The age-herald., 1901-08-01
STOCK MARKET IS WITHOUT STRENGTH There is No Indication of an
 Early Change BIG DIP IN STEEL STOCKS This Was Effected Early in the Day On Reports or the Amalgamated
 Association to Reach Set
 tIement of Strike.

New York, July 31.-There was no ln- nication this morning of any weakening from the lethargic state in which the stock market has been in during the whole of this week. A spasmodic dip was effected in the stocks or the Ohlteo States Steel Corporation at the opening on the failure of the Amalgamateo Asso- citation to agree upon terms or setthng the strike at their session yesterday. The whole market opened down in sympathy ,nder the attack of the professional traders. But the subsequent action of the market demonstrated it's professional character.
 The opening dip following yesterdays decline represented the extent to which small traders were willing to comit them selves and they commenced to buy to cover short contracts and make their profits if possible In the absence of any important interest in the market these day to day varying fluctuations are all that can be expected.
 The policy of what are called the larger Interest pending the development of new factors, including the settlement of the steel strike seemd to be pretty clearly defined by these indications By buying stocks freely during the period of liquida- tion they accomplished their purpose of supporting prices. When prices ad- vanced they were willing to sell out the holdings which were taken purely Tor supporting purposes, but were clearly un- disposed to attempt an extensive advance until the situation clears itself.
 The market is thus left hollow except for the efforts of a small contingent or professional operators whose attempts to move prices are of small efficacy. They secure no following when they Did up prices and they induce no important liaui- dation now when they offer them down. It is noticeable that railroad authorities are willing to concede rather more dam age to the corn crop, now that the wrouth is effectually broken, than they were dur ing the period when the securities of their companies were under pressure of hqul- dation.
 With the turn of the mouth some slight replenishment of the money market IS looked for as the result of dividend ana interest disbursements which are, how ever small The most important IS the dividend on United States Steel preferred of 1A per cent. for the quarter. This Will involve an outgo of about $9.0O0,GOO for the S506, ,473, ,4c0 of the pre1erreo stoch ou' standing Preparation for the dividend which is payable on August ', was re- fiected in the large operations of one of the clearing house banks today. This doubtless had much to do with the small furry in the call loars market late in the day, which held the movement of the traders to put down prices to about the lowest of the day Limitations that the stock settlemen negotiations were not go- ing smoothly helped to this end. The clos ing was thus made weak. United States Steel fell an extreme 234 and the preferred 3M The most conspicuous feature of the market next to these was Norfolk and Western, which rose nearly points on a persistent demand which was without ex- planation.
 The railroad bond market was intensely dull and irregular. Total sales, par value, $910,000.
 United States bonds all unchanged from the last call.