The Birmingham age-herald., 1904-07-28
BEARS POUNDED
 MARKET HEAVILY. Raids Uncovered Many Stop
 Loss Orders WATCHING U. s. STEEL Grave Relations Between the British and Russian Governments Had Influence on Securities In
 Lonoon and Paris.
WATCHING J. s. STEEL

New York, July 27-There was further decided pressure of speculative lquida- ton of stocks today, and the bears also pounded the market with increased con- fdence Their raids upon prices were ef- sective in uncovering stop-loss orders on n considerable scale. The fact was thus demonstrated that large speculative hold ings are in a vulnerable position, and capable of being disIodged by declining prices. The sentimental effect of the de- cline was in itself strong. and the eager ness professed amongst a certain class or spectators to buy stocks at any reac- ltion from the recent high level did not hold out in face of the falling prices.
 The action of the United States Steel preferred, was watched with special in- terest and its leadership of the decline was a material factor in deciding the tone of the market. The first 300 shares gold above last nights level, but an im- mediate decline followed and was unre- trieved.
 This pointed to the fact that yesterdays weakness was not due to mere short sell ing, and was probably not due to any credence in the rumors of reduction of the preferred dividend since the maintenance of in the rumors of a reduction of the pre- ferred 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 offers to- foo Ia abar acter as 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 the last quarter dissolved a new set eprang up as to the dividend for the cur rent quarter.
 The low record of thrilled orders on ifand and the recognized fact that the third quarter of the year is normally the smallest in the smallest business, gave rise to the skeptical attitude towards the stock adopted in the days trading. The grave relations between the British and Russian governments was a warrantable Influence on government securities In I.ondon and Paris, and had it's effect on our own market The first direct effect on affairs here was looked for in the for sign exchange market, which continued 40 nOlu StIO1Rs ieduillB LO tApectdllDHS Ol an immediate outward movement of gold IA gold export movement is invariably ad- verse to the stock market.
 The excessive accumulations of reserves in New York banks, at present does not mitigate the usual discouraging effect on speculative sentiment. A good deal of attention was given also to the possibil- ity of an issue being raised between the United States and the Russian govern ment should the Vladivostock ships en- rounter any of the merchantmen in the Pacific under the American flag. Re- ports of set-backs to the crops gained ad- ditional currency with the progress of the decline in stocks.
 The few reports of gross earnings of railroads for tbe third week of July pointed to a poor average. Rumors of a rupture in the anthracite coneillation board, and resulting strikes. had its ori- ; gin in the unrest in other industries.
 The inability of the market to with stand 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 easy; total sales, par value, s2,- a10000.
 United States 3s, registered, and the 4s, neclined A per cent on call.