The Birmingham age-herald., 1904-07-15
FALLING OFF IN
 THE TOTAL VOLUME
Both Strength and Weakness DiScernibIe in Outside Buying
MARKET STILL ANIMATED
The Most Patent Factor In the Reac- ton Was Probably the Absence of Decision On Northern securi-
 ties Distribution cases-

New York, July 14-Today's stock mar ket was similar to yesterdays to the ex- tent that strengthened weakness was discernable in outside business, profit talk Ing in one quarter being offset by new advances in another. But the reactionary hote was rather more dominant than yes terday and the late market failed to respond in the same way to the efforts to affect a comprehensive rally. This was partly because the traders who fought the advance were more cautious than yesterday in putting out short lines, the forced covering of which yesterday was an important factor in the late rally
 he volume of dealings today was con Eiderably less than yesterday. The mar ket was still one of a good deal of anima- tion and breadth, and good obsorbative power for the large offices to take profits when they were thrown upon it. Prob ably the most potent factor in the re- action was the absence of a decision on The Northern Securities distribution case. The adjournment for another week of the annual meeting of the Northern Pa cific stockholders indicated that their pre- vious adjournment until today was not with definite information of the date of the Northern Securities decision as was assumed yesterday. Some incongruity was recognized in the simultaneous up- ward movement of Union Pacific and Northern Securities which occurred yes- terday on the rumor of this decision which must necessarily be to the ad- vantage of one party and the cost of the other. The speculative nature of yester- days movement in those stocks thus ff fIa tion to sell them and take profits
 A blunt prononucement from the presi- dent of the Northern Securities company of skepticism of the government wheat crop estimate as far too liberal and frank admission from the president of the Atchisons of serious damages to the crop wrought by the rains caused more seri- ous attention to be given to that impor- tant question than yesterday and gave added effect to the rather alarming esti- mates by the Kansas state agricultural officials The violent rise in the wheat market was an additional warning and the government report on the condition of foreign crops did not reveal the amount Of damage there that has been held to account for the recent strength in our wheat markets. On the other hand the more favoring condition of the cotton crop and the renewed foreign demand for that staple proved of some benefit to the cotton carriers, notably Louisville and Nashville and Southern railway These stocks shared with Reading, Amalgamat- ed Copper and the Peoples Gas the sus- taining points in the market The ad- svances are not accounted for by any specific news and they are not efficacious in holding the market which sold off to the lowest of the day in the final houra
 The reported prospect of a settlement of the meat packers strike was ignored as much as the initiation of the strike The full statement of the June foreign trade mitigated somewhat the poor com parison with last year made by the do- IF sstic exports. Sub-treasury operations are making large contributions to the To- cal money supply and foreign exchange weakened under the offerings of long sterling bills by bankers in anticipation of the coming exports of our merchant disc. The market closeu irregular and slightly above the lowest.
 The bond market was quiet total sales par value, $2,79000
 United States bonds were unchanged on call.