The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-28
BEARS POUND STOCKS
FURTHER PRESSURE OF sPEcuLA
TIVE LIQUIDATION
Stop-Loss Orders Are Uncovered On an
Extensive ScaIe-Steei Preferred Leads
the Decline, Deciding the Tone of the
Market

NEW YORK, July 27.-There was fur
ther decided pressure of speculative liqui-
dation Of stocks today and the bears also
pounded the marlSetwith increase con-
fdence. Their raids upon prices were eff
fectiye in uncovering stop-loss orders on
demonstrated that large speculative hold
1ngS are in a vulnerable position and ca
pabie OF being dislodged by declining
prices. The sentimental effect of the de-
cline was in itself strong and the eager
ness professed among certain class of
spectators to buy stocks at any reaction
out in the face of the falling prices. The
action of United States Steel preferred
was watched with special interest, and it's
leadership of the decline was. material
factor IN deciding the tone of the market
The first 500 shares sold above last night
price, but an immediate decline followed
and was unretrieved.
This pointed to the fact that yesterdays
weakness was not due to mere short sell
ing and was probably not due to any ere
denee IN the rumors of a reduction of the
preferred dividend, since the maintenance
of the dividend brought no rebuying from
sellers of yesterday. Speculative opinion
was inclined to assume that yesterdays
selling was realizing and the offerings
today We're believed to be of the same
character, as the dividend action and the
amount of the net earnings were SO close
~ IN conformity with the published init
nations. With the doubts over the divi-
dend for the past quarter dissolved. a new
set Immediately sprang up as to the divi-
dend for the current quarter. The record
ported by the directors and the reeog-
nized fact that the third quarter of the
year is naturally the smallest in the steel
business gave rise to the Siseptical atti-
tude towards the stock adopted in the
days trading.
Foreign Political Influence
grave condition in the relations be-
tween the Russian and British govern
ments was a warrantable inference from
the action of government securities in
London and Paris and this was an inf1uL
ence on our own market. The first di-
rect erect on affairs here was looked for
continued to hold strong, leading to ex-
pectations of an immediate outward move
ment of gold. A gold export movement
is invariably adverse to the stock mar
ket. The excessive accumulation of re-
serves in New York banks at present does
not mitigate the usual discoura ging effect
attention was given also to the possibility
OF an issue being raised between the Unit
ed states and Russian governments
snould the Viadivostok ships encounter
any or the merchantmen in the Pacific
under the American flag. a,.i
reports of setbaekss to the crops gained
a6 III currency with the progress of
gross earnings of railroads for the third
week of July pointed to poor average
conni3is tio OF rupture in the anthracite
had keener. effect by reason of the cur
rent unrest in other departments of Ia
Dor Discouragement at the inability of
the market to withstand the selling and
another pessimistic view 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 We're easy. Total sales. par
value, S2,41O 900. United States IS reg
lstered and the new As declined Il per
cent en- call. 20
CLOSING List