The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-28
BULLS ARE O()HNED
Prices of Stocks Are loppled
Over tuesday.
ST. PAUL IN DEMAND
Is Influence in Temporary
Upiurn of Market

New York, Aug. 27.-Prices % stocks
were toppled over today and the recently
prevailing buu movement apparently
cane 70 ar end The hesitating tone
which developed yesterday continued this
morning. After the first recession IN
prices strenuous EFFORTS were made 10
check the reaction which net with a de-
gree OF success. The character OF the
buying in 81. Paul was large influence
in the temporary rpturn OF the market.
Very large amounts Of this stock were
taken BY brokers supposed to act for the
group OF fnanciers which has been fore
most IN forwarding projects for the com
munity Of interest in railroad ownership.
Operations toward supporting the mar
keV elsewhere were attributed 10 the
most conspicuous operator in the Street
and the apparent confidence with which
they were conducted served 70 intirnt-
date the professional operators OF a
smaller class who were inclined 70 take
a bearish view OF the market But when
this latter class detected the 6irinution
OF the outside buying through commits
sion houses and some evidence OF profit
taking BY the longs. they offered prices
down boldly and By uncOveriug stop-loss
orders dislodged very heavy offerings IN
der which the market broke badly. With
the downward tendency established the
traders gave a pessimistic twist 70 the
current news as IS their won't. There
was. however. little news 70 account FOR
the course OF the market The infer
ence was clearly justified that the buy
ing and bidding up OF stocks for two
weeks past represented an experiment by
stock market operators who hoped 70
attack a sufficient outside Interest BY
this means 10 make An active bull spec
ulstion. Yesterdays extremely moderate
demand from outside sources chilled the
expectation Of the bulls and what long
lines had not been sold TO realize prodts
were forced 70 sale more urgently today
with the stiu further diminution n the
outside demand. Naturally the stocks
which have been recently bulled the
most were the weakest on the reaction,
the Pacifics. Atchison. Amalgamated
Copper. Norfolk and Western and the
coalsrs suffering the widest declines Yes
SLQEt OF a SELlt-ALE4A- u L-Al
steel strike WIS clearly shown this morn
ing 10 have been put out to hold the mar
ket, and the United States Steel stocks
dropped With the rest IN the market. and
are II lower for the DAY. The rally Fl
the corn market was also an influence,
and there was renewed selling from other
sources which have been covering IN
stocks during the period CT reaction IN
com
The most potent influence In checking
The speculation for the advance was the
growing conviction that requirements 20
move the cr0ps must be met 20 4 large
extent by the New York money market
with the prospect az = continued drain
a. ths szme tine q account OF United
States treasury operations There was 10
striking new Developments today % en-
phasIze this conviction hut the factors
recently az WORK 10 that end Continued
IN Sorce The market Rad q substantial
rally from its break caused b. short Gov
ering. but the recoveries we're not vel
held and the closing vas feverizh and
Irregular with q heavy uadert0rs-
Closing prices of stocks were IS follows