The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-07-27
WALL STREET REVIEW
CONFIDENCE SHAhEN
BY MARKETS ACTION.
Cndertone Is Weak, and the Grcaier Ac-
tivity Of the Day Is During the
Period Of Declines--Iapse into
Dizziness on Rallies.

NEW YORK July 26.-SpeculatlVe CONF
dence was sensibiy shaken by the action o.
today's stock market, which gave the i.i rs,
indications of urgent liquidation since ,ne
recent rise naugurated Up 10 tii'
time the action OF the market mas an p.sn
to show a firm undertone even after tne
evident elimination Of the rise anu tne
adoption of a waiting attitude by profession
al operators who had followed the advance
Today, on the contrary, the undert1ne was
weak Thus the greater actlVlE s a.,
out the day was during the periods OF de-
clines. On the occasional rallies there was
quick lapse into dizziness. That Is 10 say,
buyers were steadfast in refraining from
accepting offer except at materlai conces-
sions and sellers seemed to be pressed 10
make these concessions in order TO reailze
on their holdings. This served to upset the
existing faith in the ability or determination
to hold stocks on the part of wealthy opera
tors who assured in current operations
to have been the accumulators OF STOCKS on
the recent rise. The tightening Of loans to-
day has the effect of arousng suspicion
that the accumuIators were finding difrl-
Guilty in distributing their hold ngs to ad-
vantage. There was DISAPPOINTMENT AT sne
small demand for stocks met at the de-
clines. Speculative operation has been very
confident that large demand awaited a
slight reaction in the market which had
become suspicious of the long Interrupted
advance and only awaited evidence OF erect
of the realizing to come into the market
again. So far as the movement was lnflu-
enced by news. the conditions which were
known yesterday seemed to have most eff
feet. although they were apparently miti-
gated today. A retrospect of the common
differences to be drawn from yesterdays vio-
lent rise in sterling exchange the jump in
London discount rates and the strength of
the wheat market took formidable as
pect to the minds of operators in stocks al
though the sterling market was quietcr to-
day. Wheat opened easier and the London
discount market was more settled. Never
theless, grave fears felt that the
Anglo Russian friction might issue in some
overt act of hostility that would start an
international conflagration In Europe A
widespread influence was exerted both In
the wheat and stock markets by an alleged
estimate by ]. j. Hill of 100. 600. 900 bu. for
the total wheat crop. sudden break in
Northern Securities the curb produced
the weakest period of the stock exchange
Whispers of doubt continue to circulate of
the maintenance of the dividend on Erie
the troubled outlook in the labor world
The good crop promise held out by the
weekly weather bureau report was ignored
Notwithstanding the weak condition of
money, effect produced by the sug
gested contingency of outgo of gold. a
withdrawal OF Government deposits from
banks and an early development of the in
terror demand for currency to move the
crops. Bear raiding element in the
break and was successful in uncovering stop
loss orders, while covering by shorts made
the final rally. Suggestion of a reduction
in the dividend of the United States Steel
preferred circulated. but the directors did
not assemble until the close of the mar
ket
Bonds were heavy Total sales, par val
| ne. s1.s1o.oo0. United States bonds were un-
changed on call.
NEW YORK STOCK LIST.