The Washington times., 1901-08-11

Speculation Almost ut StnpdstilI.
NEW YORK, Aug. 10.-Speculation in
stocks was virtually at standstill this
morning, pending the publication of the
Government crop report. and because of
prospects Of important Developments in
the steel strike over Sunday. Higher
prices for American securities in London
had very little effect on the local mar
ket, presumably because they were not
supplemented with orders.
In the last hour of business the market
was depressed by selling that was chiefly
for Chicago account and which was based
upon expectations that the Government
crop report would show a condition of
corn not much better than co per cent and
possibly lower. In addition. the Chicago
contingent has found a new specific basis
for continuing its bear campaign in an at
tack by the local authorities on the Peo-
pies Gas Company The local profession
al element followed the lead of commits
sion 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 unfavor-
able developments in the labor situation
The majority of the developments in
that situation this week. or certainly the
more important ones. have been adverse
to the strikers. A crisis in the strike will
be reached tonight or tomorrow, when
members of the Arnalgamated Association
in Chicago, Milwaukee, and other impor-
tant points determine whether or not they
will obey the strike extension order is
sued by President Shaffer in the early
part of this week. Should they decide to
Iuit work in all of the plants included in
that order even in a majority of them.
the strike bids fair to be a protracted
one and one that will entail great losses
and sufferings upon those who participate
in it
The weekly statement of averages OF
the associated banks was somewhat of a
disappointment to the street. The gain
in lawful money shown was less than
half of the most conservative figures
reached in yesterdays preliminary COM
pilation of the known movements of
money. The increase of nearly 100000
in the loans was also a surprise to the
street The two changes noted increased
the deposits to extent that requires
all of the increased cash and much
more from the previous surplus to pro-
vide the requisite reserve. In conse-
Quence there is shown decrease of
81 2l2.taG l. surplus. WE.cn, tiOuSn not
large, was sufficient to induce traders to
sell stocks The banks still have sur
plus of nearly 81 ,0oO,0o1, which is ample
for all immediate purposes
The chances are that money VIII con-
tinue to drift to this centre from COM
paratively nearby points and there VIII
be further receipts of gold from Alaska
for some weeks to come The most that
can be counted on from the Treasury De-
partment is that its disbursements Will
about keep pace with its collections.
Trade reports. bank clearings, and rail-
way traffic returns are OF the most en-
couraging character.
Regarding the last-named, it Is to be |
noted that the figures of gross receipts
for July are phenonenaily large. being
1873 per cent greater than for the same |
month Of last year. The Improvement |
was distributed throughout the country
Bank ciearinSs for the week exceed those |
of the previous six business days by |
per cent. and. as compared with the cor |
responding week of last year, the increase
is y per cent.
Coincident with these movements it is
to be noted that the rise in commodity
prices which began in June, after re-
action 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. Con- |
trary TO general expectations, the most |
distributing centres which would natur |
ally be adversely affected by the damage |
to the corn crop, notably from Kansas |
City St Louis, and Omaha.
A somewhat lower level of prices for /
securities, particularly for stocks. not |
withstanding the favorable conditions |
that have been noted, is not surprising |
in view Of the almost general suspension /
of speculative activity that usually oc- /
ours at this season OF the year and the |
feeling of caution caused by the labor |
troubles in the iron industry.
There certainly has been no important |
LIQUIDATION in the stock market since the |
middle of last month. and it was 50 |
thorough at about the present level OF |
prices that there is not likely to be re |
currence of ii unless some Unforeseen !
disaster of great Importance should oc- /
cur. At the same time, a fairly large |
short interest has been created and any |
decided favorable event would unques- |
tionably produce two-sided market of |
considerable magnitude.