The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-30
MODERATION IN STOCKS
MORE SOBER TONE TAKES POSSES.
SION OF TIE MARKETS
Speedy Recovery From the Long Depres-
sion Hats and Gives Way to Creeping
Upward Movement-Operators Take
Warning From Bankers.

NEW YORK, July 29.-Operations in
the stock market took ON a conservative
tone again today and the leaps and
bounds of the first recovery from the
long depression gave place to more
creeping process. Even this moderate up
ward pace was not maintained and there
was frequent resistance and reaction.
The news of rains in the Southwest and
the resulting weakness in the grain mar
ket was benefit to the stock market,
as close eye is kept on all news bear
ing upon the condition OF the corn crop.
There was no evidence of renewed Hqui-
dation of the forced character that has
cost the market SO dear for some time
past. But the demand for stocks never
theless showed signs of satisfaction and
the selling, though light was sufficient
to force prices backward again. There
is an element among stock buyers which
refrainS perSiStently from entering the
market until conclusive evidence that the
turn has definitely come. 1t is made up
in part of speculative shorts for a long
turn and IL part of investment, buyers
who dread to hold stocks through de-
cline, in distinction from that class
called bargain hunters, which takes stocks
from well formed convictions of their
values and holds them regardless of the
market prices.
Profit Takina Resumed.
The demand from this element seemed
hunting element of course. declines to
follow any advance in prices. The re-
coyery has reached sufficient dimension
to induce some profit taking also by the
spectators for a short turn who were
so fortunate as to get in at last weeks
low prices. 1t is an inevitable conse-
with little sustaining power in the market
that a strong class of holders should
have been able to hold through the
weakest point by an agreement between
to save needless sacrifice to both by
forced liquidation of collateral.
The result is considerable amount OF
credits extended with a stipulation for
liquidation at the first good opportunity.
A rising marekt at this time meets
considerable pressure of such contingent
liquidation. It is fact that many COM
miSSiop<houSes which have dreaded i'm
ability on the part of clients to respond
to margin calls, have put cut short con-
tracts on the decline as a protection. and
have been covering tnese, short contracts
of small limitations: Aside from these
technical considerations of the market
there remains a conservative spirit Of
and industrial affairs of the country will
respond to the possible index afforded
by the recent movement Of securities
prices. rtinfs ga.55,,. r.
Effect of Bankers Opinions.
The opinions of prominent bankers on
the situation impaired yesterday made
an impression upon the financial district,
especially the tone of warning adopted
by one influential banker that the com
mercal and industrial interests of the
country may have to undergo later an
experience of liquidation like that through
which Wall street has just been pass
ing.
There was distinct relaxation in the
time money market today. Loans carry
ing over the end of the year were Of
fered with freedom at 51h per cent. Cash
is accommodating at this center from va
rious sources, and it is expected that
the next bank statement will at last re-
fleet the heavy liquidation in loan con-
traction. The wide movements in to-
days market were confined to specialties
under the influence of special causes. The
days net changes are not important. the
earlier gains having been rather more
than wiped out by the reaction. The
Atchisons were conspicuously pressed for
sale.
Inactive investment bonds were mar
keted at some wide concessions The
market generally was irregular. Total
sales. par value, $2,565.000. United States
bonds were unchanged on call.
HIOeYn1 I cf