The Washington times., 1901-08-03
RAILWAY SHARES DECLINE.
The Weakness Felt Severely
Throughout the Whole List.
United states steel Corporation
stocks Not SO Badly Affected by
the strike Situation-SuGnr Refin-
ing Feels Possible Competition.

NEW YORK, Aug. 2.-In view of the
concentration of interest in the steel
strike situation that has prevailed
throughout the week, it is hardly neces-
sary to say that this mornings intelli-
gence setting forth the existing state Of
affairs was the main influence in today $
stock market.
The market opened extremely dull. but
fairly steady With the course of the
morning a weak tone developed and gen
,ral and material declines were recorded
1t was a matter Of some comment that
the losses scored were more severe in the
railway list than in the United States
Steel issues, Notwithstanding this morn
ings news. Beyond question the fight
viii now continue until the employees OF
the Steel Corporation abandon their posi-
ton absolutely and seek re-employment.
There is virtually nothing else left for the
corporation to do except TO attempt to
fill the places of strikers with new men
or otherwise await the return to work OF
the strikers.
No further concessions Will be consid-
cred for a moment and the final settle
ment of the question has now narrowed
down to Il test Of endurance between the
corporation and the men. There is no
such contest, and now that uncertainty
as to the actual status of the matter has
been removed it is natural enough, from
a speculative viewpoint, that the United
States Steel Corporation should have been
so little affected in the market as the
securities were.
As already noted. the more severe losses
in the days weak market were in the
railway list. There were particularly Sc
we're declines in the Atchison shares.
Rock Island St. Paul, Southern Pacific,
and Union Pacific a specific influence in
the weakness of the last named was to
be found in the positive assertions cur
rent today that the dividend would not
be changed on Thursday. 1t was not pos
sible to assign specific explanations, 9th
er than technical ones, for the special
pressure appearing in the other stocks
cited.
Moderate liquidation by commission
houses was reported throughout the list.
There was no further unfaNorabie news
from the corn belt, but the price of that
staple continued exceedingly firm, pos
sible influence in the weakness evident
among the Western railway shares.
The local traction stocks, while very
duh. moved in line with the railway list
and the only matter of interest bearing
upon that quarter was the publication of
tlit June SlSttilitAl pl tl iAt
Brooklyn Rapid Transit COMPANY which
showed that the management was still
unable to rednce materially the outlay for
operating expenses.
Aside from the Steel issues. Sugar Re
fninG was the conspicuous feature of the
industrial quarter, and was decidedly
weak on renewed discussion Of the effects
upon the compUny's s earnings Of the new
competition recently announced. Moth
ing of special interest was shown in the
dealings among the so-calied specialties,
which were also weak with the excep-
ticn OF Consolidated Gas.
London was not a factor of any weight
in the local tracing. The money market
was extremely easy. and from the prelim-
mary estimates uf the weeks movements
OF currency il would appear that the
banks have gained upward of 100000 in
cash. Notwithstanding their losses 20 the
Sub-Treasury since the compilation of tha
figures OF last weeks bank statement.