The Washington times., 1901-07-16
A RALLY AT THE CLOSING.
Prices Break Sharply Early, But
Later Make RecOveries.
Strike News Sends Steel Issues Down
while the Drought Causes "a slump
in Grpngcrs-An Extended short
Interest Helps the Market.

NEW YORK. July ia series of vio-
lent declines, most pronounced in the
Steel issues, Western railway shares, and
coalers, occurred at the opening of the
market today. Later there was gen
eral recovery. News over Sunday was in
the main unfavorable, and it brought out
q large volume OF liquidating sales from
all parts of the country. News of the
United States Steel strike did not be-
come widely disseminated until Sunday.
and. inasmuch as this outcome was not
expected it had more or less of a de-
moralizing influence on speculative hold
ers of securities in general and the Steel
issues in particular.
Opening sales in the Steels reflected ex-
treme declines from Saturdays closing of
4. az and 5I5 points in the preferred
shares. London cabled declines that were
quite as pronounced in these shares and
in that nlar6et a very pessimistic view
was taken of the situation here. Inas-
much as the strike appears to be based
upon the refusal of the representatives
of the United States Steel Corporation to
''unioniZe" non-union mills and non-union
workers, it is not believed the strike can
win. and certainly the corporation during
this period of prosperity is better able to
during time of depression.
Threatening rumors of a strike of
stationary engineers in the anthracite
coal region were also responsible for
weakness in the coal stocks and es-
pecially the Readings. In the West
no substantial relief reported
throughout the corn belt, although
the weather indications We're somewhat
more favorable. Corn and wheat both
opened at sharp advances, and the bull
lish feeling in that quarter emphasized
the bearish feeling among the granger
stocks, and they were the worst sufferers
in the stock market at the opening.
During the day, however, prices OF the
cereals broke sharply on the belief that
crop reports had been exaggerated and
that relief frori the drought would be
had within the next forty-eight hours.
Oflsetting the above factors, there was
considerably easier money situation.
Saturdays bank statement. with its ma
terial increase in cash and notably heavy
contraction OF loans. was far better than
anyone expected. The movement of gold
from the Pacific Coast to this city is ex-
pectsd to bring fresh resources TO the
banks, while conSi5erable disbursements
under the Government appropriation bills
and decreased receipts, owing to the
amended war revenue measure should
not be without favorable influence. The
foreign exchange market WAS a shade
firiner today. but the actual changes were
not significant.
Although the declines Were pronounced
at the opening, there was an absence of
excitement. Trading was heaviest in the
Steel issues, with declines as noted above.
In the railway list Atchison common sold
down Al points, Atchison preferred St
Paul, ~ Rock Island, Sss: Union Pacific,
8; Texas Pacific, Missouri Pacific, ~;
New York Central. 3; Pennsylvania 81
Reading common, 29., and Erie common,
points. Declines of 1d2is We're made
throughout the list The industrials and
local transportation shares declined in
sympathy with the others without any
definite news 10 account therefor and
they exhibited relative steadiness.
London bought and sold in this market,
selling 10000 shares. mainly of the Steels,
and buying 2O.Ot0, chiefly the Atchisons,
Union Paciiicsi and som others.
The weakness at London extended
throughout the securities markets there
and consols were quoted at a sharp de-
cline. A very fair degree of support was
noted in this market on the decline and
before II O'Clock prices began to harden
A rather extended short interest assisted
in the recovery and in d number of in
stances early losses Were almost entirely
regained. The rally was led by the rail-
way shares. and good buying was noted
in st. Paul, Union Pacific. and the Steeis
On the recovery the speculation became
quiet and dull, with the volume of trad
ing for the account of commission houses
very much reduced.