The sun., 1901-08-11

sArvspAY. Aug. 4,

sAfvnpAy. Aug. 10.
Speculation b stocks was virtually at .
standst1ll this morning pending the pub
hcation Of tho Government crop report
and bscsuse Of prospects Of important de-
velopments In tho steel strike over Sun
day. Higher prices for American secur-
tiles In London had very little effect upon
the local market. presumably beca,iss
they were not supplemented with orters.
In the Inst hour Of business tho market was
depressed by selling that was chiefly for
Chicago account and which was based upon
expectations that the Govern ment crop
report would show q condition OF corn
not much better than 90 per cont. and pos
sibly lower. In addition the Chicago con-
tingent has found new specific basis for
continuing its bear campaign In ono Of
the customary attacks by the local au-
thorites upon the Peoples Gas Company.
The local professional element. or a. much
Of II as was In evidence to-day. followed
the load OF commission houses that handled
the bulk OF the Chicago business and there
was also some liquidation Of speculative
accounts by dealers who did not wish to
carry stocks over Sunday because Of possible
unfavorable developments In tho labor
situation.
The majority Of the developments In
that stu; ;tion this week. certainly the more
important ones. have been adverse TO the
strikers The United States Steel Cor
poration has succeeded In rcsuming opera
tions at q number Of It's plants that have
been Idle and the indications are that II
can continue this programme successfully
unless tho strikers indulge In unlawful In
reference. Tho decision Of the company
to dismantle and remove the Woods steel
sheet mill from McKeesport and indications
that II contemplates removing the National
Tube mill from the same place have given
the Amalgamated Association q very plain
intimation Of what may happen In other
localities should that organization persist
In trying to enforce It's entirely unwarranted
demands. A crisis In the strike will be
reached tonight or tomorrow when men,
bers Of the Amalgamated Association In Chi
cago. Milwaukee and other important points
determine whether or not they will obey the
strike extension order issued by President
ShaiTsr in tho early part Of the week. Should
they decide to quit work In ell Of the plants
included In that order, or even In a majority
OF them, the strike bids fair to be protracted
one and one that will entail great losses
and sufYerings upon those who participate
In 1t. OF the ultimate outcome there can
be no doubt as tho necessities Of the situa-
ton as we'll as the principles to which the
United States Steel Corporation has ad-
hered make 1t imperative that II should not
reoede from its present position.
Tho weekly statement Of averages Of
the Associated Banks was somewhat OF
disappointment to tho Street. The gain
in lawful money shown was less than half
OF the most conservative figures reached
In yesterdays preliminary compilation Of
the known movements OF money. The
increase OF nearly s900O000 in the loans
was also O surprise to the Street. Tho
two changes noted increased the deposits
to an extent that requires all Of the in
creased cash and as much more from the
previous surplus 70 provide the requisite
reserve. In consequence there IL shown
a decrease OF 81 .2l:, 900 in surplus. which,
though not large, was sufficient to induce
traders to sell stocks. The banks still
have surplus Of nearly s2i 900, 900, which
is ample for all immediate purposes. Tho
chances are that money will continue to
drift to this centre from comparatively
nearby points and there win be further
receipts of gold from Alaska for some weeks
to como The most that can be counted on
from the Treasury Department is that its
disbursements will about keep pace with
its collections.
Trade reports, bank clearings and rail-
way traffic returns are Of the most encour-
aging character Regarding the last
named Il IL 10 be noted that the figures
OF gross receipts for July are phenome-
nally large, being 1873 per cent. greater
than for the same month Of last year. The
Improvement was distributed throughout
the country. The Southwestern group
Of roads make an unusually good showing.
the increase In that section being 20 per
cent. As tho Increase In earnings was
most pronounced during the last week
OF tho month. II would seem 10 be safe
to assume that the improvement would
continue for some time to come. particu-
larly a. the new wheat crop Is beginning
to move 10 market in response to an un-
usually heavy export demand. The ex-
ports Of breadstuffs last week aggregated
s.s32, 900 bushels an increase as compared
with the previous week Of about . ,40O, 900
bushels.
Bank clearings for the week exceed those
Of the previous six business days by per
cent. and as compared with the correspond
ing week Of last year tho increase is So per
cent. Concident with these movements IL
Ia to be noted that the rise In commodity
prices which began in June after reaction
OF fifteen months was continued in July.
Prices for finished products Of iron and steel
have advanced partly because Of the strike.
and also in response to an unusually active
demand for them. Contrary TO the general
expectations, the most cheerful trade
adyices arc received from distributing
centres which would naturally be adversely
affected by the damage TO the corn crop,
notably from Kansas City, 81. Louis and
Omaha. At all Of these points and at St.
Paul as we'll orders for various kinds Of
merchandise that were cancelled a month
ago are now being renewed The improve
ment In crop conditions in the cotton pro-
,hncjn- Statcs has resulted In lower market
for that staple and encouraged estimates OF
n Weld in excess OF that OF last year
A somewhat lower level OF prices for
securities, particularly for stocks, not
witbstandlng the favorable conditions that
L II. L..