The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-22
REST IN STOCKS SETS IN
NEW PERIOD OF sLUGGISHNESS HAS
EVIDENTLY OPENED
Bears Again Learn That Forces Exist
to Oppose Their Efforts-RaiIy Puts
Principal Stocks UP SIiehtiy-ciose Is
Firm.

NEW YORK, Aug. 21.-The 1essening
range of the fluctuations in teday's stock
market, it's irregular tone and the ulinin
ishing volume of business all Indicated
pretty clearly the approach of another
period of speculative rest, which IS IKE
ly to mean small trading and sluggish
fluctuations until some marked change In
conditions develops.
afternoon was carried forward this MORN
ing to the exent of between 1 ana
points for the principal active stocks. Inc
rally was apparently directed against the
shorts, and was effective in inducing them
to cover largely. This served as an ad-
monition to the bears that forces existed
to oppose their efforts to force prices low
err Just as the reaction on Tuesday had a
warning effect on the over enthusiastic
bulls.
A comparison Of prices Of twenty &C
decline in average prices from the high
level of 1862 to the low level OF the early
part of the present month reached some-
thing over As points.
"Faith Cure"
The only substantial intervening rally
was in the latter part of last year, ana
the first part of this under the influence
1.-The Faith Cure consisting OF informal
intimations from an influential party OF
the bank officials last fall. when bank
reserves were falling, that they stood
prepared to supply 50,000,000 of credits
to the stock market if necessary to avert
trouble. That measure postponed the
process of liquidation, but did not avert
it and it Is evident that the course the
market has run since had It's inception
previous to that. The rally in the aver
age price of the same twenty stocks up
mated at IL points The reaction to yes
terday's low point was in the neighber-
hood of points, and today's movement
did not avail to overcome that.
audi m n
more stable equilibrium Is easily per
ceptible. The early demand today did not
go. far beyond the uncovered snort inter
est. The acute weakness developed BY
the United States Realty stocks was a
factor in checking the advance, but 1t
was not effectively renewed after the
realty stocks rallied.
Sentiment Abroad Cheerful.
The days weather map was reported
perfect for the growing crops, and wheat
and corn eaSed Off In consequence. me
cotton market was influenced by new
assertions of control by the managers, of
the corner Copper was strong in London,
and sentiment abroad was more cheerful
regarding the political outlook for South.
eastern Europe. The weeks receipts OF
Australian gold and the fact that the cur
rency movement with the interior Is still
in favor of New York on balance promise
well for tomorrowS bank statement, al
though the usual doubts surround the lean
item. These news developments did not
avail to hold the market. Weakness be-
came decided in the United States Steel
stocks and in Pennsylvania, and quite a
number of the leading active stocks were
forced a point or more under last night s
level A final rally accumulated the ir-
regular character Of the market and the
closing was firm.
Bonds were irregular. Total sales, par
value, $1169. GEO. United States bonds
were all unchanged on the last call.
CLOSING List.