The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-21
Former Buyers Make Failure in
Attempt TO Realize
CLOSE OF MARKET ACTIVE
Pennsylvania Was the Feature of the
Market On Very Large Dealings
and Rose to 100 and Closed
at That Figure.

New York. July 19.-Former buyers Of
stocks attempted to take profits this
morning and found a poor market for the
purpose, with the result that prices were
carried generally below last nights level.
in the course of thu four hours trading
The market, however, continued to show
breadth and variety and the pressure
o sell promptly relaxed at the lower
level of prices. A favorable bank state
ment was expected, but the exhibit OF the
clearing house institutions proved more
favorable than had been anticipated, and
resulted in an, effective rally In prices.
The realizing was renewed at the advance
and the closing was active and easy.
Probably the reports Of yesterdays heavy
rains and foods In the Western States
aroused some misgivings over the results
to grain. There were fractional gains
amongst the grangers and southwesterns
nevertheless. Pennsylvania was the fea-
ture of the market on very large dealings
and rose to 100 and closed at that fig-
ure.
Officials denials of yesterdays persis-
tent reports that control of Reading had
been secured did not hurt the stock, but
it's suhsidia stocks, c. & o., and N. u
w, suffered from realizing, the former
falling at one time IA under last night.
There were strong spots through the
market, including Hooking Valley, Western
Union, fuller Construction and some OF
the public utilities of this and other cit
les. The increase in banking reserves
were not as large as expected Last
weeks decrease was much smaller than
expected, so that today's figures probably
represent an adjustment under the aver
age system. The decrease in loans, con-
sidering the active speculation. was not
looked for. The demand had reserve re-
quirements thus effected helped the sur
plus, which increased by the substantial
amount of So, 42S,375.
There has been a rptable revival of
speculative activity in the stock mar
ket this week, so that the volume Of deal
ings crossed the million share mark for
Thursday and Friday. There have been
indications of a strong organized cam
paign, including some of the great finan-
cial groups which have hitherto Seemed to
hold aloof from the market during the
operations conducted by the socalled
western contingent. Dealers have been
in great variety shifting from one to
another group of stocks successfully,
taking. profits in the one group under
cover of the sympathetic strength in
duced by the rise in the Ices of the
new group.
The movement t. regarded as being pro-
fessional to a large extent. That Is to
say as being conducted by the large
capitalists and milionaires who have
controlling interests in great corpora
tions. and by the traders whose means
OF livelihood is the buying and selling OF
securities
The unexpected volume of governments
disbursed has been a relief to the money
market but it is by no means certain
that the present rate of disbursement
will be maintained. The question of the
extent of the foreign debtedness OF this
market is much canvassed but with no
definite result beyond the general agree
ment that our floating Indebtedness
abroad is usually large and its conyen-
tent liquidation much might depend on
the volume of our exports OF domestic
products this fall. Some observers have
claimed to detect a disposition OF French
capital to which this markets largest in
debtedness is due to invest in American
securities, but inquiry In the channels
in New York through which such in
vestment would most likely flow fails to
corroborate this view.
The principal -tivity in the bond mar
ket has been In speculative and con-
vertible bonds in sympathy with their
interchangeable stocks.
United States new As declined " per
cent: the old As, q and the refunding Is
and 3s "A per cent on call this week.