The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-27
MUCH DREAD IN STOCKS
SHORT SESSION is FEvERisH AND
EXCITED ALL THROUGH.
No Additional Failures Come to Fulfill
prehension-Standard Stocks Unaf-
fected by the Panic--Bank Statement
Demoralizes 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 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-
terlzed them in the market of most OF the
week, before yesterday s, failures had ex-
cited and upset the market. The day
passed without announcement of addi-
tonai failures
Despite the fact that no deliveries on
contract are required on Saturday and
that loans made on Friday carry over un-
I'll Monday, thus giving breathing spell
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 knowl-
edge of the pending troubles and Of their
location seemed to deprive the situa ton
OF much of the disturbing power the pre-
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
ere concerned in sustaining values. But
1T is reported that there Is also some evil
dence of investment demand both from
OOiieSlIC anu foreign sources IN me De-
lief that the abnormal speculative situa-
ton here has resulted in forcing prices to
q decline as artificial in it's 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 a 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 its 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 conyulsive 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 or the stocks affected confirmed the
paint Of the prominent operator connected
with yesterdays principal failure, that
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 2315
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 We're unchanged on call for
the week. 10 &-sfssss,5iss s'1,ss n 9zesa
Closing List.