The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-21
MORE STOCKS ARE SOLD
PRICES DECLINE. WITH LITTLE EF-
FORT TO MAINTAIN THEM
Rock Island and AmaIgamated Lead the
Downward aforementioned Banking
interests, 1t Is Believed, Do Not Favor
Further Advance in Prices.

NEW YORK, Aug. 20.-There was more
selling of stocks this morning of the same
. character as that of yesterday and little
resistance was offered. Prices in conse-
quence declined easily during the morning
and effective inroads were made upon the
sharp advances from the low level OF the
year which had been achieved last week.
The reaction has run to about six points
in Rock Island and Amalgamated, which
were the late leaders of the upward move
ment and which. in turn. led the down
of the trading in Rock Island at the top
level causes a belief that a large distri-
button of stock was effected by insiders at
that level. and has given rise to the sup
position in some quarters that the general
market was under manipula ton to fac1l1-
tate this operation.
There was no sign any longer of any
powerful support and resistance to de-
cline which helped the market upwards
in the first stages of the recovery. This
was accepted by the purely speculative
contingent as an intimation that great
banking institutions and influential cap
italists do not favor further advance in
prices nor an active speculation at this
time.
Period of Dizziness Looked For.
There is an expectation in consequence
that period of dulineSS and sluggish ffuc-
tuationS lies before the market. The late
recovery was proceeding and the extent of
the speculative commitments which We're
being made seemed to arouse apprehen-
sions of renewed entanglements which the
coming requirements upon the money
market might make hazardous. Special
significance was attached to the drop OF
Pa in Amaigamated Copper, of two points
in st. Paul and four points in Consolidated
Gas, owing to the popular conception In
Wall street that the course OF these par
ticular stocks represents the attitude of
Standard Oil capitalists in the market and
On the financial situation.
The money situation Is careruly
watched from day to day for the deVei-
opment of the interior demand for cur
rency Shipments to the interior have
been on a larger scale this week than last
and the balance may turn against New
York at any time. Call loan rates con-
tinue very easy, but the time money mar
ket is hardening appreciably.. Inc banks
point out that it is their purpose to con-
serve their resources for regular com
mercial needs and the quoted terms cite
the needs for those purposes. Otherwise
it is a matter Of private engagement.
One Cause of Disappointment.
The stock market contingent is still in
ciined to disappointment over the doubts
expressed as to currency legislation at the
movements in the grain and cotton mar
kets were favorable to stocks, the decline
in prices there indicating improved
chances for the crops. The tone OF SEN
ful today, reports indicating that the
downward course OF prices has caused
some increased demand at last.
The attendance at the stock exchange
u,as reduced by visits to the yacht race,
and after the race was under way the in
terest on the floor was largely diverted to
the bulletins of the race: With the &c.
large short interest was left uncovered,
Which hH showed gathering concern as the
day progressed. Prices recovered stea ,nl,t
on small dealings and closed firm at apoa Ut
tha best of the day. Gains OF point or
more are shown by number of the "a
cites and trunk lines, Atchisen rising TWO
over last night. hoo,,,
Bonds were irregular and turned ne i.,o
81 49, 900. United States bonds were all
unchanged on the last CALL
CLOSING List.