Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-07-15
Steel Strike Demoralized Wall Street
at Opening.
INSIDE INTERESTS RESISTED ATTACKS
Crop News Affected Many of the
Western Carriers.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. July 15-Lower prices In
the London market. In which the Steel
stocks were the leaders at declines OF 4 and
per cent for common and preferred. re-
spectively. inspired further selling on this
side this morning. The Steel strike at
racted heavy selling to the United States
Steel issues, but inside interests had pre-
pared to resist the attack and first prices
were the lowest Of the day. Supporting
orders We're sent I'm in volume and the
prices were held stubbornly without any
attempt to force them up in the face OF
the strike difficulty
This strike is lacking in the Endorsement
of the public. inasmuch as the question at
issue seems to lack the significance given
IL by the strike order. This view leads to
the conclusion that the matter will right
Itself shortly. and that no disturbances at
tie various plants Will be recorded. In
some quarters the Steel Company's firm
stand in refusing further concessions was
construed to be an indication OF strength
Whichever side may possess the merit OF
the controversy. 1t is certain that the in
side interests are confident of their ability
to handle the financial end Of the difficulty
For the first time in two weeks the pres
ence of the banking interests in the market
was factor. today's support coming di-
rectly from the strongest houses in the
street.
Crop news was conflicting, but there Is
abundant evidence of material loss even
after allowing for the eNaggeratiou which
invariably creeps into early estimates.
Atchison is severely hurt and nearly all
of the southwestern lines will be affected.
These properties have had big Declines
however. and much OF the injury seem to
hnx- hanta lsc.L .ta.. IT,.
est should gradually work around to other
groups I'm which crop conditions are Of now
direct concern.
Were it not FOR evidences OF labor
troubles in the anthracite coal region the
coal stocks would Undoubtedly come 10 the
front as leaders Of the market AS it is.
they are as strong as any of their neigh
bors. Erie and Reading are being well
bought on the decline in anticipation Of
special developments in the early fan. Tho
Traction stocks rally easily whenever the
pressure on the general market is relieved,
and several pools are at work on them.
In todays market Manhattan rallied
easily and was OF the first issues to
detect falling off In the early selling. The
market may run into speciaties shortly.
but there Is no evidence of a general. sus-
tanned advance. Saturdays bank statement
helped matters by showing the first effects
Of remedial action in the money market.
Fears of tight money have been disposed
of for the present but an active money
market is still likely. Rallies and reac-
tons, with a general tendency toward a
reduction of loans on the part Of the banks.
are likely to be the record OF the next fort
night.
Commission houses see none of the efe-
ments of a big market in sight, and are in
clined to caution clients against a mistak-
ing OF the Significance of a rally. The Lon
don market was reported to be feverish at
the close. with some prospect Of difficulties
in Wednesdays settlements. This is a new
factor OF an unfayorable kind. but it is not
likely to have any special influence on this
side. Crop news and the strike situation
are the only things discussed openly in
Wall street. Under the surface there is a
questioning attitude as to the condition of
the banks and the harmony of the railroad
int ereSts.