The Birmingham age-herald., 1902-08-22
SELLING WAS
 URGENT AT CLOSE Active Speculative Liquidation Became Manifest in Stocks BONDS WERE QUITE ACTIVE Louisville and Nashville Was Notably Weak and Fell Back One Time
 Three Points-selIlne at
 the Close.
BONDS WERE QUITE ACTIVE

New York, August 21-Active speeula- Rive liquidation became manifest In to- days stock market and at the close the what precipitated. During the earlier part of the day some stand was made against the tendency to depression and few stocks were pushed up at different times as a sustaining influence upon the market, but the selling to realize else- where in the market was steadily going on all the time. At the last the lIeuida- tien seemed to have proceeded to such an extent that the efforts to support the market were withdrawn and all sem blance of resistance to the weakness dis appeared. The stocks which were nota- bly strong yesterday and for some time previously started out at declines and showed the largest effect of the selling pressure at the last. Small gains were retained even at the last in few or the stocks which had risen earlier, but In others the gains were more than wiped out. The upward turn in the Denver ana Rio Grande stocks which developed dur ling the day after a period of quiet was the most conspicuous, but the stoek
  ville and Nashville was notably weak and fell back at one time points. The advance in Western Union was said to be due to pressure on the shorts, the de- inand for the stock Tn the loan crowd be- ing such as to command premium. With the exception of Texas and Paciho and Ontario and Western the other demon- strations of strength were In minor rail- road and. industrial stocks. The acute weakness of Colorado Fuel, which carried 1t down in the late dealings points, was also an uns ettling influence upon the whole msrket. The failure of the specu- Aative operator who has led the advance fin the stock to obtain control of the prop erty has resulted in heavy speculative liquidation.
 There was notable absence of demand at the close even f a the professional short interest which must have been active on the downward course of prices during the day and the closing tone was distinctly weak. There was no actual new development to account for the sud- den disposition to sell stocks, but there was a very material change in sentiment which caused an altered view of the same conditions as existed yesterday. The sentimental character of yesterday s 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 Mir Morgan would take to improve the situation there was some disappointment this morning over the delay. The hope seemed to be that MT. Morgans hurried visit to his office immediately upon landing from the steamer would result in the settlement off hand of all the various problems which have accumulated during his ab- senee of several months. Yesterday s professed confidence in the secure abun- dance of funds for speculative purposes was changed today. The engagements last night of $100000 by telegraphic transfer through the sub-treasury to Cincinnati came too late for effect upon the stock market. That shipment was supplement- ed today by another one of $100.000 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, refecting the very heavy short interest existing in that market. The disposition to realize was much emphasized by this develop ment.
 Bonds were quite active and became easy in sympathy with stocks. Stock sales par value. s2,52S,oOo. United States new 4s and old is advanced A per cent on the last call.