis stocks
scored gains extending from 2 to 6
points. Most of the active stocks
were off a point more during the day
and the closing vas very heavy n
dull.
There was little doing in railroad
bonds, but prices yielded in sympathy
with stocks. Total sales, par value,
were 5 1900, 000. United States bonds
were all unchanged on the first call.
The total sales of stocks today were
391, 200 shares.