The Birmingham age-herald., 1904-07-20
STOCK TRADING WAS REACTIONARY Market Later in Day Relapsed
 Into Dullness NO NEWS OF IMPORTANCE Opening Decline Was Plainly Reflee- tion of Depression in London
 Market, Caused by Red
 Sea Incidents.
NO NEWS OF IMPORTANCE

New York. July 1s.-The stock market was rather reactionary today up to near Inc close and there was a general ac- quiescence in this condition on the part of the speculative operators who have had the leadership of the recent demonstra- 4ions for higher prices. The plausible ex- planation offered for this unusual restraint on the part of a class of individuals rath- CT prone to excess, was that the rises An prices was going too fast for its own good and that a reaction was nominaliy due. The reaction was lacking, however, in some of the nominal appearances. The usual reaction in a bull market is likely to come in a fury after final upward rush and great animation in trading due to the final measures of the leaders to unload their holdings at a profit. The first relapse in prices is likely to be cor respondingly sharp, with the withdrawal of artificial support, the rush of belated holders to save losses and the sudden turn upon the market of successful operators who have realized their profits and are eager to further the reaction for prof table turn on the short side or to facil- 
 itate the recovery of long holding at a lower level.
 But today the market showed a ten necy to lapse into dullness quickly at slight declines and the professional bears were apparently very timid about mak- Ing an attack on prices Some quite wig orous support was offered at the opening decline and the later market showed the sustaining effect of some new points of strength which were developed. There was little in the days news that was of material effect on the movement of prices. The opening decline however, was plain ly a reflection of the depression in the London market, caused by the incidents in the Req Sea and the fears thus ere ated that the European powers might become embodied over the far eastern struggle. London sold freely here so long as the foreign exchange continued to do business. and the support in the local market did not become thoroughly effec- tive until after that selling had ceased for the day The publicat ton of the crop bulletin of the weather bureau was an effective influence on the later rally as the conditions recorded were continued fears of damage or of it's extent to win ter wheat, while other crops were prac-
 
 lions. Brooklyn transist proved to be the early supporting influence and it's ad- vance. coupled with that in Long Island, led to revival of old rumors of an acqui- Eition of Brooklyn Rapid Transit by Pennsylvania. These were without any verification.
 The rejection by the majority directors ofsfhe Northern Securtie=. of what seem- Sd like conciliary advance on .4aalf of the Hartman interest offers no other surface explanation than to discredit the recently prevailing rumors of the likeli- hood of settlement out of court by com promise of the dispute over the manner of distribution of assets of the corpora ton. But the market accorded a cheerful reception to the news and made vigor- ous recovery on the earlier declines. The grain and cotton carriers led the rally with Atchison in the van, and gains of l to 1ss were established in different members of these groups in the final hour Of trading. The closing was strong and active
 Bonds were irregular. Total sales, par value s2.6O0,0O0
 United States bonds were unchanged on call.