The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-22

NEW YORK, Aug 21-Active specu-
lat1Ye LIQUIDATION became manifest in to-
days stock market and at the close the
selling movement was urgent and some
what precipitated. During the earlier
part of the day some stand was made
against the tendency to depression and
a few stocks were pushed upon the mar
ket, but the selling was steadily going on
all the time.
At the last the liquidation seemed to
have proceeded to such an extent that
the efforts to support the market were
withdrawn and all semblance of resist
ance to the weakness disappeared. The
stocks which were notably strong yes
terday and for some time previously
started out at declines, and showed that
the largest effect Of the selling pressure
was at the last Some small gains We're
retained: even at the last, in a few
OF the stocks which had risen earlier, but
in others the gains were more than wip-
ed out.
Most Conspicuous Upward Movement.
The upward movement in the Denver
q Rio Grande stocks, which developed
during the day after a period of quiet
was the most conspicuous, but Denver
net loss Louisville & Nashville was
notably weak, and fell back at one time
3 points.
The advance in Western Union was
said to be due to selling pressure upon
the shorts, the demand for the stock
in the loan crowd being such as to COM
u4dIQ d premium WIN the exception or
Texas & Pacific and Ontario & West
ern the other demonstration of strength
We're in minor railroad and industrial
stocks. The acute weakness of Colorado
Fuel which carried it down in the late
dealings points, was also an unsettling
influence upon the whole market. The
failure of the speculative operator who
has led the advance in the stock to OBJ
tain control of the property has resulted
in heavy speculative LIQUIDATION. There
was notable absence of demand at the
close, even. from the professional short
interest, which must have been active
on the downward course of prices dur
ing the day, and the closing tone was
distinctly weak.
Material Change In Sentiment.
There was no actual new developme nt
to account for the sudden disposition to
sell stocks, but there was a very ma
terlal change in sentiment which caused
an altered view of the same conditions
as existed yesterday. The sentimental
character of yesterdays rise and that
which had preceded it for several days
left a great probability of a reaction
ExtraVagant as were the expectations
as to the promptitude and extent of the
measures which Mr.. Morgan would take
to improve the situation, there was some
disappointment this morning over the de-
lay The protested confidence of yester-
day in sae secure abundance of funds
Tor speculative purposes was changed to-
DAY. The engagement last night of $780,
600 by telegraphic transfer through the
suhtreasury to Cincinnati came too late
for effect. That shipment was supple
mented today by another one of 500. geo
to New Orleans, and the fear was awak-
ened that the interior movement of cur
rency has fairly set in. The sterling ex-
change market was notably firm.
Bonds were quite active, and became
easy in sympathy with stocks Total
sales, par value, 81, 22S. 900. United States
new As and old As advanced Il per cent
on the last call
The stock exchange will be closed on
the Saturday before Labor day.
Stocks.