Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-08-17
Stocks We're Again Depressed by the
Strike Situation.
UNFAVORABLE BANK STATEMENT
Bankers Advise Caution in Dealing
for the Present.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, August l7-An irregular
London market and the increasing CON-
plexities OF the steel strike resulted in a
lower opening In 'oday's stock market Tho
selling came from the room in moderate
volume. and all new business was curtailed
Traders were of the opinion that the weeks
advance had run as far as conditions war
ranted, and that a reaction was due. Pub
lie interest Is at low ebb, so far as actual
participation goes. although there has been
a notable revival OF preparatory interest
during the week. Commission houses re-
port indications OF a willingness to trade
once the horizon clears a trifie.
Crop estimates have improved somewhat
during the week and the extreme views OF
last week having been discounted the new
figures suggest encouragement
The strike in the steel trade is spreading
and the fear now Is that victory for the
companies may be postponed. There is no
doubt, In Wall street, of ultimate victory,
but the delay Is disappointing Many big
transactions are being held back until this
episode is ended. Enforced idleness begets
Impotence and impatience is often fore
runner Of a selling movement.
Traders alone are likely to SELL however
holdings Of the banking interests.
The demand from commission houses can
not be expected to increase to the proper
lions necessary to make a broad market
while labor troubles are in the air. The
inevitable reaction and penalty for broken
contracts and a too light regard for COM
mercial honor may be recognized, but such
recognition does not inspire investment
In advance Of the actual event.
The good that Is In the present situation
Is in allegiance. 1t will prevent liquidation
and sacrifices perhaps, but that Is the ex-
tent Of its influence.
Traders reports are satisfactory and
prominent brokers see much that Is hope
full in the outlook. Not one of them ad-
vises immediate action when the invest
ment of idle funds Is under consideration.
The market Is too narrow to preclude dis
appointments, and caution Is urged in con-
sequence.
The bank statement was something Of
surprise, inasmuch as the changes ap-
peared In unexpected items.
The loans, for example, which had been
counted on to show an increase over q week
ago are less by 81, 645. 800. The moderate
gain In cash indicated by figures in hand
yesterday gave way to decrease Of So 49,
600 In lawful money, about equally divided
between legal tenders and specie. The de-
posits show falling off Of $751; 800 and
the net result Of all changes is decrease
OF ". o31, $50 In the surplus reserve.
The season for unexpected currency
movements Is now at hand, and the street
may have an active money market to con-
slider shortly. Time money rates indicate
confidence in the money market, but it Is
the call rate which the trader and the
margin operator fear. Prices shaded on
after the bank statement under mixed SELL
ing by room. Profit taking and some short
selling were in evidence during the final
dealings traders not caring to hold spec-
ulative long stocks over Sunday in view OF
possible strike developments. Present In
dications are that the coming week will
mark the crisis in the steel contest. Efforts
to bring the contention to q focus are being
made by both sides. and dullness pending
the outcome seems certain.