The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-27


NEW YORK, Aug. 2s.-The stock mar
ket had more thorough test today tnan
at any time since the-rise in prices set
in. The result was 4n4t altogether con-
elusive. The outside demand for stocks
was considerably augmented as was ex-
pected. sustained advance for two
weeks and an evident growth of interest
and increasing tendency to buy stocks
may always be depended on to produce
this result. Equally matter of course
is the tendency of the professional trad
ers, who have been accommodating stocks
and carefully nursing tae market during
the rise to include their holding on tbs
outside buying, so as to make sure of a
portion of their profits. This process was
Very obviously going on during the first
hour of the market today. which was
the most active of the day. Some re-
cession in prices resulted but the market
on the whole took the realizing very well
and no serious nroads We're made upon
prices. Afterwards there were new adj
Vances here and the rest of the market
bore the appea raneeg generally of still in
the control of the bulls Buying. how
ever, became languid. and tnen almost
torpid, and the market proved easily
vulnerable to attack by the professional
bears. In the last hour prices were quiet
generally below Saturday. substantial
rally followed, but this again proved
somewhat short lived and the closing was
irregular and quite active with specu-
latiYe sentiment manifestly much unset
tied.
There We're various favorable factors
which aided the bulls in opening prices
higher. The failure of the steel workers
in Chicago to strike and the reports Of
an intended conciliatory attempt by the
strikers to reach a settlement affected
not only the steel stocks, but the whole
market. The rise of tnited States Steel
in the final dealings to 70 over SATURDAY.
was effective in CHECKING the raid of the
bears. London led Off with good liauida-
ton of Americans; after its Saturday
holiday. Rumors were rife of coming
definite announcement of plans growing
out of the N p. settlement. The aD-
preaching Septt mber ADVANCE in the price
of anthracite helped toe coalers, and the
Fries We're also affected by the reported
acquisition of the Cincinnati. Hamilton
81 Dayton. Tae action was due to tn az
prehenson that money was destined TO
work closer from this time on. 1t was
feared also that the large interests. who
have been fosteringsthe rising. have taken
this opportunity 10 realize on SATURDAY.
and this morning AID would retire from
the market until the autumn demands
for money are satisfied London has
grown optimistic ana expects easy money
through the fall, but the expectation is
based on the hope that New York VIII
not draw gold, and takes no action of
the rumored Russian loan at Paris An
interview with Secretary Gage published
this morning, in which he processes to
see no reason for departure from the
policy Of his department of purchasing
bonds, somewhat dashed the hopes of
an element in Wall street which was ex-
pecting relief from that quarter Chi
cago drew no currency today from New
York, and the New York discount rate
there recovered to 40 cents discount COM
pared with 80 cents last week Railroad
bonds showed a considerable increase i'm
activity. Gains We're somewhat affected
by the late reaction in stocks Total
United States new is advanced a per
cent on the last call.
SlrnGIr nI-l11, Ari,rC,Nrc.