New-York tribune., 1901-07-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The spirit of disquietude and depression in
which the stock market closed on Wednesday
continued to prevail at the opening yesterday,
although absolutely no bad news had come over
night, and in the early trading prices suffered
further serious declines BY about neon, how
ever the liquidation seemed to have come to
an end for the time. and, on the appearance of
purchasing orders from important interests and
the denial or absence of confirmation of alarm
list rumors, the market began TO rally. The i'm
provement as a rule sustained until the
close most of the issues recovering part of their
initial losses and some closing trife higher
than on Wednesday. The early selling was
proba bly, partly due to the weather news from
the corn States, but represented chiefly, 1t was
understood. forced liquidation by we'll known
Western interest and also to some degree the
sacrifice of holdings by smaller local operators
and spectators. who either had reached the
limit of their marginal capacity or had decided
not to send good money after bad The liquida-
tion having run its course. rather extensive
profit taking by the shorts combined with pur-
chases for the long account IN moving the mar
ket upward But the conservative Judgment of
the Street is that the market will go lower be-
fore 1t goes higher The developments of the
day were not unfavorable. Money was easy,
closing at 3 per cent and never going above D.
There was still an ornnous absence of rain or
indication of rain in the scorched West, but
slightly lower temperature gave promise OF a
slight alienation OF the perilous situation In
the corn States. The government crop report
indicated the corn Yield at about last years
total The report represents conditions which
existed on July l. conditions which have been
gravely modified by the drouth Of the interven-
ing ten days but the greatest damage has been
done in Kansas. and even in Kansas much Of
Ia lima ~
timely rains The time OF storm and stress tor
the corn crop Is really IN August, when blasts
of wtthering heat sometimes shrivel the tas-
selled corn almost in a single day. But II the
harvest of corn shall In fact turn out TO be far
less than last years, compensation is afforded
by the fact as TO winter wheat. and the now viz
tually assured fact to spring wheat that the
1901 wheat crop is to be record breaker. Tar
exceeding in volume last years harvest
The conference between the United States
Steel officials and the Amalgamated Association
representatives at Pittsburg opened yesterday.
and the latest reports indicated harmonious
adjustment Of the matters In dispute. In Chi
cago an important conference on freight rates
was held the outcome of which. II was be-
ueved would be the effecting of such an agree
ment as would make 1t unnecessary for the At
Gibson to declare operative its threatened new
freight schedule. The rumor of new outbreak
Of hostilities between the Morgan and Harr-
man interests over the Northern Pacific was
ndustriously circulated here in the morning,
and it's explicit official denial Of the
bush features of the afternoon. Other
mors, originating in the depths of the obscurity
of the bear pit. were that an unnamed commits
sion house and unidentified bank were in
trouble; but little credence was placed in
these reports