The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-29
ATCHlsON IS HARD HIT
SUFFERS MOST OF THE MARKET
LEADERS IN LATE DECLINE
Cheerful Feeling characterizes the Open
OF the Session, but the Day Ends With
Reaction That Wipes Out the Most
important Gains.

NEW YORK. July 2S.-The stock mar
ket this morning showed the continuing
effect of the clearing OF the atmosphere
which resulted from yesterdays and FIJI
days failures and the market became
quite generally strong. But the brighter
sentiment over the outlook did not holo
it's full force throughout the day. Ihere
was rather q pronounced reaction at the
last which wiped out the most important
part of the days gains and took few OF
grain carriers a point or more below last
night.
New York Central was the conspicuous
leader of the advance rising at one tune
21@ over last night on buying repqted To
be of the best character. The sentimental
effect on the market of the buying OF this
stock and of Pennsylvania and Inc affil.
lated stocks, as well as the coafers and
other high grade rail- Dad stocks, was con-
siderable. AtchiSon suffered most. dcutely
among the market leaders and Its drop to
15s below last night upset the late market
and led the whole list downwards The
grain carriers were not strong at any time
and We're presumably affected by the re-
ports of hot winds in the corn belt and by
the weather bureaus weekly bulletin on
corn and spring wheat
Could Not Avert Reaction.
Reports Of crop damages were reinforc-
ed by the upward movement OF prices IN
the grain markets and the development or
profit taking in those markets did not save
stocks from the late reaction. The improv-
ed sentiment this morning was largely due
to the understanding that the closing out
of hypothetical securities for loans, both
OF the failed firms and of others under
pressure for payment of loans on cola teral
for which the market is not active, was
to be suspended for the present to await
a more favorable market.
Late in the day there was an indlca-
ton of a resumption of selling out of col
lateral on some losses. The buying through
commission houses was reported to be
better than for many weeks and was hope
fully regarded. But this buying did not
follow the market upwards. There was
evidence of a purpose to drive III the bears
in the calling Of stocks loaned for delivery
on short contracts, and i'll the character OF
some of the Tumors which were set aHoat
There was a report of a private settlement
between the Union Pacific interest and last
of large holdings of Southern, PACIFIC and
a resumption by the firm. ThiS3Was de-
MED when the Union Pacific directors as
sembled to declare the regular dividends.
Anonymous Bidders Work. ~
Toledo. st. Louis & Western was re-
ported to have passed to Grand Trunk
control. An offer of so for Evansville &
Terre Haute control was alleged to have
been made by an anonymeas bidder. Col
OradO Fuel was said to hHV6 acquired the
Utah Iron company and ats price shot up
nearly dozen points on "a few intervening
sales just at the. last The other stories
were effective in varying degree in causing
sharp bidding for the stocks. The renewal
Oh the steel Dli46I pool seemed 10 De nope
fully regarded amongst iron and steel
share holders and stocks of that group
were quite generally strong. The time
money market was reported apprec1ably
easier and some long time loans on Sc
lected collateral We're reported to have
been negotiated below per cent. San
guine hopes were expressed of a strong
bank statement on next Saturday. But the
obvious fact was that the demand from
the shorts was growing satisfied and that
the investment demand was not following
the advance in prices. When traders at
tempted to take profits on the days rise
/ the market therefor gave way and closed
unsettled.
The bond issues were generally strong
but there were some wide concessions in
the marketing of inactive bonds. Total
sales, par value So, 4S5, 600. United States
bonds were unchanged on call.
CIoSfY1u List.