The Birmingham age-herald., 1902-07-28
STOCK MARKET
 IS STILL STRONG BuyingWas Not Strong Enough
 to Prevent Decline
CLOSING WAS VERY EASY
During the Week the Market Has Shown Degree of Strength That
 Is Remarkable, Consider
 Ing Previous Standards.

New York, July 2s.-There were vari- pus points of strength in today's stock market the first hour of trading, show Ing much the same character as that of the week just closing. The demand, however, was languid and the selling in- nuced by the statement of condition or fhe banks was not well enough absorbed to prevent a declining tendency. As result the closing was easy and repre- Bented net losses in the majority or cpses. Rock Island was affected a new by the plan for the conversion or us securities and the notable strength or the St. Louis an. San Francisco stocks Kansas City, Fort Scott and Memphis and Chicago and Eastern Illinois were due to hopes that those properties would be included In the new project The definite formation of this plan gave fresh credence to rumors of many other financial projects which have fallen out of public attention for some time after active discussion, but the lac.s or active interest in the market incident to the short session and the absence in the country of many active operators left these factors ineffective to hold up prices.
 The bank statement showed a gain in cash reserves of $2 200, which Is nearly a million in excess of expecta- tions, but this with the loan expansion of $9,967, 200 resulted in an increase in deposits of $11, 404, 300 which increases the requirement of the legal reserve by S2- 851, 055. As the increase in short cash falls short Of this by S206,875, the sur plus reserve is encroached upon to that na needs Ot the active speculation are absorbing the increase in available resources and the prospect that further gold will go out hext week while eAe government reven- nes have begun to take up daily sur plus caused some uneasiness over the course of the money market with con tinuance of the speculation.
 The stock market has shown degree of animation this week which is extraor- dinary by the standards existing before the speculative era of last year. The average of the daily dealings has run near to a million shares of stocks. The market has presented the usual irregu- larity caused by the shifting speculation of a bull movement, due to occasional profit taking where the have been ex- tended advances, side by side with anti mated buying in new quarters of the mar ket On Thursday the selling tendency be came rather more general but there were persistngppeints of marked strength then. The prevailing opinion in Wall Street is that he bulk of operations is still due to pools of millionaire spectators, in- tent upon turn in prices and a quick sale of realized profits. But it is ob- vious that there have been large access sions to the ranks of this class of opera tors over the number that were responsi- ble for the earlier statements of the movements and indications have not been wanting that the great financial powers of the country have had a hand in the deal ings and a growing outside following from the country at large has been at tracted to the market. The bull move ment as it's basis, the general agreement of signs in showing prosperous conditions in the country and in promising contin- uance of the conditions as along the range of vision can perceive the future.
 Prices of stoc..5 are higher relatively than bonds. It Is noticeable also that the investment demands for bonds is languid. Taking the average price of twenty representative railroad stocks the figure reaci.ed this week was $126. B. The average price of the same stocks on May 1 last year. the highest touched before the stock market panic. was IF S0 a comparison of prices of twelve repre- sentative industrials which reached an average price this week of 66.50, touched 75.93 at the high level before the panic The same stock in the spring of 1899 at the period of wholesale Notation of in- dustrias, touched an average of 7761 while the twenty representative railroad stocks were at S5.55. The ease of call money this week has been a fostering influence upon the speculation and the export of $2, 750000 in gold has not af- fected the local money rates.
 The sem-annual statement of the New York trust companies, filed at Albany this week, reveals that these institutions on June 30 had increased their depos $ since January l near sS5 coo. .OO0 while the increase in cash reserves abounts to S12,- S93, 0C0, of which no less than $11, ,126, GOO goes to increase the cash deposits in other institutions, thus figuring presum- ably in the cash reserves of the bank
 Except for the convertible and specu- iative bonds the market has been quiet and rather irregular. United States old As registered declined E; United States old As coupon ss, new As registered de- clined %. new As coupon F and the 2s 1k per cent as compared with the closing call.
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