The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-25
VIOLENT ADVANCE
IN SOME STOCKS
Frothy Effervescence is Latter
Stages of the Dealings
PRICES MADE SHARP BREAK
Movement Secured to Be Purely Tech.
nloal and Due to Recent Large
Buyers of Stocks to Re-
alze Profits.
PRICES MADE SHARP BREAK

New York, July 24.-The violent adj
vance in a few stocks on the stock ex-
change today took on an appearance of
frothy effervescense in the latter stages
Of the dealings which is rather charao-
teristic of the elimination of bull
movement. Suspicious were aroused as
to the course of the wealth spectators
who have been leading the market. The
dribble of speculative incubation which
had been a feature of the market all
today turned into a general and sonle-
what preoipitate movement and prices
broke sharply throughout the list. With
the exception of a few stocks which
were selected as sustaining points of the
market, prices generally closed lower,
the net losses for the day running from
l to points in some of the more promi-
hent stocks.
There was no news to explain the adj
vance of one or two stocks nor the SELL
Ing of the general list. The movement
seemed to be purely technical and due
to the desire of recent large buyers of
stocks to realize their profits. Such
movements are an incident of all ris-
Ing markets and there is no means of
telling whether the falling of prices is a
manipulative movement due to a desire
on the part of the leaders to shake off a
weak and unwieldy following or a Gull
animation of an upward movement.
SO far as could be perceived from public
information conditions today bearing up
on values were entirely the same az
these Of yesterday. The news from the
crops was favorable railroad earnings
reported showed increases over last year,
adylces from the iron and steel trade
Showed no impairment of the active de-
mend, and money continued easy. There
were numerous points of effective
strength in various stocks. nevertheless
feeling of distrust oveccame the mar
ket with the result above described. The
early strength of the market in the
Changers and Pacifics became specialized
in st. Paul and Rock Island. The latter
was rushed UP 10 points to a record price
at 200, accompanied by vogue rumors of
closer relations with the Mexican Central,
which would afford an entrance to the
City of Mexico. There were also uniformed
assertions of further large absorptions in
the interest of the company, and Incl
dental valuable rights to stockholders.
Meme of these eceiyed any formal sane
ton from official sources The movement
in st. Paul was equally mysterious. There
were shadowy reports of arrangements to
benefit ST. Paul by readjustment of rela-
tiens among western railroads Nothing
could be learned from any authoritative
source of any pending developments, but
the price was SWEPT upwards on d flood
of buying orders. Something WAS heard
also of project of a southern securities
holding company, which was held to ex-
plain the strength Of Louisville and
Nashville. Only slight recoveries were
scored from the late downward plunge
Of prices, and the closing was easy. The
convertible bond issues gave way in SYM
PATTY with stocks, and the market be-
came easy. Total sales, par value, 81, 345,-
BOO.
United States new 4s, registered, ana
The old 4s, coupon, declined 4, and old
as, registereda Y per cent on the last
call.