The Washington times., 1901-08-20
AFFECTED BY STRIKE NEWS
The Stock Market Shows Weak
ness on Reports From the West.
General Uneasiness Keeps Trading
Dull. Though the List Received
Sufficient support to Prevent
RreaI.-RaiIvny Traffic Returns.

NEW YORK. Aug. 19-The week in the
stock market opened under rather unpro-
pitious circumstances. and upon the re
sumption of business this morning practi-
calIy the entire list was quoted at declines
in comparison with Saturdays hnai
prices The main subject engaging atten-
ton was the steel strike situation, which
assumed prominent position by reason
of the detection of the Illinois Steel Com
pany employees At Bay View, Wis. This
additional evidence of the incapacity OF
the members of the Amalgamated Asso-
citation to recognize the binding force OF
a contract naturally produced Il disagree
able impression.
ON the other hand. it should be con-
stantly borne in mind that the cause oil
the strikers is actually weakened in sew
eral ways through this most recent deNei-
opment. The burden upon the resources
of the trades unions has been increased
through the number of men who have
thrown up their positions. and, further
more, such public sympathy for their
cause as may have existed has been fur
ther reduced by this additional evidence
of bad faith. Thus far the course Of the
strike indicates very clearly that there
can be but one satisfactory settlement of
the whole question, namely, the actual
exhaustion of one or the other parties to
the contest.
II is obvious that the profits of the Unit
cd States Steel Corporation will be reduc-
cd through the prolongation of the strike
but it is certain that in the end the re-
sources of the strikers will be exhausted.
The end of this unfortunate matter may
not now be so near as it appeared to be
two weeks ago, but the result is more
than ever clearly defined. A great deal
of uneasiness regarding the general stu
alton which was noted today was plainly
owing to the apprehensions that the posi-
ton of the cause of the Amalgamated
Association would soon lead to overt acts
of violence on the part of the strikers
Such DEVELOPMENTS, of course are TO be
greatly deplored, but it is evident that
from this time forward each occurrence.
Irrespective of its nature, will simply
mark one more step forward toward the
conclusion of a general difficulty The
mere question of future dividends upon
the shares of the United States Steel Cor
poration is one of the least important mat
tiers 10 be considered in the premises. Inc
actual points at issue really cover the
whole fabric OF the industrial orgaIlza-
ton of the country and it is a matter for
graduation that in the present case de-
cision would be rendered which will long
stand ruling applicable to all similar
controversies, be they great or small
Today's developments were meagre out
side of the strike situation. The returns
of railway traffic submitted today were
good showings, the money market contin-
ued fairly active, and sterling exchange
was steadier after a further early decline.
Evidences of hardening in the money mar
ket were again more apparent In the time
than in the call loan division, there be-
Ing virtually no offerings under per cent.
Weather reports from the Western agri-
cultural sections were again encouraging,
and the grain market continued reaction
airy, London furnished a materially lower
range of prices for American stocks, but
the transactions here for foreign account
were not of sufficient volume as material
ly to affect prices in the local market.
Following upon the lower range OF
prices furnished at the opening, which in
a number Of cases extended TO fully l
point, there was a general and material
recovery. There was by no means the
general pressure which seemed to have
been commonly expected at the opening
of business, noting which circumstance
the short interest proceeded to cover the
commitments they put out at the close
Of last week. When this latter process
had been concluded, the trading fell away
again in volume and the market again
became rather heavy.
Notably firm features of the railway
list were Norfolk and Western, Southern
Railway common, st. Paul, Union Pacific,
and the Atchison shares. AT the, same
time the strength shown in these stocks
was, after all. only comparative. ana
they, too, were subject to wide and irregu-
lar fluctuations. Interest was not We'll
distributed, inasmuch as the local trac-
tion shares and the industrial stocks apart
from the United States Steel issues, were
neglected and little was done among the
so-called specialties. Sugar refining was
but little affected by the announcement
of another reduction in the selling prices
for the refined article. Amalgamated
Copper was the strongest and most
active member of the Speclaity lyrQuD. but
there was nothing of interest to be cited
in connection with the course of that
stock