The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-07-28
WALL STREET REVIEW
FURTHER PRESSURE OF SPECULATIVE
LIQUIDATION.
Bears Also Pound the Market win IN
creased Ardor and Their RAIDS
Uncover Stop Loss Orders.

NEW YORK. July 27-There was fnrther
oeclded pressure of speculative lH'''ua' ii
OF stocks today and the bears also pnuhdru
the market with increased confidence
Iheir raids upon prices were effective IN
uneovertng stop loss orders on a cohsiaerapls
scale The fact was thus demonstrated t'lr'
large speculative holdings are in NulHtl-
able position and capable of being d!s,
iodged by declining prices. The seh'''''eil, d,
erect of the decline in itself strong anu
the eagerness professed among a certain
class OF spectators to buy stocks al duS
reaction from the recent nigh level dlu not
hold out in face of the falling prices me
action of the United States steel preferred
was watched with special interest anu ita
leadership OF the decline was a material
factor in deciding the tone of the market.
The first 500 shares sold above last night
level. but an immediate decline follower
and was unre:rieved This pointed to the
fact that yesterdays weakness was not du"
to mere short selling and probably not
due to any credence in the rumors of re
duction of preferred dividend since the
maintenance of the dividend bought no re-
buying from sellers of yesterday. Specula-
tive opinion was inclined to assume that
yesterdays selling was realizing ana the OF
fers today were believed to he of the same
character the dividend action and the
amount of the net earnings were so closely
In conformity with the published reports.
AS the doubts over the dividend for III" last
quarter dissolved, new set sprang up as
to the dividend 70 rthe current quarter me
low record of untitled orders hand and
the recognized fact that the third quarter
of the year is normally the smallest in the
steel business, gave rise to the skepticai at
ttude toward the stock adopted in the day $
trading. The grave relations between the
British and Russian governments was war
rantable influence on government securities
in London and Paris, and had its effect on
our own market. The first effect on affairs
here was looked for in the foreign exchange
market, which continued to hold strong,
leading to expectations of an immediate out
ward movement of gold. a gold export
movement is invariably adverse to the stock
market. The excessive Accommodations of re-
serves in New York banks at present does
not mitigate the usual dscouragng effect
on speculative sentiment. A good deal of
attention was given also to the possibility
of an issue being raised between the United
States and the Russian government, should
the Nladivostok ships encounter any of the
merchantmen in the Pacific under the
American flag. Reports of setbacks to the
crops gained additional currency with the
progress of the decline in stocks. The few
reports of gross earnings of railroads for
the third week of July pointed to poor
average. Rumors Of a rupture in the an
thracite Cancellation board and resulting had
its origin in unrest in other industries The
inability o fthe market to -.i.hstand selling
and other pessimistic views of the steel
trade by The Iron Age led to the late
break. which carried prices to the lowest
and made the closing weak.
Bonds were easy. Total sales. par value.
$2,4lo. 00O United States is registered and
the As declined "a pc recent call.
NEW YORK STOCK LIST