The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-08-22
LIQUIDATION GROWS ACTIVE
THROUGHOUT STOCK MARKET.
EFFORT TO SUSTAIN PRICES
PROVES INEFFECTIVE.
Decided Change of Sentiment
Brought About by Turn in
Colorado Fuel Affairs.

New York, Aug. 2L-Active speculative
liquidation became manifest in to-day's
stock market and at the close the selling
movement was urgent and somewhat pre-
cipitated. During the earlier part of the
day some stand was made against the
tendency to depression and a few stocks
were pushed up at different times as a
sustaining influence upon the market, but
the selling to realize elsewher in the mar
ket was steadily going on all the time. At
the last the liquidation seemed to have pro-
ceeded to such an extent that the efforts to
supper the market were withdrawn and all
semblance of resistance to the eakne
disappeared. The stocks which were notably
strong yesterday, and for some time pre-
viously, started out at declines and showed
the largest effect of the selling pressure at
the last. Some small gains were retained
even. at the last in a few of the stocks
which had risen earlier. but in others the
gains were more than wiped out. The up
ward movement in the Denver and Rio
Grande stocks which developed during the
day. after a period of quiet, was the most
conspicuous but Denver and Rio Grande
closed with a substantial net loss.
Louisville Is Notably Weak.
Louisville and Nashville was notably weak
and fell back at one time three points. The
advance in Western Union was said to be
due to pressure upon the shorts, the de-
mand for the stock in the loan crowd
being such as to Command a premium.
With the exception of Texas and Pacific
ana ontario and Western, the other demon
STATIONS of strength were In minor rail-
roads and industrials. The accute weak
ness OF Colorado fuel, which carried 1t down
IN the late dealing eight points, was also
an unsetthng influence upon the whole mar
ket. The failure of the speculative oper-
ator who has led the advance in the stock
10 obtain control of the property has re-
suited in heavy speculative liquidation.
Thsre was a notable absence of demand
dL the close even from tho nrnfaGSionul
snort interests, which must have been act
I'VE on the downward course of prices dur
tinctly weak. There was no actual new
development to account for the sudden dis
appointment to sell stocks, but there was a
caused an altered view of the same con
ditions as existed yesterday.
Rise of Sentimental
The character of yesterdays
rise. and that which had preceded IL for
several days, left a great probability of a
reaction. E-xtravagant as were the expec-
tations as to the promptitude and extent of
take to improve the situation, there was
some disappointment this morning over the
Morgan's hurried visit to his office imme-
dlately upon landing from the steamer
would result in the. settlement offhand of
all the various problems which have accu-
mulated during his absence of several
months. Yesterdays professed confidence
in the secure abundance of funds for spec
engagement last night of 100000 by tele-
graphic transfer through the subtreasury
TO Cincinnati came too late for effect on
the stock market. That shipment was
supplemented to-day by another one of
100000 TO New Orleans, and the fear was
awakened that the interior movement OF
currency has fairly set in. The sterling
exchange market was also notably firm. re-
hecting the very heavy short interest exist
ing In that market. The disposition TO re-
alize was much emphasized by this develop
ment-
Bonds were quite active and became easy
in sympathy with stocks. Sales. par value.
t2,62S,O0. United States new As and old
Is advanced 4 per cent on the last cali.