The age-herald., 1901-08-18
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 Varl-
 ous Steel Mills By the
 Strikers.

New York. August 17.-Expectations or
 a higher money market caused weak
 tone to the stock market today, which
 was accentuated after the publication Of the bank statement. Predictions as to
 further expansion in loans were not borne
 out, the statement on the contrary snow
 Ing a decrease in this item of $l,645,SOO
 This unexpected good showing, however,
 was more than offset by loss In cash
 ef S271S,O00 which was quite unexpected
 as the estimates yesterday figured on a
 gain of nearly three-quarters of million
 dollars. Some uneasiness was also felt at
 the efforts making Ito close various steel
 mills which have continued in operation
 since the strike was declared. Persistent
 selling of the United States Steel stocks,
 which made extreme declines of 7s and IS respectively for the common and pre-
 ferred stimulated bear selling at other
 quarters. Prices yielded steadily from sthe outset, especially for the grangers, Pacifics local fractions, Sugar and fAmalgamated Copper, which were lower { from 1 to points. The Southern and anthracite and bituminous coal roads stock also relapsed sharply In the final
 dealings trading was a shade more active E but the closing was weak. An incident of the day was the pronounced weakness Fin the sterling exchage market offerings of all classes of bills being very large,
 with scarcely any inquiry. i
 Demand bills were marked down to $i. S6A, but long sterling was well held. < Consideration of the favorable under { lying conditions gradually supplanted k 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
 ume of the general trade, excellent rail- t 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 when the week op-
 ened. Blu. the moderate losses followed
 aroused a belief that the worst was over
 and the 'heavy demand for the short ac-
 count that developed later colored this
 view The failure of the general observ-
 ance of the strike order and the success
 full operation of various plants caused , pISulCliuAS Ol all early collapse OI the
 steel strike The United States Steel < stocks were considerably strengthened by these assertions, and gradually reached d f level 3points above last week. This im- 2 provement was maintained until the late { announcement was made that the Joliet z mills had shut down. This incident, com : bined with general disposition c3 take { profits on the weeks large advances gave < chill to the market in the closing days. Preceding this the waning effect of the \ crop report and labor situation caused moge .eheerful tone, although the specula-s z tioh Tetained much of it's recent profess ( sional character. Bear operators took ire | quent advantage of the rising prices to put out. short lines, but as their efforts 4 dislodged but little long stock, they cov cred quickly and awaited 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 s 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.
 sf New York Stock Market.
 By Private Wire to Murphy & Co.