The Birmingham age-herald., 1902-08-03
STOCK MARKET IS
 DULL IN EXTREME Only Few Professionals Dabble
 in the List CHECK ON BUYING FELT Purchase of Eastern Illinois by Frisco System Is Talked of Throughout the Room-comment on
 Rock Island Plans.

New York, August 2.-Semi-stagnation | evailed in today's stock market, and only few professional room traders hao anything to do with the market. Their operations did not carry prices away from last nights level at anytime. The holi- day in London left the market without any orders from that source and em- phasized the dullness. The days net changes are slightly mixed, but the clos ing tone was heavy.
 The bank statement failed to conform to expectations but its publication did not effect the market to any appreciaele extent. Instead of an expected decrease of over s2,o0o.0O0 in cash. the banks re- port decline in reserves of about halr a million. A decrease in loans was hoped for, instead of which the loan item ex- banded $6, 3S7, 100. The resulting increase In deposits has swelled the reserve re- quirements to the extent of A,262,075. which together with the decrease. in the cash, brings down the surplus over the legal requirement. to the extent of Sl,l54,- 275. Today's money and exchange mar kets were nominal. The fact that the next available steamship for shipping gold to Paris does not sail until next Thursday defers the question of further gold ex- ports. The only features in today's mar ket worth specifying were advances in the local fractions, with subsequent re- actions, loss of over 3 points in St.. Louis and San Francisco, and a buoyant recovery in the Central or Georgia in come bonds.
 This week has been a check to the growing disposition to buy stocks which was carrying prices upwards throughout the list. Various factors have intervened which might serve as explanation of this check, but the selling seems to have been due entirely to a desire to take speculative profits. Commitments on the long side had become considerable as a result of a long continued rise and the process of profit taking has necessitated consider able absorption. In some stocks the sell ing out of the effective leaders in the operations for the advance has been rath- CT obvious. In others appearances have suggested that the principal operators for the advance have helped the reaction wave to shak out weak and cumbersome followers with a view to facilitate fur ther advance and to take on fresh hold
 
 1Nents are incidents of all professional bull operations The market has not yielded to acute weakness at any time, and there have been sustaining points of strength at all times in the form of ad- vances in special stocks due to indi- vidual causes, real or supposed. A strong sundertone is indicated by the fact that as prices receded the activity of the mar ket has sensibly diminished, showing that 1ol1 hax off, of ct at the lower price levels. Last Saturday s bank statement was a predisposing cause for the taking of profits at the opening of the week. The large loan expansion was a warning that the prevailing spec ulation was making large inroads upon available credits, while the feeling in the financial community is that bank reserves should be conserved at that time in pre- paration coming large demand for inte- rior requirements.
 An unexpected development during the week was the reported absorption by the St. Louis and San Francisco. of the Chl. cago and Eastern Illinois, thus securing an entrance into Chicago for that sys- tenn. The recent large absorption of St. Louis and San Francisco was supposed to foreshadow its incorporation into the Rock Island system, and its strength has helped the advance in Rock Island on ac- count of the re-adjustment of it's capi- tai. Chicago and Eastern Illinois had been marked out for transfer to some other large system, but 1t was expected to go to Illinois Central. Reports are now published that the Louisville and Nashville also was a bidder for the prop erry. The fact Is disclosed that competi- tions and rfvalries have been involved rather than progress towards adjustment of a community of interests to insure permanent peace and cooperation in the railroad world, such as was but recently accepted as ideal, towards which the ef- forts of the financial powers were tend Ing. In the eastern trunk lines territory, also, the progress of the plans of the Gould systems outlet to the Atlantic is watched some.