The daily morning journal and courier., 1902-07-17
.Inne 26. 19O
THE STOCK MARKET.

An Active and yariga'ed Speculation.
 New York, July 16.-There was an ac- tive and variegated speculation in stocks to-day, the market reflecting the play of larger forces than at any time during the recent advancing tendency. No specific new developments were evil dent to account for the movement, which was apparently due to the sub- stantial basis of confidence in the gen. erally prosperous condition of the coun- try and the firm foundation of candi- dates.
 The reported dissolution of the spec ulative corner in the July corn option at Chicago had not a little to do with engendering confidence, as there has been fear for several days past that the struggle to maintain the artificial conditions in that market would result in pressure upon New York for money and in forced liquidation of stocks that might prove disastrous to the market. The published abstracts of the affida- wits of officials of the United States SlCCt tOl pOId dS lO liiG 1illllllSiC value of the properties and the earning power of the, company, which were filed in connection with the reply to the suit against the corporation, were expected to have a stimulating effect upon prices. The fact that the advance in the United States Steel stocks came to standstill under the flood of long stock which came out when they were bid up, and the further fact that Chi cago renewed it's demand upon New York for currency, were without effect in checking the bullish tendency of the market. Traders laid much stress upon the belief that they detected the oper- ations of Morgan and Standard Oil in- terests in the large buying orders exc cuted by various brokers. It was very obvious that the bringing forward of new stocks into the upward movement was taken advantage of on a very large scale to take profits in stocks which have risen hitherto.
 But this profit taking was achieved successfully without making serious in- roads upon prices of the stocks affected, which were, generally speaking, the high priced established dividend pay CTS, especially among the grangers. The heavy absorption of Chicago and Alton had a strengthening effect on other low priced railroad stocks in the west and southwest, while the aggres- sive rise In Chesapeake and Ohio affect ed the low priced coal carriers, both in the anthracite and bituminous group The belief that to-morrow's miners convention at Indianapolis will decide against general strike and thus lead up to an early settlement of the an- thracite strike was the predominating influence in this group. Much was made also of current rumor that the control of Reading has passed to the Pennsyl- vania, thus further ocentralzing that corporations control of the coal traffic, There were other points of strength from individual causes. Ama1gamated Copper was bought in the belief that the present dividend rate is to be main- tained. Tennessee Coal reflected a fa- vorable report of earnings. The set clement of the freight handlers strike in Chicago was favorable influence, especially upon the Chicago terminal transfer stocks
 The market closed somewhat irregu- lar, with profit taking continuing, but there was notable renewal of the buy ing power in the strong stocks
 There was large business in bonds, and offerings were absorbed without hurting prices. Total sales, par value, $2,611 ,0OO
 United States bonds were unchanged on the last call.
 Closing Prices.