The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-21
STOCKS CLOSE WEAK
EARLY GAINS WIPED OUT IN LAST
MINUTES
Market sIumps and Breaks in Final Eff
teen Minutes of Session and Closes Fe-
verish at Net Losses on the Day

NEW YORK, July 2o-The weak clos
ing of today's stock market followed a
day of Northumberland firmnesS up to
within fifteen minutes of the closing, when
prices fell between / and 2 points all
through the list, establishing consider
able net losses at some points. For the
greater part OF the day speculative Sentl-
ment seemed to maintain its Indifference
to events or suggestions of a threatening
nature.
The sceptical tone of an influential ele-
ment of the traders over the duration and
extent of the advance was not without
effect on sentiment. but the market de-
veloped points of marked strength and
overcame the depressing effect of the
Red sea incident on the foreign exchanges.
This was seemingly ignored as com
pletely as were last weeks alarming
reports of damage to the wheat crop
and the inauguration of the meat han
dler's strike. The opening demand proved
account and the fractional recessions
We're. quickly recovered. The specula-
tive leaders watched the course of the
market with apparent complacency until
the London liquidation was concluded
when they resumed aggressive operations
for the advance.
The market then resumed the charac-
ter which it has displayed consistently
all through the recent rise of brisk adj
vances in a few influential stocks, with
steady PROHIBITING sales at points points which
taking was especially manifest in Atchi-
son. and Brooklyn Transit, which made
Their aadc, advances yesterday The role role, Of
which stock has been the backbone of the
recent rise throughout.
| Tips Were freely circulated this morn
ing that the stock was to touch par dur
ing the day thus indicating a specula-
| tive origin for a part of the dealings.
! There was no news bearing on the
stock, beyond yesterdays rejection of
Union Pacific overtures for a settlement
| out of court of the Northern Securities
dispute and the formal authorization of
| the 500, 900 of Southern Pacific pre-
ferred stock by the stockholders during
the day. Neither of these was news in
the sense understood in the stock mar
Quoted in the stocks with a knowledge
of these events. The movement in South
ern Pacific was apparently in sympathy
with that in the parent stock. The gem
eral market was rather slow to respond
to these advances and there was a large
volume of profit-taking at about last
| nights level under cover of the move
| ment in the Paciics.
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
preferred was an influential factor in
sustainfTlg 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 sceptcism of the
stability of the market, was the generally
supposed cause of the weakness. Re-
| actions of | to 2 points generally wiped
| out the earlier gains and established con-
| siderable net losses in some important
stocks.
Bonds Were firm. Total sales, par value,
| SO. 756. 900.
Closing List