The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-26
MUCH DREAD IN STOCKS
SHORT SESSION is FEvERIsH AND
EXCITED ALL THROUGH.
No Additional Failures Come to Fulfill
Apprehenson-Stan Stocks Unaf-
fected by the Panic-Bank Statement
DemoraIizes the Market.

NEW YORK, July 25.-Today's short
session of the stock exchange was fever
ish and excited throughout, as an after
effect Of the failures of two important ex-
change firms yesterday and dread that
those failures would have a sequel in the
suspension of other embarrassed firms.
Throughout the wild fluctuations in prices
of specialties, the standard stocks showed
evidence of the same kind of absorption
and comparative stability which charac-
terized them in the market of most of the
week, before yesterdays failures had ex
cited and upset the market. The day
passed without announcement of addi-
tiona1 failures.
Despite the fact that no deliveries on
contract are required on Saturday and
that loans made on Friday carry over. I'M
til Monday, thus giving a breathing spell
for hard pressed firms, the absence Of an
nouncements of failures was not entirely
reassuring to the adjustment of difficult
ties.
Where knowledge Is Power.
That such difficulties exist is now pretty
well understood but the general knoWf-
edge of the pending troubles and of their
location seemed to deprive the situation
of much of the disturbing power the pre-
Yious mystery possessed and did not
check the absorption above referred to-
Part OF this buying is by shorts taking
their profits. and it is highly probable that
part of it is also by banking interests who
IRE concerned in sustaining values. But
it is reported that there Is also some evil
dence of investment demand both from
domestic and foreign sources in the be-
lief that the abnormal speculative situa-
ton here has resulted in forcing prices to
a decline as artificial in its way as was
the imitation which preceded it and largely
has caused it.
The general market sold off again on
the bank statement. as the report of an
actual increase in the loan account in view
of the weeks violent liquidation is con-
sidered nothing less than astounding.
Enormous Pressure for Credits.
The pressure for credits which could
have produced such result must have
been enormous, although it is recognized
that the situation of the banks must be
strengthened by the additional collateral
and the improvement in it's character
which has undoubtedly been exacted. The
bank statement was nevertheless sufficient
to make the closing in stocks weak, and
there was late pressure also upon bonds
The conVulSiVe contraction in prices Of
many Specialties was recognized as be
ing due in many cases to closing out of
collateral for loans of the failed firms and
some of the stocks affected confirmed the
plant of the prominent operator connected
with yesterdays principal failure, that
even investment stocks are unstable in
the present market. Some of the other
collapsed served to direct conclusions to
the neighborhood of other troubles against
which struggles are making A consider
able list of declines ranging from to 23115
points could be compiled.
The bond market has reflected the
liquidation in common with Stocks but
with no such volume or urgency United
States bonds were unchanged on cali for
the week. :st .rr:!.. ;Ez..tr,.t&
Closing List.