The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-28
STOCKS ARE WEAKER
LAST WEEKS PROFESSIONAL BULL
MOVEMENT Has PANIED
OUT A FAILURE
THE PUBLIC REFUSED TO BITE
Steel Stocks Reacted on Lack of
Confirmation of Report of Pend
ing strike settlement
Negotiations.
Closing.

NEW YORK. Aug. E-Prices of stocks
were toppled over ltoasY and the recently
came to an end PThe hesitating tone
which developed yesterday continued this
afternoon After the first recession in
prices strenuous efforts weer made to
check the reactions which met with de-
gree Of success The character of the
buying IN St Paul was in large inhu-
ence in the temporary upturn of the mar
ket Very large amounts of this stock
were taken by brokers supposed to act
for the group Of financiers which have
been foremost in forwarding projects for
the community OF interest in railroad
ownership Operations towards support
ing the market elsewhere were attrib-
uted TO the most CONSPICUOUS operator in
the street, and the apparent confidence
with which they were conducted served
10 intimidate the professional operators
OF a smaller class, who Were inclined TO
take u bearish view. of the market. But
when this latter class detected the dim
mutton Of the outside buying through
commission houses and some evidence of
profit-taking by the longs, they Offered
p ices down boldly, and by UncOyering
stOp-loss orders dislodged very heavy Of
feriugs under which the market broke
tahliShed the traders gave a peSsinistic
twist to the current news. as is Their
wont. There was, however. little news to
account for the course of the market
The inference was clearly justified that
the buying and bidding up OF stocks for
two weeks past represented an expert
rnent by stock market operators who
hoped to attract a sufficient outside in
terest by this means to make an active
bull speculation. Yesterdays extremely
moderate demand from outside sources
chilled the expectation of the bulls. ard
what long lines had not been sold o
realize profits were forced to sale more
urgently today with the still further
diminution in the outside demand. Nat
urally the stocks which have been re-
Gently hulled the most were the weak
est on the reaction. The Pacifics, AtchiSon.
AmalGamated Copper, Norfolk & Western
and the Coale-S suffering the widest de-
cllnes- Yesterdays story of a settlement
Of the steel strike Was clearly shown this
morning to have been put out to hold
the market and the United States Steel
stocks dropped with the rest IN the mud.
and are IA lower Tor the day. The rally
in the corn market was also an milf
ence. and there was. renewed selling from
Western sources, whieA have befn cover
ing in stocks during he eriod of reac-
ton in corn. The most potent influence
in checking the speculation for the adj
vance was the growing conviction that
requests to move CROPS must be met to
u large extent by the New York money
market, with the prospect of continued
decline at the SAM time on account of
the United States Treasury operations.
There was no striking new development
today 70 emphasize this conviction. but
continued in force. The market had a
substantial rally from its break caused
by short covering. but the recoveries were
not well held and the closing was fever
ish and irregular with a heavy under
tone.
The railroad bond market is active. but
turned weak in sympathy with stocks.
Central Georgia issues were strong on
the declaration of the fun interests On
the first incomes which rose ga and the
third incomes 324 Total sales, par value
Si.T15.090 United States bonds were ali
unchanged on the last call.