Show MARKET WAS OFF AT ATTHE THE OPENING 3 Flood of Damage Rumors to Spring Wheat Responsible PRICES YIELDED SOMEWHAT I RALLY AT K CLOSE EVENED THINGS UI 4 New York Aug 17 The news from the crops was an influential factor In stock market and the continued flood of damage rumorS from the north northwest northwest west about spring Wheat was vas not re regarded regarded without anxiety The iron and stell trade situation was another legit legitimate legItimate ground for apprehension over ovey overvalues values The effect on stocks was more to paralyze the demand than to bring any severe pressure to bear on the market There was no general liquida liquidation tion tien In evidence and the bears were timid about attacking the market by short sales The sympathetic effect of special weakness at one or two points was also well resisted The Metropolitan Metropolitan itan stocks made some feverish breaks due to doubts on the part of specula speculative tive holders because of the continued failure of confirmation of the merger which induced them to buy their stocks Sugar gave of a culmination of speculation and of liquidation dation by belated holders Tile The feeling in professional speculative circles was in favor of some reaction on technical grounds but still the yielding of the general list was very moderate The decline of 1 in Cana Canadian Canadian dian Pacific on account of low tern tem temperatures for the wheat crop in Mani Manitoba Manitoba toba was waa an extreme movement The lowest price tot for United States Steel preferred on the break In the price schedule for finished products was only a half below last night This was be before before fore the official admission of the cut cutin cutin in price of wire As this is the event which the selling for some nome time wa wah meant to anticipate it was natural that there should be some covering by spec speculative speculative shorts on the announcement The recovery which resulted in United States Steel preferred went far toward reassuring the disturbed sentiment In Inthe Inthe the financial district An effective rally followed and the restraint was removed from the features of strength which made striking gains The corn cornand cornand and cotton carriers enjoyed a firm un undertone Undertone throughout The firmness of the corn market was attributed to sympathy with the vio violent yb lent advance in wheat and reports cur current rent reat in the grain markets of danger to corn from frost were ignored The both of the hard and soft coal group made substantial gains Penn Pennsylvania sylvania railroad traffic officials report reported ed od an extraordinary traffic in coal es especially In the movement of soft coal to the lakes Pennsylvania Itself was held back by sympathy with the early heaviness in steel but Norfolk West Western ern tm got the full benefit of these reports The strength of Ontario Western was a a striking influence on the anthracite anthracite cite group The buying of this stock was believed to be competitive as be between between tween the voting trust interests and the stockholders protective association The market showed no disturbance over the apparently acute crisis over the preservation of the neutrality of China hina and the issue of a Russian loan end and reported efforts to float a Japanese loan were of no effect in the money market The sailing of another cargo of f of gold for San Francisco from Australia was sufficient assurance against any present disturbance of our money market by foreign influences The stock market closed fairly steady and with the recovered level of prices pretty well maintained Bonds were heavy Total sales par value United States advanced anti and the theold old declined 14 t per cent on ott call |