The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1901-08-30
PRICES WERE roppLtD OVER.
Recent Bull Movement Apparently.
Came 10 an End In Stock
Market Tuesday.

New York, Aug. 2S.--Prices CT
stocks were toppled over Tuesday and
the recently prevailing bull movement
apparently came to an end. The hesi-
tating tone which developed Monday
continued Tuesday morning. After
the first recession = prices strenuous
efforts were made to check the reac-
ton, which met with degree OF sue
cess. The character of the buying In
st. Paul was a large influence In the
temporary upturn OF the market.
Very large amounts OF this stock
were taken by brokers, supposed to
act for the group Of inanciers which
has been foremost in forwarding pro-
,ects for the community OF interest
in railroad ownership. Operations to-
wards supporting the market were at
tributed to the most conspicuous OPP
orator on the street, and the apparent
confidence with which they were con-
Quoted served to intimidate the pro-
fessional operators of smaller class,
who were inclined to take a bearish
view Of the market. But when this
latter class detected the diminution
of the outside buying through COM
mission houses and some evidence Of
profit taking by the longs, they Of
/ fcred prices down boldly, and by un-
/ covering stoploss orders dislodged
very heavy offerings, under which the
market broke badly With the down.
ward tendency established the trad
Crs gave a pessimistic twist to the
current news, as is their wont. There
was, however, little news to account
for the course of the market. The in
ference was clearly justified that the
Duying and binding up OF stocks for
two weeks past represented an expert
ment by stock market operators, who
hoped to attract sufficient outside
interest by this means to make an ac-
tive bull speculation. Mondays ex-
tremely moderate demand from out
side sources chilled the expectation
of the bulls, and what long lines had
rot been sold to realize profits were
forced to sale more urgently Tuesday,
with the still further diminution in
the outside demand. Naturally the
stocks which have recently bulled the
most were the weakest on the reac-
ton, the Pacifics, Atchison, Amalga
mated Copper, Norfolk and Western
and the coalers suffering the widest
declines. Mondays story of settle
ment Of the steel strike was clearly
shown Tuesday morning to have been
put out to hold the market, and the
United States Steel stocks dropped
with the rest of the market and were
IA lower for the day The rally in
the corn market was also an infu
euce, and there was renewed selling
from western sources. which have
been covering in stocks during the
period Of reaction in corn. The mos
potent influence in checking the spec
ulation for the advance was the grow
ing conviction that requirements tt
move the crops must be met to large
extent by the New York money mar
ket, with the prospect of continued
drain at the same time on account o
United States treasury operations
. There was no striking new develop
lnent Tuesday to emphasize this con
viction. but the factors recently a
work to that end continued in force
The market had a substantial rail-,
from it's break caused by short GOV
cring, but the recoveries were no
well held, and the closing was fever
ish and irregular, with heavy under
tone.