The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-15
RENEWED VIGOR
IN STOCK MARKET
Traders Continue Their Cam
paign in St Paul
SECURITIES UNRESPONSlVE
Much Was Made Out of the Hopeful
Talk of the Crop Prospects-Re-
porto OF More unweIcome
Rains in Southwest.
SECURITIES UNRESPONSlVE

New York, July 1l-Speculative oper-
ators In favor of higher prices for stocks
took hold of the market with renewed
vigor today, centering their campaign
in St. Paul That stock has always been
peculiarly effective as a leader, owing to
its representative character among the
western trunk lines and to the large float
ing supply in the market. Its notable
rise today. therefore. had some sympa-
thetic effect ON stocks of its own class.
The mass Of securities, however, re-
manned singularly unresponsive to the as-
gressive strength of St Paul and even
sagged In spots from torpid demand In
the early market, the effect of the St
Paul movement was interferred with by
the obvious proht-talking going on In Mis-
souri, Pacific and the suspicion thus
aroused that the st. Paul manipulation
was expressly designed to facilitate this
profit taking. There was also weak spots
among the Industries. Atchison responded
early to the st. Paul rise and followed
1t closely throughout the day, but 1t was
not until late that~Union Pacific and still
later when Southern Pacific came into
the movement, the st. Louis Southwest
ern stocks and the Illinois Central were
also conspicuous
A reference to the days sales list will
show that stocks above specified made
up the principal portion Of the day
market. As each stock was successfully
brought forward into the movement. the
buying took in all large proportions
Blocks of from a thousand to SIX thous-
and shares were dealt in freely in all ac-
tive issues. The weak stocks generally
recovered and closed unchanged or at
slight losses. An effort was made to adj
vance the Readings, but it was not pur-
sued.
Much was made in connection of the
advance of hopeful talk of the crop pros
poets and no action was taken in the
strength of the grain markets based on
reports of more unwelcome rains In the
Southwest The grain markets are not
considered a reliable barometer of actual
crop condition owing to, the disburse-
ment and normal conditions by specula-
tion. 1t must be considered also that the
speculative mind is much confused in
following the statistical rectihcation in
the governments crop acreage figures
in the attempt to conform the agr1cul-
tural departments figures to the census
returns The favorable bank statement
on Saturday was urged as an evidence
of easing conditions of the money mar
ket, but money rates were not apprecia-
bly, easier here today and foreign ex-
change advanced fraction again. There
was a deposit of 100000 at the sub-treas-
ury for telegraphic transfer to New Or
leans, and New York exchange at Chica-
go remained at 25 cents discount The
market closed rather irregular but with
the grangers at the top level.
The bond market was more irregular
even than stocks and was without con-
splcuous feature. Total sales, par value,
s4,247, 900. United States refunding rs de-
clined X and the IS and old and new as
u per cent on call today.