The Saint Paul globe., 1904-10-27
FEWER STOCKS SELL
BUT THE MARKET SHOWS GREAT
BREADTH AND VARIETY
List Is Subjected to Searching LiquidatIoss
and Severe inroaas in Prices Result
Closing Is Heavy

NEW YORK. Oct 26-Dealings In
stocks today were not up to yesterdays
record. but the dimensions and the as
ton1shing breadth and variety of the
market We're well maintained. The list
was subjected to a pretty searching liqui-
datlon and severe inroadS upon prices re-
suited but the benefit to the markets s
health of this process began to be shown
IN the latter part off the day, when there
were substantial recOverieS from the low
level. The reactionary course of the mar
ket was largely due to technical causes.
As much of the recent buying has been
due wholly to the fact that prices were
moving up and were expected to continue
TO 90 SO, yesterdays demonstration that
the advance was checked induced selling.
Yesterdays performance in Union Pa
cific and the inadequateness of the news
to explain it awakened uneaSineSs ow-
ing to the half hysterical character of
the movement and its revelation of the
emotional nature of every large operation
in the market.
The psychological state which prompts
an indefinite buying is quickly altered by
simple change in the direction of prices
and considerations of intrinsic value have
no force to prevent this change. There is
the additional factor of forced sales on a
reaction by the wiping out of narrow
margins and the uncoverfng of stop loss
orders placed below the market and which
are always in unusual volume after a rise
in prices. All these forces operated in
causing the weakness today. But
to the more material factors of the
quarterly statement of the
United States Steel corporation, the irri-
tatIHg tension between Russia and Great
Britain and the prospect of considerable
gold export movement. 1t is enough to in
dicate the disappointment of the highly
speculative, element with the United
States Steel report to know these reports
were circulated on the Stock Exchange
yesterday that the quarterly net earnings
would amount to $23, 900, goo.
Shocks saneuine Feeling
While the s1S,773.932 reported was near
the expectation in more reasonable and
well informed quarters, the low figure
of the untitled orders on hand was a
shock to the Sanguine feeling which has
grown up regarding the revival in the
steel industry and the additional informal
assurances given by the chairman of the
board of the further expansion in orders
since the turn OF the quarter proved in
sufficient to overcome this sentiment.
Selling from the steel centers and from
the West was very large, both of the
United States Steel stocks and the Pa
eificSs and Pennsylvania showed, the usual
sympathy with United States Steel. Lon
don also sold freely here While it was
believed that the acuteneSSs OF the Anglo
Russian crisis was assuaged, for the pres
gerous and liable to some explosive epi-
sode which might throw it out of the
power of the diplomats to control. Yelled
llLlnatlODS OF u1QlSclOSeQ Q6NetOplDtHlS
in the situation played a part in the. mar
ket
The report that arrangements had been
practically concluded for $270, ,000, 900
Russian loan to be placed in Berlin and
Paris sufficiently explains the pressure
from those points for gold and points
conclusively to a considerable withdrawal
of gold from New York. With the interior
demand for currency not yet satisfied any
considerable withdrawal of gold in addi-
tion will necessarily result in higher
money rates here. The recognition of this
fact doubtless had its Influence in check
ing the speculative buying. The reaction
was not beyond control at any time Rock
Island and Ontario & Western reflect
ing their employment as brakes to- . re- re-
strain the decline. The rally was not fully
maintained and the closing was heavy,
but the urgent liquidation was not re-
newed.
value. $3.50, ,000. United States bonds
were unchanged on call.
Closing List