Evening star., 1902-08-12
Government Crop Report a
Bull Factor.
WILL HELP CHANGERS
IT ALSO OFFSETS PROSPECT OF
TIGHT MONEY.
louisville and Southern Under Selling
Pressure at the Close of
the Market.
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star.
| NEW YORK, August 12-The govern
ment's crop report contributed somewhat
toward steady stock market this morning.
and was regarded as partial offset to the
frmsr tone in the money market.
London traded In upward of 25.OO0 shares
OF various stocks. the net result being TO
| balance the transactions the selling being
equal In volume TO the purchases
The crop report insures an enormous ton
| mage for the granger roads, bat &C also sug-
gests the need OF an enormous sum OF
money to move the crops TO market, This
latter prospect is the one unsettllng factor
In the present situation. An active money
market in the present condition of bank
reserves must be followed either by liquida-
ton or stagnation. The former would force
substantial concessions and the latter would
tend TO establish a lower speculative plane.
but without suggesting an indefinite post
ponement of the advance.
In fact, the growing crops are to he
made the basis for a movement In certain
high-grade specialties later on. and the
properties. concerned are likely to get good
support even though the main movement
may not be possible until later I'm the year.
Illinois Central has a pool to help Il, and
st. Paul also has the benefit Of a strong fol-
lowing who are always willing to buy on
declines. Just now there is a rather mark
ed Intention Of not buying either OF the
properties named except on the DAYS when
the speculative element is selling them at
reduced prices. Atchson is another stock
that Is being well bought. but here too
there is an air of expectancy growing out
or the fears for an active money market
Should the common stock get per cent
this fall the result of the crop Dros-
perity the old pool will make an urgent ef-
fort to force the price across par. Mean
while. with the public's attention centered
upon the bank reserve. there will be little
effort to force an advance which would
lead conservative sentiment away from the
property.
Baltimore and Ohio may announce rights
on Its stock early next month. and the Chi
cago party are already credited with pur-
chases OF the common stock on a scale sug-
gestive OF preparations for a considerable
crease In traffic due to the demand for soft
coal make earning an attractive factor in
the proposed undertaking. Colorado South
ern shares We're generally strong as the re-
suit of the establishment OF the First Pre-
ferred upon per cent basis The Gould
Southwestern issues were irregular under
mixed dealings.
The active feature OF the Gould gro,n
was Western Union, in which a substan-
tial gain was recorded at the expense Of
the short interests
Southern Railway and Louisville. and
Nashville were sold down late in the after
noon under pressure from the room, and
the whole market became reactionary
under mixed dealings. The closing was
generally under the best. and sentiment
was less favorable to prices than during
the opening hour. The banks do not en-
courage new business and this factor Is
likely to grow until the real needs of the
west are determined.