The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-27
DEALS OF A HEAVY CHARACTER
AND THE RELAPSE A GEN.
ERAL ONE
SPECULATION AS TO
COMING BANK STATEMENT
n
Some Nervousness Over the Refusal
of the Secretary Of the Treasury to
Go Into the Market and Purchase
Bonds-lndustrial Affected by Pres
ident's Statement as to Trusts.

NEW YORK, Aug. 26.-The volume
of dealings in stocks rose well over
100000 shares today. The market
showed great animation at different
times during the day, and gave an
impression of strength, owing to the
enormous buying on an upward range
of a fur stocks, but the speculative
profit taking under cover of this
strength was persistent and wide
spread. The market became as honey
| combed by the closing out of holdings
by powerful speculative interests that
it showed a decidedly crumbling ten
dency in the closing hour. Prices fell
back rather violently to below last
night, and in only one or two instances
was any appreciate net gain left.
There was no reason to accompany the
relapse any more than there was to
account for the previous notable adj
vanceS. There was no more Solicitude
over the money market today than has
been expressed by warning cautions
for some time, and especially since the
market took on the present proper
tons of speculation. 1t is highly prob
able nevertheless that the large opera
tors in stocks are alive to the possibili-
ties of money difficulties and are de-
Sirous of making their successful turn
before actual stringency sets in.
Speculation on Bank Statement.
LAS d H1dLl6F OIL ldcI, luOT0 were lIO
further transfers of currency today to
the interior, though sub treasury and
loan bills were quite freely negotiated
in the foreign exchange market. But
discussion is already heard Of next
Saturdays bank statement and ways
| and means for relief of the money
market by the intervention of United
States treasury authorities are already
canvassed without throwing clear light
on the course to be pursued. The sec
rotary Of the treasury rescinded the
standing order of his predecessor for
the purchase of government bonds in
the market at a fixed price and he is
reported to have determined not to
renew this method of releasing surplus
government funds to the market. IN
crease of government deposits with the
banks would require increased holding
of government bond as security and
the recent persistent advance in gov
eminent bond quotations is supposed
to reflect preparations by bankers to
this end, but the scanty floating supply
of government bonds makes such a
demand quickly effective in lifting
prices to a point which wipes out the
profit both in banking circulation and
on the holding of government deposits.
There was nothing in the ruling rate
of money today, which fell to 31a per
cent, to indicate solicitude on the part
OpSCQldlOIS lie 1GdOGISIup Oh Inc
market in point of strength was as
sumed by Atchison, the argument be-
ing that the higher price recently
achieved by other stocks warranted an
advance in that stock. Meantime the
higher prices for other stocks were
inviting the enormous speculative
liquidation which finally broke the
market.
Big Stocks Yield Sharply.
Dealings continued very large in
UnionSPacif1c, Baltimore & Ohio and
Southern Pacific, but they all yielded
sharply to the prevalent profit taking.
There was rather more doing in other
parts of the market than yesterday,
but the congestion in the leaders was
still acute and there were large por-
tons of the list in which the dealings
were quite Insignificant, especially the
industrials, which were affected posi- :.
bly, by the forcible sentiment and regu-
lation expressed by the president. The
! market closed heavy, although at some.
recovery from the lowest
The principal activity in the bond
market was in the Union Pacific con-
vertibles, which moved In sympathy
with the stock, as did other convertible
| issues. Total sales, par value, $780,
600.
United States old As advanced u
and the rs, 3's and SIS u per cent on
the last call.
Stocks.