The Birmingham age-herald., 1904-07-27
CONF NF|DENCE IS
 SENS|BLY SHAKEN First Indication of Heavy Sell
 ing Orders DNDERTONE WAS WEAK Tightening of Loans Arouses Suspicion That Accumulators Find Difficulty In Distributing Their Hold
 lnss to Advantage.
DNDERTONE WAS WEAK

New York. July 26-Speculative confi- Hence was sensibly shaken by the action of today's stock market, which gave the first indications of urgent selling orders since the recent rise was inaugurated Up to this time the action of the market has been to show a firm undertone, even after the evident continuation of the rise and the adoption of a waiting attitude by professional operators who had followed the advance Today, on the contrary, the undertone was weak Thus the greater activity throughout the day was during the period of declines. On the occasional rallies there was quick lapse into dull ness. That is to say buyers were stoad- fast in refraining from accepting offers except at material concessions, and sel- 1ers seemed to be pressed to make these concessions in order to realize on their holdings
 This served to upset the existing faith in the ability or determination to hold stocks of the party of wealthy oeprators which are assured in current opinions to have been the accumulators of stocks In the recent rise. The tightening of loans To-day had the effect of arousing a suspi- cion thatt he accumulators were finding difficulty in distributing their holdings to advantage. There was also disappoint- ment at the small demand for stock met at the declines. Speculative opinion has been very confident that a large demand awaited a slight reaction in the market which had become suspicious Of Inc long interrupted advance, and little skeptical of the effective realizing to come into the markte again.
 So far as the movement was influenced by news, the conditions which were known yesterday seemed to have most effect, although they were apparently nit igated today. A retrospect of the com mon differences to be drawn from yester- days violent rise in sterling exchange the jump in London 1lscount rates and the strength of the wheat market took on formidable aspect to the minds of oper- Btors in stocks, although the sterling market was quieter today.
 Wheat opened easier on better weather news. and the London discount market was more settled. Nevertheless. grave fears were felt that the Anglo Russian friction might issue in some overt act of hostility that would start an internal confagration in Europe. A widespread in- fuence was exerted both In the wheat and stock markets by an alleged estimate by J. J. Hill of 50000,000 bushels of the total wheat crop. sudden break in Northern Securities on the curb pro- duced the weakest period in the stock ex- change.
 Whispers of doubt continued to circu- late of the dividend on Erie first pre- ferred. More attention was given to the troubled outlook in the labor world. The good crop promise held out by the week ly bulletin of Washington was ignored An effect on money was produced by the suggested contingency of an unreasonable outgo of gold, a withdrawal of govern >ment deposits from banks, and an early development of the demand for currency to move the crops. Bear raidifg was an clement in the break and was successful In uncovering stop-loss orders, while cov- erirg by shorts made up the final rally Suggestions of a reduction In the divi- tend of the Unitel States Steel preferred were circulated. but the directors did not assemble until the close of the market.
 Bonds were heavy. Total sales, par value. $1,slO,0OO United States bonds were unchanged on call.