The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-27
STOCKS ARE WEAKER
USUAL FIRM UNDERGONE OF MAR
KET Is MISSING
First Indications of Urgent Liquidation
Since the Recent Rise Was fnaugurated
Are seen-ereatest Activity Is During
Declines

NEW YORK, July 26--SpecuIative con-
fidenee was sensibiy shaken by the action
Of today's stock market, which gave the
first indications of urgent liquidation since
the recent rise was inaugurated. I'D to
this time the action OF the market has
been TO show a firm undertone even
after the evident elimination of the rise
and the adoption of a waiting attitude
by the professional operators who had
followed the advance Today on the
contrary, the undeFtone was weak Thus
the greater activity throughout the day
was during the period of declines On the
occasional rallies there was a quick lapSe
INTO Guinness That is to say, buyers were
steadfdst In refraining from accepting
oferS except at material concessions and
sellers seemed to be pressed to make
THESE concessions IN order to realize on
their holdings
This served to upset the existing faith
IN the ability or determination to hold
STOCKS or the party Of wealthy operators
VINO are assumed in current opinion to
have been the principal accumulators of
stocks on the recent rise. The tightening
OF loads today had the effect of arousing
a suspicion that the accumulatorS We're
finding difficulty in distributing their hold
1ngS to advantage. There was some dis
appointment also at the small demand
IoF STOCKS met at the declines Specu-
latVe opinion was very confident that a
large demand awaited q slight reaction in
the market, which had become suspicious
of the long uninterrupted advance and
ing TO come into the market again. So far
as the movement was Influenced by news,
the conditions that were known yesterday
seemed to have most effect, although they
were apparently mitigated today.
Sterling Market Quieter
A retrospect OF the common differences
to be drawn from yesterdays violent rise
in sterling exchange, the jump in London
discount rates and the strength OF the
wheat market took on a formidable aspect
20 the minds OF operators IN stocks. al
though the sterling market was quieter
today, wheat opened easier and the Lon
don discount market was more settled.
Nevertheless, grave fears were felt that
the Anglo-Russian friction might issue in
some overt act of hostility that would
start an International eonfiagration in
Europe. A widespread influence was ex-
erted both in the wheat and stock mar
ketS by an alleged estimate by J. J. Hill
of only 100000 o0 bushels for the total
wheat crop.
A sudden break in Northern Securities
On the curb produced the weakest period
on the stock exchange. Whispers of
doubt continued TO circulate of the main
tenance OF the dividend on Erie first pre-
ferred. More attention was given to
the troubled outlook in the labor world.
The good crop promise held out by the
weekly bulletin OF the weather bureau
was ignored. Notwithstanding the con-
tinued great ease of money an effect was
produced by the suggested contingency
OF an unreasonable outgo of gold, with
dEawal of government deposits from banks
and an early development OF the interior
demand for currency to move the crops.
Bear raiding was an element in the break
and was successful in uncoyering stop
loss orders, while covering by shorts
made the final rally Suggestions OF a
reduction in the dividend on United States
Steel preferred circulated, but the direc-
tors did not assemble until the close of
the market.
Bonds were heavy. Total sales. par
value, $1.S10.000. United States bonds
were unchanged on call.
CIosfno L