The Washington times., 1901-08-06
ALL FOLLOW STEEL'S LEAD
The Downward Tendency General
i'm the Stock Market.
Few Exceptions To the Ruling De-
cIincs-knSiety Over the strike
situation the Depressing Feature
Strength in American Cotton oil.

NEW YORK. Aug. 5.-Todsys was
another stock market in which the trad,
ing was dominated by n common motive,
but the consequent technical effects were
more pronounced than they have been at
any time since the motive in question
namely. the great steel strike-first be
gan to engross attention. The trading
throughout reflected = constant outpour-
ing of stocks for both accounts.
Actual liquidation was noted through
out the list and in virtually every quarter
of the market No evidences of concerted
support could on the other hand, be de-
tected anywhere. There were, indeed,
fairly large buying orders executed in
the Steel stocks, Pennsylvania, and in
some other instances, but it was impossi-
ble to say whether these orders were for
one speculative account or the other. At
all events they were without any material
influence regards the course of the
stocks in which th-y appeared.
The initial declines in the United
States Steel issues amounted to 3ik per
cent in the common stock and 2le per
cent in the preferred. and the rallies from
those low points were more than
trivial No further Intelligence throwing
light on the probable duration of the
labor difficulties in the steel trade could
able that any definite information will
he Immediately forthcoming. Presum-
ably everyone interested in stock market
affairs is now familiar with the upshot
of Saturdays meeting between the execu-
tive board of the AmalgGmated Associa-
ton and the representatives of the United
States Steel Corporation. The parties to
the conference were utterly unable to
reach an agreement as to terms of settle
ment. and the general strike situation
rests now exactly as it did prior to the
preliminary conference Of last Saturday
week.
Nothing more can be said of that situa-
tion than that the whole question has now
finally narrowed down to a test of en-
durance between the United States Steel
Corporation and those of its employees
electing to cast their fortunes with the
Amalgamated Association of Iron. Steel
and Tin Workers There can be no possible
doubt to the issue of the contest, but
in the meantime much hardship and suf-
fering must result. The shareholders of
the Steel Corporation will probably have
to face the spectacle of declining prices
fer their investment. Thus far it must
be said that the stock market has not re-
nected the employment of the SZ0D. $50 O0l
fund which. according to Mr. Shaffer, had
the Steel stocks in the market. In the
meantime it may be assumed that the
steel workers will continue to hold out
until their financial resources have been
exhausted, about which time negotiations
for peace may be looked for.
To no small extent the pronounced
weakness in todays stock market was
owing to apprehensions lest the strike
shouid become more general than it is
now, and also lest its progress should be
marked by outbreaks of violence on the !
IA ri nf h.4 fret
easiness would not appear to be well /
grounded. but Developments in the latter !
respect do not seem improbable, as mat |
tiers now stand. The general stock mar
ket showed number of declines in cx- |
cess of those scored in the Steel issues. I
Thus. in the industrial quarter Sugar Re |
ming broke with particular violence. 1
while in the railway quarter St. Paul,
Southern Pacific, and Union Pacific were
severely depressed. Nothing, however ,
that was novel or which has not already
been set forth was cited in connection
with the N 'yements in these stocks.
Other substantial declines in the rail-
way list were in the Atchison shares. /
Chesapeake and Ohio Illinois Central
Louisville and Nashville. Missouri Pacific |
and New York Central The local trac-
uon issues and the specialties moved in !
line with the remainder of the market.
There were only one or Two exceptions I
to the common tendency noted, cases in !
point being St. Lawrence, Adirondack, !
and American Cotton Oil. The strength /
Va AAAS lost Aldi44tu was III part
for by the issuance Of circular request /
ing deposits OF the stock with commit /
tee, the purpose of which was believed |
to be the sale of the property to the new
company organized to consolidate the cot
ton oil industry of the country.
The money market was easy through
out. sterling exchange was firmer West
ern weather reports We're favorable and |
the returns of railway traffic gratifying |
but not the slightest attention was ac-
corded TO any of these circumstances
The London Stock Market remained
closed over the bank holiday at that
place.