Show mm MARKET TAKES BACKWARD TURN Leaders in the Record P ord Advance f Busy Reaping R aping Their Harvest UNDERTONE STILL STRONG MOVEMENT ENT PROVED MARKETS ABSORPTIVE POWERS New ew York Tork Aug 11 The stock mar market market ket today had a more definite action i ithan than has occurred for many days The recent rise In the th market starting early ear In July has hns been remarkable for tor Ha freedom from the usual and pauses pau es which usually characterize a speculative movement Digestion of ot profits at Intervals and a reaction over part of ot the upward course cour of ot prices Is considered necessary to preserve the I health and undertone of ot the market The conviction that such suh a reaction was wa overdue had more to do with to days reaction than any an news of ot con conditions conditions The Felling which carried carrle prices priceR downward was a as 3 concentrated as ni much of or the buying which had pre preceded preceded ceded It and which caused the suppo supposition of ot the largely professional char character character acter of ot the recent market I Sales of ot a single Ringle stock stolk by b one house of ot as much as shares were reached Selling of ot this kind looked as though the heavy operators recently fio leaders of or the advance were the ones oneR that were taking their profits profit Not Withstanding the sentimental influence of or the seeming tact fact that the absorptive powers of the market on the downward movement gave every ever indication of or being In tn good condition buying buln and up of ot separate stocks was em emPloyed to sustain the lIt list and to act as all asa a no drop on 10 the decline Northern North m Pacific was the conspicuous Instance of or this i kind and showed market strength th even i when the general Jeneral market was the weakest I The sensational point at which the campaign for tor the rise has ha reached reach d and the advertising devices used to foster It were the cause of ot some uneasiness I I and aroused suspicion of or the artificial nature of or the strength of ot stocks of ot I late The fact that the reaction was wn specially sharp In stock I In the advertising pointed to the fact that attempts were being made to dis dispose pose of ot such stocks as had been at attracted I by b the tumult There was the same Informal discussion of the speech I of ot acceptance by b the Democratic nomi nominee nom 1 nee for tor the presidency as was the case casc with Ith his hll opponents speech and the same lame weighing of p Its It possible effect on the speculative position Some Rome of ot the felling cUIng of or stocks was ascribed to this cause caule Ono One of the features feature of ot the more re le recent lecent cent speculation from which excess and bad consequences is I feared is I the number of obscure and stocks stock which have bave come into activity This Is especially true of ot operations in inthe Inthe the outside market where the scene on In recent days das has bas come to resemble the period of sensational speculative episodes In the past The frequency with which such episodes have marked the culmination of or a movement and a subsequent violent collapse gives them force as a warning to the more ex experienced experienced and wary class of ot speculators speculators The reactionary tendency was found In that department of ot the mar market market ket today as well veil as the list stocks London joined In the selling Money markets market offered no new fea feature feature ture except fo to a R recession In the dis discount discount count rate at Berlin In response to the stronger position of ot the Imperial bank Crop advices were mixed but In the main were werl favorable Bar sliver silver to today day receded to 51 1 the price touched In April 1903 and not since then The closing prices were at the lowes of or the theda day da daBondA Bonds BondA were Irregular United States Stales bonds bondA were unchanged on call caH Stock Quotations Sides Low Close Amat Cop 2 fh SOIA Am C F l I Preferred 00 10 10 Am Cotton 3 Am Leath fd h hAnI AnI Ice Q m mAm Am 13 13 1 Locomotive 57 56 1 Ant S R 99 4 9 IWI Am Suar Ref 1368 m Tob 93 Am Woolen ro 6 An Co OO 9 tS A 9 SSI Preferred 94 94 Atlantic Coa t LIM PO 12 9 91 Bait Ohio 94 t i R T ZOO is Can Pacific 1900 Ij H Cent Leath os 4 Cent of N J no Ohio 4 41 4 Chi G W 7 6 6 C X W 2600 IG 16 Co r St P 14 a Ib Ha HaC C C Co 69 F I GOO r 3 Colo 2500 33 33 1 6 6 6 preferred 00 5 53 Con sol Gas t Corn Product O 2 9 io 9 Del Hudson 1 l 2 D R G 00 27 iY 68 Sec m r Erfe 4 23 lilt roo 40 9 39 d Gen Electric tS Gt North 12 Gt ore t 4 Hock Illinois Cent o 1 4 1 Int Iet 13 m m r 16 3 i Int Paper I 11 11 11 rs 57 Pump 0 6 JoVn Central Ij Jj 11 c Southern Louis Nash IO Central 00 16 M St L ro 29 4 9 1 St P S M 10 Pacific 1300 j M K r 1400 31 t SW 64 I National Lead S 86 86 N Y Central lIO N Y O W 2 43 Norfolk WesL 74 74 North American 65 65 Gt Northern UH 6 1 Peoples Gal 9 96 9 P Coo C jS Pressed Steel Car 1500 36 35 Pull Pal Car 00 1 R Steel SprIng 00 41 4 44 1 1 Republic Steel 24 4 Preferred 80 SO Rock Co 18 1 IS 9 S1 L S o od d preferred S il St L S W 00 l 18 m Preferred 40 9 9 Sloss Steel Iron t I Pacific 96 95 95 2 00 11 Southern Ry o I 20 Preferred GOO 51 W 49 Tenn Cop 1100 Texas Pacific roo 5 4 T St L W 1700 Preferred 1200 59 F FUnion Union Pacific l 9 i Preferred 53 s sU U S Rubber 6 3 I 1st preferred 10 t S Steel 48 GJ 6 4 Preferred 4 oo 4 1094 45 44 2 Chemical 1 Preferred 1415 Wabash 41 13 13 4 13 Preferred 9 8 4 2 West Electric WI j Western enlon 57 w L E 0 10 10 Central 1900 23 4 Total sales or the da shares |