Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-08-26
SCARED BY THE STRIKE.
Fluctuations In the New York Market-Cloud
Upon the street-Bears shy-Conf.
dent Feeling-Knocked Out

dent Feeling-Kuocked Out
by Set Back.
NEW YORK, August 25-There was a decid-
edly easier feeling in the money market to-day.
and rates on call we're again down to a reason.
able basis. although they would be called very
high at any other time. The squeeze being
temporarily checked the street had time to
look at other factors in the situation, and more
attention was paid to the threatened strikes
than for the past few days. The general opin-
ion on the street is however, that thero will be
no strike of importance. and should it really
come that it has been fully discounted. The
bluster is likely to be kept up, however, and
until the question is settled one way or an
other, it remains as a cloud upon the market,
restricting operations for the long side of the
account while the recent heavy decline and the
enlargement of the short interests, together
with the fact that stocks have gone in stronger
hands, make the bears shy Of extending their
lines more at present.
The market consequently again reapsed into
something like the recent dullness and stagna-
tion in prices, and, although there were some
movements in the list, the final changes show
only small fluctuations for the day. The bank
conditions of few days previous and the
actual condition of the banks is thought to
have been but slightly different from that of
week ago. and 1t is expected that before the
next statement becomes due that the deficit in
the reserve will have been completely wiped
out. The bulk of the business was done to-day
as the day wore along. After opening at ad-
vances of H to H pee cent as a rule there was
setback which reflected the apprehensions OF
timid holders in regard to the threatened
strike, but the depression outside of sugar re-
fnerles which still feels the effect of the de-
cision allowing the receiver of the North River
Refinery TO come in as one of the defendants
in the suit for the reorganization of the trust
n he acia foa
in money and the growing distrust of the strike
soon developed stronger tone, although dull
ness then became the ruling feature of the
market and remained so till the close.
While the high rates for money have disap.
peared. the feeling of uneasiness is likely to
continue until sufficient money has come out to
put the reserve of the banks at a comfortable
figure above the legal requirements To-day,
however, toward the close, there was decline
to below the legal rate, and stocks responded
Immediately, although it is beyond doubt that
no material ventures were entered into on ac-
count OF it. There was the same scarcity of
stocks to-day that was such feature last week,
and any attempt to buy at once advanced prices,
and the covering operations were, therefore,
small, while the short interest remains at about
the same figure still. C., c., c. and St. Louis
became conspicuous in the last hour for
strength. and others which displayed more
than the usual stiffness were Canada Southern,
which closed IL higher; Louisville and Nash
vile and Wheeling and Lake Erie preferred
each l per cent. The close was dull, but firm
W nbTouk BCuoidhy - olAdil 1EdCtlOuS DtLLeT
than first prices
Railroad bonds showed the usual dulIness,
the sales of all issues extending to only S4l3-
000 while the market remained abso-
lutely without feature or movement along
the active issues There were few marked
changes as usual among the inactive bonds, but
none of special importance.
Government bonds have been dull and steady
to firm. State bonds have been entirely neg
lected: Petroleum opened strong and moved
irregularly throughout, spot oil declining
H while September option fell Il and then
railroad u. closing firm.
The Post says: ut was decidedly waiting
market for stocks to-day. Neither speculators
nor investors were disposed to do much until
there is little more certainty about the money
market and the threatened labor strikes. Up
to o'clock the reports circulated in the street
In regard to the prospect OF the strike were all
favorable to the probability that the attempt,
IL made. would be decided failure. Money
continued rather scarce at IL to 10 per cent up
to o'clock, but as it was known before noqn
that another 81 100 900 of ~ per cent bonds hfd
been offered this morning to the Treasury fpr
redemption. it helped to strengthen the belief
that the whole S20, ,00e 900 would soon comefin.
and that this, together with other expedifnts
which the Treasury might resort to, would
prevent any continued or severe stringencI
The following table shows the prices OF dctive