Evening star., 1901-07-20
FINANCE AND TRADE
Hopes of Early Settlement of Steel
Strike Less Sanguine.
VIEWS As TO PROBABLE COMPROMISE
Adnces as to the Crop Prospects
Not Encouraging.
WEEKLY BANK STATEMENT
Special pispstch 70 The Evening Star

Special Dispatch 10 The Evening Star
NEW YORK, July 2o-opening prices this
morning reflected fractional gains over the
closing level OF yesterday. but the improve
ment failed to hold. Realizing sales and
an extension Of the short account forced
prices OF in sympathy with the strength OF
the grain market. Western selling was re-
sumed and the local support was less pro-
ncunced. Strike news was confusing. but
the hopes of an early settlement were less
sanguine. The street had been led to ex-
pect compromise but since none is prob
able it is now hoped that nothing short
OF an absolute victory for one side or the
other will end the contention
There have been compromises in the past.
put such makeshifts have only postponed
the final reckoning. The present occasion
seems favorable to decisive action and the
relative strength of the opposing factions
may as well be determined now as later
The steel stocks are being protected in the
market and the various properties are
doing the best they can to operate under
adverse conditions. The coal strike is ex-
ertlng an unfavorable influence on the
shares directly concerned and there is no
organized support to thwart the mixed
selling around the room.
Crop advices and further advance In
corn at Chicago resulted in renewed selling
OF the western railway shares. Union Pa
CiAiN1 AlCnlSOu ana ali the higher priced
grangers sold down sharply under pressure
from western houses. A considerab e ror-
ton or the sales for western account have
peen IN the short account and any sudden
change in condition would force a sharp
rally on the short interest. While the un-
certainties of the general situa ton demand
that the banking interests should be con-
stanty In position to repel attack there
can be no plans for an active advance uu-
less the crop and strike news should Change
decidedly for the better.
Tlsa MO- -,
the crop shortage will be serious and sells
the stocks concerned with greater conf
dence than inside interests display in buy
ing As an evidence OF this the renewed
weakness OF the market after the publica-
ton OF the most favorable bank statement
In several weeks is significant.
closing prices were at the lowest level
Tor the day, and the pressure Of stocks
was unrelieved. A decrease of So 266 900
IN loans, or more than S33. 600. 900 in two
weeks. is reported for the week in spite
OF the fact that much new buying has
been reported in several specialties The
heavy liquidation at the close Of last week
contributs to this result in considerable
measure. The gain in money is more than
twice as large as it was last week, namely,
S6,l0l 800 or a total gain of 5000 600 for
the two weeks following the July interest
disbursements The deposits show a de-
crease Of SS4i. 800, and the net result of all
changes is an increase OF s., 10000 in the
reserve, bringing the total surplus over
legal requirements up to S21 .019.3T5.
This showing disposes OF all immediate
concern for the money market With the
position of the money market secured
interest now centers wholly upon crop and
strike influences. The wheat crop in the
Dakotas has suffered and corn is injured
beyond recovery over a considerable - =
Just how far the decline should go TO dis
count the evils OF this shortage does not
appear. 1t is not ',.-ely that the selling
will be oyerdone and the rout of an TN
weildy short interest may end crop scares
as market influences for the balance Of the
season. The professional element is now I'm
opposition to the banking interests but the
aggTessiveness and the news favor the
former.