The times. [volume] (Richmond, Va.) 1890-1903, 1902-08-22
DISAPPOINTMENT
At MORGAN DELAY.
He is Not Settling Problems Off
Hand as Was Expected.
SELLING MOVEMENT URGENT
Colorado Fuel Weak-lt Falls Eigh,
Points as Result Of the Failure
of John w. Gates to Obtain
Control of Property.
(By Associated Press

NEW YORK. Aug 21.-Active snecula-
I've hQuidauon became manifest in to-
Gay 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
da, ain sto 1ne tendency 70 depression, and a
lines as a sustaining influence upon the
market, but the selling to realize Selse-
Where in the market was steadily going
on al the time. AT the last the Iiqui-
dauon seemed to have proceeded to asses,
an extent that the efforts to support the
ii,i,a.ket We're Withdrawn. and all sem
lance OF resistance to the weakness dis
appeared.
The stocks. which were notably strong
YESTERDAY and for some time previously.
starred out at declines this morning and
showed me largest effect of the selling
pressure at the last. Some small gains
we're retained even at the last in a few
OF the Stocks which had risen carrier, but
IN DINERS the gains were more than wiped
our. me upward movement in the Den
Heloped during the day after a period
OF quiet, was the most conspicuous, but
Denver and Rio Grande closed with a
substantial net loss. Louisville and Nash
Vile was notably weak and fell back at
one time 8 points. The advance in West
ern Union was said to be due to pressure
IN the loan crowd being such as TO com.
mand a premium. With the exception of
Texas and Pacific and Ontario and West
ern. the other demonstrations of strength
were in minor railroad and industrial
stocks. The acute weakness of Colorado
Fuel. which carried it down in the late
influence upon the whole market. The
failure of the speculative operator, who
has led the advance in the stock, to obs
tain control of the property. has resulted
in heavy speculative liquidation. There
was notably absence Of demand at the
close even from the professional short
on the downward course of prices during
the day. and the closing tone was distinct
~ weak There was no actual new de-
Eelopment to account for the sudden dis
nosition to sell stocks, but there was a
Very material change in sentiment, when
caused an altered view OF the same con-
mental character of yesterdays rise. and
that which has preceded it for several
days, left great probability of a reac-
ton
Extravagant as were the expectations
as to the promptitude and extent Of the
measures which Mr. Morgan would take
disappointment this morning over the de-
lay. The hope seemed to be that Mr.. Nor
Ean's hurried visit to his office Immediate
u upon landing from the steamer would
result In the settlement off-hand of all
the various problems which have ac-
runulated during his absence of several
months.
Yesterdays professed confidence in the
secure abundance of funds for specuia-
tive purposes was changed to-day. The
engagement last night of 100000 by tele-
graphic transfer through the sub-Treas-
ury To Cincinnati came too late for ef-
feet upon the stock market. That ship
ment was supplemented to-day by
other one OF $4,000 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. rejecting the very heavy
short interest existing in that market.
The disposition to realize was much en-
piIasized by this devesopmen-.
Bonds were quite active and became
Easy in sympathy with stocks Total
sales. par value S2,5S5nlo. United States
new As and old As advanced 4 per cent.
on the last call.
The total sales of stocks for the day
were s66,500 shares.