The Washington times., 1902-07-22
Stock Market Meets For
eign and Domestic
Liquidation.
PLENTY OF ABSORBING POWER
Failure at London Affects
the Course of Spec
ulators There.
SLIGHT ADVANCES SCORED
New York Central Makes Gain of a
Point-Money Considerably Easier
Fairly Large Transactions in Bonds
Close in the Main Heavy.

NEW YORK, July 21.-The almost
general expectation that was INDUCED in
at the close of business last week that
today's stock market would be aggres-
sively strong and unusually active were
not fulfilled. Before the resumption OF
business on the Stock Exchange senti-
ment was modified somewhat by a con-
siderably lower range of prices for Amer
lean securities in London as compared
with the final figures recorded here last
Saturday.
This movement was caused by the en-
barrassing condition OF a large broker
age house in London, which had exten-
sive commitments in the shares of the
kaffir Mining companies, which have de-
clined sharply Of late and are not now
easily marketable on an extensive scale
Forced to Liquidate.
According to cable advices the concern
referred to was compelled to liquidate
its holdings of American Railway
stocks. circumstance that together with
its embarrassment. induced other Eng
lish SPECTATORS to reduce their commit
ments on the long side OF the market
There are indications that the unsettled
feeling abroad was intensified by ignor-
ance there regarding the position in our
security market Of the late president Of
the Postal Telegraph Company. AS a
matter Of fact he was never factor in
the domestic security market, not even
taking the trouble to promote. market
wise. the security OF his own enterprises.
He had no occasion to do SO, as he held
them for investment and possessed ample
resources to carry out his plans without
soliciting cooperation OF the public.
Selling Readily Absorbed.
Foreign arbitrage houses sold, accord
ing to conservative estimates. in the
neighborhood of 10000 shares of stocks.
Although Wall Street was not fully in
formed regarding the reasons for this
selling while 1t took place. it is signif-
cant that the stocks sold were readily
-5sorbed. AS soon as the selling ceased
the market began 10 improve under the
lead Of Atchison common, Baltimore and
Ohio. Missouri Pacific, Pennsylvania,
New York Central, and Manhattan.
All Of these stocks made noteworthy
contributions to the total dealings in
the order named. The maximum advance
in them averaged l1a per cent. The re-
mainder OF the list moved in sympathy
with them.
In the last hour a domestic selling
movement set in, which apparently re-
suited entirely from the announcement
that approximately $1,000. 900 gold will
be shipped TO Europe tomorrow.
The professional element looked upon
4 . occasion as one OF great import
& AID sold stocks for both accounts
ui'oA an extensive scale.
Money Market Easier.
The other news consisted OF an easier
money market for time loans as we'll rs
on call, additional favorable crop re-
ports. further satisfactory railway traffic
returnS and & continuation of treasury
disbursements in excess of receipts Not
wtthstanding the reactionary tendency
OF the market toward the close. ma
1ority Of the stocks that were mentioned
as leaders In respect to activity closed
fractionally higher than on Saturday.
New York Central enjoy ID an excep-
tional net gain OF point. The only two
that did not close higher were Manhat-
tan Railway and Pennsylvania.
Less active railway issues that scored
gaian of point or more were Canadian
Pacific, Rock Island, which sold ex tho
rights TO subscribe to new stock, which
was quoted at 9Q9ss. Chicago and East
Haute issues, the Hooking Valley stocks
and Metropolitan Securities.
Other issues that were exceptionally
strong and retained a part OF their
carly improvement were Chicago Ter
minai preferred, Illinois Central. Kan
sas City Southern common, Wabash is
sues and st. Louis Southwestern. The |
last-named was unusually active and
sold at tho highest price recorded for |
the stock in the present movement.
The RsactionaTy Movement.
The stocks in which the reac -ionary |
movement was most pronounced were |
Chesapeake and Ohio, Rapid Transit.
Norfolk and Western, Reading common.
Southern Pacific. Southern Railway and
Union Pacific. The dealings in the in
oustriai list were very moderate, with +!
the United States Steel issues first In |
respect TO activity. The market for |
them wes uninte-Tuptedly Arm through
ou..
Tho total transactions In bonds were
made fairly large by an active demand
for Aichison General Fours. Consol-
detsd Tobacco Fours. Green Bay and |
Western Debcnture Bs. Pacific Con-
warrants, Onion Pacific Con-
vertibie Pours. Wabash Debenture Bs
The market for standard Rope and
Twire incomes suggested q revival OF
interest IN them.
IN Curb Market.
On the curb the noteworthy dealings
wore In Oregon Short Line Fours a,
SA. United States Steel new fiyes a,
BIS, American Writing Paper issues,
Aaahattan Transit, New Orleans Rail-