The Washington times., 1901-08-01
STEEL THE MAIN FEATURE.
The Markets Interest Centred On
the Strike Outcome.
Substantial Declines shown in Many
stocks Mt the Opening of the Day
A Tendency Toward a Recovery
The Less Active issues strong.

NEW YORK. July @.-Trading today
continued upon an extremely light scale
and was almost wholly professional in its
character 1t is hardly necessary TO say
that business was restricted and conf
dence more or less perturbed by reason Of
the disclosure of the fact that the active
managers of the Amalganated Associa-
ton have de emonstrated their inability to
deliver the goods contracted for in the
recent preliminary agreement between
them and the dominant interest in the
United States Steel Corporation, or, to
put the matter in another way, that the
agency which apparently provoked the
dispute at the outset did not possess
the power to allay the difficulties which it
had created.
Some inkling of this fact must have
been in the possession of number of
persons yesterday and it undoubtedly ac-
counted for the decline in the market in
the afternoon session. The announcement
this morning that the general council Of
the Amalgamated Association was by no
means of one mind regarding the terms
of settlement arranged between the presi-
dent of the association and the managers
of the Steel Corporation resulted in a
further and pronounced break in the
but fairly common declines in the general
market
Throughout the day attention was To-
cusod exclusively upon the steel strike
situation and none other of the days
developments, favorable or otherwise
seemed to receive the scantiest attention.
The overshadowing interest taken in this
matter, however, was partly owing un-
doubtedly to the absence of any other
striking developments.
The weather reports from the corn and
spring wheat sections were altogether sat
isfactory, but, o. the other hand, their
influence was pa tiy nullified by the OBJ
stinlte strength which prevailed in the
grain market. Pessimsts on the grain
situation have shifted their position to
some extent. They now declare that the
damage inflicted prior TO the rainfalls of
The last two weeks was so extensive and
widespread that but little relief from the
moisture can now be counted upon. and
present favorable weather conditions
nothing more than a heavily curtailed
harvest can be had. The Government s
crop report to be published ten days
hence, ought to throw a very clear light
upon the state of affairs at this time
and unique stionably conditions between
now and the 10th of the month will show
further Improvement
Lower prices and limited selling orders
came in from the Londo,, market, but in
terest was so absorbed in the steel trade
SITUATION tnat those circumstances could
hardly be cited as effective factors in
the market.
At the opening of business number of
substantial declines were shown, the
losses in the Steel stocks extending near
ly to points. while st. Paul opened fully
] per cent below yesterdays final figures
After the opening. the market had an
uncertain and hesitating tendency. but in
the main the drift of prices was toward
d higher level.
Some of the less active stocks were con-
spicuously strong throughout notable ex-
amples being Canadian Pacific and Nor
folk and Western. In the other quarters of
the market the dealings were upon an in
considerable scale, aside. of course from
the special activity appearing in the Unit
ed States Steel issues.
No material alterations appeared in the
money market or foreign exchange condi-
tions and the days returns of railway
traffic and the other routine occurrences
were all gratifying exhibits.