The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-11
STOCKS AGAIN
BANKING INTERESTS, ETC, STEP IN
TO PREVENT DECENTRALIZATION
But the Sentiment Continues Unsettled
and Feverish Throughout the Session
Urgent Demand for Canadian Pacific
Market Strong in the Last Hour.

NEW YORK. Aug 10.-Measures were
adopted in Wall street today similar TO
those of last Thursday, when the demor-
allied break in stocks was checked by
the opportune protective measures on
large interests and market managers for
various stocks. There was a similar
hurying back to the financial district by
prominent men in the financial world 10
in prices. The downward plunge. of
prices We're checked for the time, but
there was no such sustained tendency
to recover as was the case last Thursday,
and the sentiment regarding the market
continued feverish and unsettled through
out the day.
The early dealings gave clear indica-
lions of the large part played by pro-
fessional operations on the short side in
causing Saturdays slump in the mar
ket When it became clear this morn
ing that effective measures had been
taken to hold prices at the start there
was something OF a scramble among the
shorts to cover their outstanding com
mitrnents, which caused a strong re-
bound in prices.
Shorts Are Shown Mercy.
The demand was notably urgent for
Canadian Pacific, and that stock, loaned
at premium for use over night, Which
offered inducements to refrain from fore
ing the shorts to cover completely. The
stock, after being rushed up points,
consequently eased off. The demand
from shorts was very conspicuous alseo
in Union Pacific, Southern Pacific and
Metropolitan Street Railway, which, 1t
will be remembered, were very f1erGely
raided by the bears on Saturday. The
fear that the Saturday slump had I'M
covered weak spots again, which would
force suspensions, was allayed by the
announcement at the end of the first
hour of trading that all stock sheets nao
passed through the clearing house.
The discipline administered to the bears
by the upward furry in prices had the
N111fIa hnJr.
for attack. The market was not free
from points Of weakness, however, and
liquidation was renewed from Tune 10
time in different parts of the list rms
was notabl the case In Missouri Pac1nc
and it's weakness and that of AtehlSon
had sympathetic effect in dragging the
whole list backwards to below last night
level The liquidation had apparently
spent it's force towards the latter part
of the day and confidence was renewed
also by the absence of failures me
market turned strong in the last hour and
the early top level was generally eX-
ceeded and the active stocks rose 1 to 2
points over Saturdays closing level. Union
Pacific was conspicuously strong and ad-
vanced rs over Saturday to So
News Cuts No Figure.
The closing was quiet and steady with
the advances we'll naintafIled. Genera!
news was ignored in thezday s. movement,
which hinged upon the character OF the
buying and the selling. There was less
forced selling, on the closing out OF f. col o.
lateral, and there were indications OF m
vestment buying and of buying on a
large scale by influential capitalists. There
was said to be. important investment est de,
mand for foreign account. IRIS was
factor in the further weakening of the
exchange market with renewed talk of
possible gold imports
Fears of an unfavorable government
cron report. TO be published after the clos
ing p was was an Al influence in weakening Mis-
souri, Pacific and Atehison The he, success success
a1izs tion following the similar success OF
LAST last Thu thursday, had reassuring effect.
and there was more cheerful feeling "a; at
the close of the day. without an ei1t az
passing of nervousness and appreneI-
Bonds oo heavy; total stat sales Old oa IS
ana new As registered declined r.. ana
the new As coupon II per cent on call; q
The stock exchange will be closed SAT
urday, Aug. p.