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Show BAD STEEL REPORT HURTS THE MARKET Logan & Bryan, members Now York and Boston stock exchanges and Chicago board of trado. 169 South Main street, furnish tho following, received over their private wire yesterday afternoon: From Logan & Bryan's New York office of-fice Tho market acted poorly. Stool was under pressure as a conscquenco of the unfavorable statomcnt of unfilled orders. Whllo tho selling of slocks seemed to be largely professional, still support was of a negauvo character, and as a consequence conse-quence tho element operating on the selling sell-ing side did not meet much resistance. Nows from tho southwest rclatlvo to tho progress of tho crops was closely scanned and advices from Oklahoma to the effect that green, bugs wcro making their appearance ap-pearance and from tho northwest to the cfTcct that farming operations had been retarded by unseasonable weather, was reflected by modorato prcssuro on the grangers. Sentiment Pessimistic. Sentlmont In tho financial community continues greatly depressed and as .vet there aro no indications of prominent market interests displaying greater ln-contlvo ln-contlvo along constructive lines. However, How-ever, tho Now York City bond offering noxt week will rather thoroughly test the Investment markets, and In addition It Is anticipated that official announcement will be mndo relative to tho financial plans of various largo corporations. The outcome of the crops will doubtless have much to do with determining course of trado and Industry In the fall, nnd therefore there-fore ndvlces from thn grain belt are likely like-ly to exert qulto an .Influence. It seems very much as though tho Steel corporation corpor-ation during the past quarter did not earn an amount that Is likely to produce much enthusiasm, though nothing ofllclul, of course. In that respopt will ho obtainable obtain-able until tho end of tho current mouth. The Btock market, has had much of an adverse ad-verse nature to contend with and while many of tho unfavorable features In the situation eem to have been largely discounted, dis-counted, as a conscquenco of tho selling movoment which has been conducted from tlmo to time within tho last year or so, still an upward movement In security prices, will, perhaps, bo delayed until Influential In-fluential factors lend encourugoment to the buylruj side. From Paine, "Webber Sr. Co., Boston. Tho Steel report on unfilled tonnage was moro unfavorable than expected und the bears wero aggrcsslvo In disposing of stocks all day. Today In the local market mar-ket thoro was only a fractional change In tho coppers and there seemn to bo no real liquidation In sight. Tho reaction the past few days has been created largely large-ly by boors selling. We are about due for a sharp rally against tho short Intorest. Wo beJIovo In picking up all classes of stocks at present level for a turn at lea ft. From the Gallagher curb letter. New York. The oil stocks ended the week In good style, a reduction In crude oil having hav-ing little effect except on Prairie, which sold below 460. Tho liquidation of thn past week seems about at an end. and declines havo to a great extent discounted discount-ed such unfavorable nows as has been given out lately. The other Industrials wero qulot. though tho Maxwell Motor stocks havo shown a strong undertono on Thursday and today, with tho common at 8 and second preferred at 12. The metal Issues woro neglected, but closod steady. |