The age-herald., 1901-08-19
STOCK MARKET
 HAS WEAK TONE Expectation of Higher Money Caused UneaSineSs Yesterday PRICES YIELDED READILY Some Uneasiness Was Also Felt at the Efforts Being Made to Close Var'-
 ous Steel Mills By the
 -------. Strikers.

New York, August 17.-Expectations ol A higher money market caused weak tone to the stock market today, whch was accentuated after the puplicalion oi the bank statement. Preolctiohs as 'o further expansion in loans were not poi iie out. the statement on the contrary s snom ing a decrease in this Wem ol Sl'o4o'ooV' This unexpected good showing however was more than offset by loss Tn cash ef s2,7lS0OO, which was quite unexpected as the estimates yesterday figured on gain of nearly three-quarters or mllhon dollars Some uneasiness was also felt at the efforts making to close various steei mills which have continued In operation since the strike was declared. Persistent selling of the United States Steel stocks, which made extreme declines or 2s ana 14 respectively for the common and pre- ferred stimulated bear selling at other quarters. Prices yielded steadily from the outset, especially for the grangers, Pacifics, local fractions, Sugar and Amalgamated Copper, which were lower from 1 to 3 points. The Southern and anthracite and bituminous coal roads stock also relapsed sharply. In the final dealings trading was shade more active bu. the closing was weak. An incident of the day was the pronounced weakness In the sterliug exchage market, offerings of all classes of bills being very large, with scarcely any inquiry.
 Demand bills were marked down to s4 S6a4, but long sterling was well held.
 Consideration of the favorable under lying conditions gradually supplanted the earlier dominant influence of the government crop report and the steel strike, causing a higher and broader market. These consisted of the large vol tune of the general trade. excellent rail- road earnings, London buying and in- creased public interest in the market.
 Mondays market when the crop report and the strike figured to their largest extent showed that these conditions were being rapidly discounted. The low prices of the week were subsequently, relieved at the last moment and carries active stocks from to 5 points higher. Grain carrying roads, especially those tapping the corn belt, were expected to be tar gets for bear attacks whe4i the week op- ened But the moderate losses followed aroused a belief that the worst was over and the heavy demand for the short &C., count that developed later colored this view. The failure of the general observ- ance of the strike order and the success 5 fis1 operation of various plants caused
 edict!ons. of an early collapse of the Steel strike The United States Steel ohONNAo these assertions, and gradually reached d level points above last week. This in- provement was maintained until the late [ announcement was made that the Joliet mills had shut down. This incident com bined with q general disposition to take profits on the weeks large advances gave a chill to the market in the closing days. Preceding this the waning effect of the crop report and labor situation caused more cheerful tone, although the specula- ton retained much of its recent profess sional character. Bear operators took fre- quent advantage of the rising prices to put out short lines, but as their efforts dislodged but little long stock, they cov- cred quickly and awaited a more oppor- tune time. These attacks became less en- ergetic after the early days heightened into the last part of the week.
 Railroad bonds showed less improve ment during the week than stocks, but there was more general purchases of high grade issues. United States bonds were unchanged on the call price of last week. New York Stock Market.
 By Private Wire to Murphy & Co.