The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-06
ON THE DOWN GRADE
STOCKS ON THE ACTIVE LIST
SHOW RECEssIoNS RANGING
FROM 2 O-ePoINTs
STEEL STRIKE CAUSES DROP
Heavy Movement in Shares of the
Trust, Closing Prices BEING 3 I-2
Down for Common and
3 for Preferred.
| Closing.

~. Monday. Satur.
Bar silver. New York SIS. 5S5s
NEW YORK, Aug. 5-specuiation to-
day betrayed a yielding tendency from
the opening till the closing of business
Resultant losses ran fr5h to 6 points
for the stocks most actively dealt H.
and including leading members of all the
principal groups. Occasional rallies We're
unavailing in checking the steady stream
of liquidation and the professionals utfIi-
zed every temporary recovery to put OUT
additional short lines of stocks Western
and Pacific stocks bore the brunt of the
selling in the railroad quarter while
United States Steel and Sugar wA-e in
the van in the downward movement of
the specialties. The failure to effect a
settlement of the steel strike on Satur-
day prepared operators for a RESUMPTION
of liquidation in the United States Steel
issues at the opening of business today
First sales of the common were Is COO
shares at from Al down 10 1885, which
about measured the low point until we'll
in the afternoon, when it sagged to 40
intermediate transactions were on a
narrow fractional range, but the fact
that the stock was well backed up
around 40 did not exert any strengthen
ing effect on the general market The
closing price was the lowest of the day,
and indicated a net loss of 315 points
as compared with Saturdays close The
preferred stock suffered an extreme loss
of SIS, and ended points off. The spec
ments in the strike situation and the
street was inclined to view the failure to
reach an agreement as foreshadowing Il
highly sensitive market for the stock for
a while. other metal properties scored
marked sympathetic losses, Tennessee
Coal dipping 31a and American Car and
Foundry preferred points. Selling by
the West continued in spite of reports
of rains in various sections of the corn
belt and the publication of a large num-
Der of very satisfactory increases in rail-
road earnings for the fourth week IN
July. Sugar was prominent feature all
day, and dropped 81 to 1904 on sales by
the professionals. who argued that the
forthcoming opposition would make large
inroads on its earning capacity But
little news was circulated to <zcount for
the acute weakpnesS of many stocks
and the continuous selling was attributed
in part to liquidation by holders who
have become tired out by the recent
steady drop in prices. holiday at
London deprived the market OF it's usual
cue to the attitude of foreign specu-
lators towards the developments over
Saturday. The large expansion in the
loan item in Saturdays bank statement
was commented on today. but not ade-
quately explained The increase is be-
lieVed to be due to various corporate
financing now in progress. Money rates
were easy all day, and the sub-treasury
paid out 81, C00,0e0 on gold receipts
al Pacific coast points. AS the
session drew to a close the pressure
against the stock market increased and
the lowest prices of the day were made
in the final dealings. Reports were cur
rent that the United States Steel common
and preferred were to be held at 40 and 80
respectively, but the preferred neverthe-
less broke to $3.50. The immense dealings
In the stocks were made within a range
of a point, comparing the opening ana
lowest prices of the day Many rail-
road stocks covered a range of from to
points at the same period
Railroad bonds were fairly active but
weak in sympathy with stocks. Total
sales, par value, 81. 900 United States
bonds were all unchanged on the last
call