The age-herald., 1901-07-25
DULL AND FEEBL2
 STOCK MARKET The Whole Session Reflected Tagging Interest all Around THE CEREALS ARE WATCHED It Is Realized the Heavy Liquidation In Stocks the Last Week Has
 In View the Moving
 of Crops.

New York, July 2.-The dullness and the feeble fluctuations in prices in today's stock market reflected the Tagging oi speculative interest which is usual after an active speculative movement has es- pended itself and has been followed by re- action. By this morning the fact had be- come quite obvious that yesterdays s Vio- lent recovery in the prices of stocks had been principally based on the relapse In the grain markets rather than on any ac- tualsnews from the grain crops. The con sequence of this revised view of yester- days movement was some renewed mis- givings lest yesterdays report profF from rains had been overstated. These misgivings were accentuated by publish ed estimates showing heavy damage al- ready inflicted on the corn crop. The sharp opening declines, however, met considerable effective support and sub stantial rallies followed. The weakness was again renewed in the stock market when the grain markets opened and show ed notable strength both for corn ana wheat, the resulting declines in stocks ex- ceeding those at the opening and extend- ing from the grangers into other portions of the railroad list.
 The tendency of stocks to rally from de- clines showed the growth of a feeilhe among the speculators that, even conced- ing substantial damage to the corn crop, the decline already effected in prices Tn stocks has fairly discounted this damage. Another party argues that prices of SHOCKS are still unduly high compared with pre- tlcta nd n declines that have occurred from the years hlgh level Thus, there is room afforded for two contending parties in the speculation and the irregular fluctuations in prices which constitute what is called traulns market Money market considerations again loom into some prominence as 1ac- tor in the activity of speculation. It IS realized that the heavy liquidation in stocks of the last few weeks had in view preparation to meet the crop moving re- quirements and not renewed speculation. The transfer of funds from New York through deposits at the sub-treasury is the signal that crop requirements have begun. The necessity must thus be re- cognized of adjusting speculative demands upon the money market to this prior and more urgent requirement.. The lack of de- finite conviction regarding the outlook was evident from the confused and irregu- lar movement of prices. An attempt was evident to lead an upward movement by bidding up Union Pacific and the Wabash and there was some show of frmness among the Southern railroads and sea boards of the coal carriers. But the mar ket yielded at last to weakness when the room traders attempted to take their profits and the lowest prices for the bidding up Union Pacific and the Wabash before the close. which was feverish and irregular. At the lowest the declines were Missouri Pacific, SIS; St. Paul, 3ss; Union Pacific. 3M; Atchison. 2%; Kansas City and Texas preferred, Gs while the general list declined one to two points
 The railroad bonds were dull and heavy. Total sales, par value, $l,915,000 United States new As declined A per cent on the atlast call
 New York Stock Market.
 By Private Wire to Murphy & Co