The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-21
PROSPECT IS FOR SLUGGISH
PERIOD IN WALL STREET.
\ IMPRESSION THAT FINAN-
3 CIERS OPPOSE ADVANCE.
Prices Decline Easily, Under the
Influence Of Persistent Selling
of Stocks.

New York, Aug. N.-There was more SELL
ing Of stocks this morning Of the same
character ~ that Of yesterd.-g and little re-
sistance was offered. Prices In consequence
declined easily during the morning. and eff
fectfve inroads were made upon the sharp
advances from the low level Of the year
which had been achieved last week The re-
action has run to about points in Rock
Island and Amalgamated. which were the
late leaders Of the upward movement and
which have in turn. led the downward
movement The very large volume Of
trading In Rock Island at the top level
causes . BELIEF that large distribution Of
stock was Effected By insiders at that level.
and has. gwen rise to the superstition in
under manipulation to facilitate this opera
ton. There was no sign any longer Of the
powerful support and resistance to decline
Arst stages Of the recovery. This was ac-
cepted ny the purely speculative contingent
- an inttmation that great banking institu-
lions and influential capitalists do not IA
yor further advance In prices nor an ac-
tive speculation at this time. There is an
sxR,ectation N SonseNuence that period Of
Tore tho market.
FEARS AROUSED.
Ths rate At which the recovery was pro-
ceeding and the extent Of the speculative
commitments which were being made
seemed to arouse apprehensions Of renewed
entanglements which the coming require
menfs upon the money market might make
3aEaroouk Special significance was at
tsched to the drop Of 2k in Amalgamated
EoPPsE q points in st. Paul and points
conception in Wall street that the course Of
tnsse particular stocks represents the atti-
so ~ - 9S on capitalists in the mar
The money situation IA carefuliv watched
nom DAY to day for the development OF the
me .nt e demand for currency. Ship
scale this week than last, and the bainnce
may turn against New York at any time
ftne-money market Is hardening apprecias
bly,. The banks point out that Il is their
purpose to conserve their resources for req
represent the terms for those purposes
Hates otherwise are q matter OF private
~ TRADERS DUBIOUS.
The stock market contingent is stfll In
clined to disappointment over the doubts
expressed a. to the currency legislation a.
the coming session Of Congress. The days
movements In the grain and cotton markets
were favorable to stocks the decline in
prices there indicating improved chances for
traas was more cheerful to-day. reports in.
dtcating that the downward course Of
prices has caused some Increased demand at
last. The attendance at the Stock Ex.
cnan9e was reduced by visits to the yacht
race. ana after the race was under way the
Interest on the noor was largely diverted to
the bulletine OF the race. With the decrease
interest WAS left uncovered which showed
gathering concern as the day progressed.
Prices recovered steadily. and on small
deallngs, and closed irm at about the hesf
OF the day. Net gains Of q point or more
are shown By q number Of the Pacifics and
trunk ines Atchison rising over last
night.
Bon6s were irregular and turned heavy
after the opening. Total Sales par value
g, 900 United States bonds were all un,
changed on call. ~