The Birmingham age-herald., 1904-07-21
FIRM TONE WAS
 WELL MAIN AIMED Speculative Sentiment Seemed to Maintain its Indifference MUCH STRENGTH SHOWN
Speculative Leaders Resumed Asgres- slve Operations Wh>n London Liqui- dation .Wes concIuded-Then
 Came ProfIt-taking Period.

New York. July 20-The weak closing of today's stock market followed a day of well maintained flrmness up to within fif- teen minutes of the closing when prices fell between 1 and points all through the list. and being considerable net losses at some points. For the greater part of the day speculative sentiment seemed to maintain its indifference to events or suggestions of threatening nature. The sceptical tone of an influential element of the traders over the duration and extent of the ad- vance was not without effect on senti- ment, but the market developed points of marked strength and overcame the de- pressing effect of the Red sea incident on the foreign exchanges
 This was seemingly ignored as com pletely as were last weeks alarming re- ports of damage to the wheat crop, and the inauguration of the meat handlers strike. The opening demand proved ann pie to absorb the offerings for London account and the fractional recessions were quickly recovered. The speculative leaders watched the course of the market with apparent complacency until the Lon don liquidation was concluded when they resumed aggressive operations for the ad- vance. The market then resumed the character which it has displayed con- sistently all through the recent rise of brisk advances in a few influential stocks. with steady profit taking sales at points which have previously advanced.
 This was especially manifest in Atchi- son and Brooklyn transit. which made their advances yesterday. The role of leader again reverted to Union Pacific. which stock has been the backbone of the recent rise throughout. Tips were freely circulated this morning that the stock was to touch par during the day, thus Indicating a speculative origin for part of the dealings. There was no news bear ing on the stock, beyond yesterdays re- jection of Union Pacific overtures for a settlement out of court of the Northern Securities dispute, and the formal au- thorization of the $100.000,000 of South ern Pacific preferred stock by the stock holders during the day.
 Neither of these was news in the sense understood in the stock market, opera tions having already been conducted in the stocks with a knowledge of these events The movement in Southern Pacific was apparently in sympathy with that in the parert stock The grain market was rather slow to respond to these advances, and there was large volume of profit taking at about last nights level under cover of the movement in the Pacifics. The days crop advices were favorable, but Atchison was steadily sold to take profits. Favorable news of steel trade conditions was confined to the reported advance in the prices of pig iron by one of the minor companies, but United States Steel pre- ferred was an influential factor in sus- taining the market up to the late break. There was no news to account for the sudden letting down and a rush to take profits owing to growing sceptism of the stability of the market was the gener- ally supposed cause of the weakness. Re- actions of to points generally wiped cut the earlier gains, and established con- siderable net losses in some important stocks.
 Bonds were firm. Total sales, par value, B. 765, GOO. United States bonds were un- changed on call.