The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-31
REACTION IN STOCKS
VERY LITTLE ACUTE WEAKNESS
SHOWS. HOWEVER
Business Is Almost Entirely Discouraged
BY the Course of the Market and Some
Buyers Hold Themselves Aioof-Prices
crun1bIe Under Moderate Selling.

NEW YORK. July 30-Yesterday' 8
check to the recovery in prices was sup
plemented today by reaction. There was
no acute weakness, except for the eccen-
trio plunge against the Inactive special
ties but the demand diminished to noTn-
nal proportions Commission houses which
reported Yesterday an awakening inquiry
for stocks found today that the slight re-
action in prices had almost entirely dls-
couraged business and ia some cases mad
induced buyers to get out OF the market
again huTriedly.
A constant drip of small selling under
mined the market and caused prices to
crumble The early selling centered on At
Gibson following up the, late movement
of yesterday. The general list resisted for
a time until some of the Speciaitles be-
gan to make violent declines. The weak
ness then became quite general. Several
of the protested reasons for yesterdays
selling of Atchison were cleared up today
without strengthening the stock in the
market Official denials were made OF ru-
mors of a coming bond issue and OF an
alleged unsuccessful attempt to negotiate
a temporary loan by the company.
Bear Raid Hinted At
The reports of rains in the Southwest
with expected benefit to the corn crop dis
posed of another ground of weakness:
The selling was partly by professional
bears, but the suspicion remained that
long stock was coming upon the market
and made an unfayorable impression
upon speculative sentiment in the whole
market An unfavorable showing OF June
net earnings by reason off flood damage
and bear raid to dislodge a pools mold
ings of the stock were limited at. A fea-
ture of the situation is the revival OF
various report running from the plausible
to the highly impossible of new comblna-
lions and INSCRIPTIONS OF railroad SyS-
TENS.
The purchase of the Evansville & Terre
Haute evidently gave a new lease OF life
to this class of reports. They concerned
de, Of oil Clpc
from those of few tens of shares to
the New York Central and Pennsylvania.
The policy of combination of available
railroad system has favorable interest in
the railroad world and the liquidation
which has forced in some shares has Of
fered attractive opportunities for absorp-
tion,s in strong contrast to the eXtraVa-
CANT valuations at which the mergers OF
the boom period were contaminated.
Viewed With Apprehension.
Some resumption of the speculative ex-
citement in cotton was against the stock
market and the large speculation devel-
oping the grain market is looked upon
with degree of apprehension, owing to
the general financial situation. Corn show
ed strength today in spite of the favora-
bic crop news and there was some fear
that the spring wheat crop had suffered
further deterioration hFhe money market
showed a growing ease for time loans.
But the movement of prices of specialties
on the stock exchange indicated that there
was some selling out of collateral In
loans. Stocks recovered large part of
their declines late in the day when the
liquidation in Atchison mad spent it's force
and the closing was apathetic and not far
from last nights level.
In the bond market Chicago Terminal
Transfer As were offered down 61s just
before the close. Toledo st. Louis &
Western As fell three. The bond market
was quite broad and showed a good in
quiry, although some in the inactive in
vestment issues were marketable at con-
siderable concessions from last prices To-
tai sales, par value, $2,410,000. United
States IS declined l and the old As 172 per
cent on the last call
Closing List.