The daily morning journal and courier., 1902-07-09
THE STOCK MARKET.
Late Scramble to Take Profits Throws
 Discredit ou Movement of Stocks.

Late Scramble to Take Profits Throws
 Discredit on Movement of Stocks.
 New York, July S.-Something very like a scramble to take profits at the end of the day served to throw some
 discredit upon the character of the days movement in stocks, which had reached considerable proportions and
 with semblance of much more sub- stantial character than anything in the
 recent market. There were vestiges Of
 the spotty nature of the markets strength which has been conspicuous
 for a long time past. But the spots Of
 strength were more numerous and the
 well established dividend paying stocks
 were foremost in the trading. The or
 ders from single commission houses and the individual blocks taken of some of the high grade railroad stocks fairly warmed an inference of investment buying, supposed to be reinvestment of
 resources made. available by the July disbursements on the part of inside con- trolling interests in some of the prop critics where this is known to be cus- tom year after year Such buying was
 manifest in New York Central and Chi
 cago and Northwestern. This probably
 had more than any one thing to do with
 dissipating the feeling of suspicion which has been persistently felt toward the whole recent upward movement.
 The reaction at the close of the day re-
 vived these suspicious. and the large oF ho oxy,a hnNYinor Or6ar5 which were for western account kept alive the supposition that the western contingent were actively manipulating the market, in connection with the re- newed pressure upon the shorts in July corn.
 It is one of the singular features of the recent speculative situation that the 1 reports of crop damage in circulation in western speculative centers and the glowing accounts of crop progress in l Wall street have met with equal cre- l dence. TC- days reports of very fayor- able weather for harvesting and for ripening the crops were an influence in the advance. The special strength. of St. Paul was accompanied by revival of
 old rumors of control of that property by Union Pacific. 70 The soft coal carriers were taken on the demonstrated benefit they are re- ceiving from the paralysis of the ar1+ thracite coal traffic. This movement embraced some of the common stocks of Morgan congratulations, including Southern Railway and Erie, but the | Reading and anthracite carriers gener- | ally were almost stagnant. This was the only evidence of the influence of the | continuous of the miners strike and the symptoms of labor troubles in other 1 fields.
 l A marked influence was caused upon
 sentiment by the sagging of the foreign l exchange rate away from the gold eX- l port point after tentative arrangements
 had actually been made for shipment
 on Thursday. The sterling rate at Par
 is also rallied. The gold export was averted by the renewed O fferings of bankers bills against sterling loans | which were facilitated by the growing
 ease of the London money market. The | local trust companies also came into | this market as lenders of many millions, | of dollars on call, which served as a ! stimulating influence upon speculation.
 The Chicago exchange rate continues at
 50 cents discount. with continued pres
 sure upon New York for funds.
 United States Steel fell nearly point
 in the late dealings on the postpone ment of the decision of the appeal of l the suit against the stock conversion
 plan and on the beginning of a new l suit. This and the sharp break in Col 1 orado Fuel aggravated the reaction and | the closing was easy
 Business in bonds broadened out l somewhat, but the market was irregu-
 lar. The total sales, par value, aggre- gated $3,e35,00O.
 United States new fours declined A on the last call