The sun., 1904-07-08
FINANCIAL AND COMMERCIAL.
THURSDAY, July 7.

The b,iyinp power In tho stock market
which vest sterday was able to absorb large
volume OF profit taking sales. to-day proved
unequal to withstand the continued liqui-
dation, and prices Of securities generally
declined. The reason for the weakness
Of the market was, "a popularity ascribed.
the news Of the further heavy rainfall
IN the Southwest; but the real cause OF the
decline was hardly more than the natural
desire Of spectators for the rise TO secure
the handsome profits that awaited reaping.
Prices Of the prominent stocks have ad-
vanced continuously for Ave days and In
the last two days the increase In quoted
values has been large ahd rapid. Thus.
even from so-called technical point OF view.
the indications before the opening OF the
Stock Exchange this morning favored
moderate recession In prices. II is little
difficult at present for financial interests
to make up their minds just how severe
the damage in the West from excess OF
moisture Ia. but all trust worthy data point
to the conclusion that, save at one or
two points, and perhaps solely in the
neghborhood Of Kansas City,
notorious flood centre the damage
has not yet risen to the point Of seriousness.
Instances in this country OF the destruction
OF crops by rain are few and have been
generally confined to the injury Of spring
wheat from this cause in certain Exposed
parts Of the pakotas. Climatic conditions
in the spring wheat country have been al
most perfect recently. II excess Of rain at
this time of year in the agricultural section
is followed by a normal quantity of sum
shine, II is almost invariably discovered that
the devastation" that has been postpone
ment has consisted solely OF n prolon-
cation of the winter wheat harvest little
beyond its usual period. II is to be remem-
bered also, that this is the season OF crop
scares. Stories of whole counties washed
away and general crop ruin from too much
rain are now the feature of speculation yet
it is wholly within the range OF probabilities
that at time not further removed than
a few days we shall hear tales Of crop damage
from hot winds and other causes quite the
reverse Of those that are now talked Of.
Another factor making for hesitancy in
purchases Of stocks to-day. and suggest
ing to many operators the closing out OF
speculative ventures inasmuch as this could
profitably be done. was the delay at the
Democratic national convention in de-
Gliding upon the party's platform and the
fear that. even though this document might !
be entirely satisfactory to the financial
when its terms were settled
and made known. one at least OF the |
put forward for the party might |
be man whose record on the money ques- !
tion would go far toward stultifying the |
platform declarations. Western specula-
tors. who have been in the past month the |
largest buyers OF securities, based on their |
belief that the crop outlook was favor |
able. were to-day the largest sellers: and. |
all things taxi en- into consideration. it rast |
he admitted that enough adverse forces |
existed to cause a greater
aecline in prices than actually occurred. |
] hat the mark ct resisted these forces as |
stoutly as it did is fairly convincing as to
its strong undertone and as regards the
substantial foundation on which the Creep
ing rise in values of the first half of the
year has rested. The irmest quarters OF
the market to-day were the Steel stocks
and the Metropolitan Street Railway
and Metropolitan Securities shares. The
steadiness with which the two last named
issues have maintained their recent rise
in price has produced the very general
that something Of greater mo-
nent is at work here than mere squeeze
of short interest.