The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-24
BULL CAMPAIGN
STILL IN FORCE
Stock Market Again Demon
strates Its Absorptlve Powers
A SHOW OF STRENGTH
Volume of Dealings was Again Below
Million Shares and the Bulk
of Dealings was conaested
in Few Stocks.
A SHOW OF STRENGTH

New York, July 23-The stock market
again demonstrated Its absorbtive power
today and made a various, but quite con-
vincing show of strength, notwithstand-
ing the appearance of a reactionary tend
ency in some of the stocks which tempt
ed to realizing by the high price attained
and few cases of positive weakness.
The volume of dealings was again below
million shares and the bulk of the deal
ings was congested in few very active
stocks. 1t was obvious, nevertheless,
that the bull campaign was still In force
and that large and powerful capitalists
were still committed to the long side OF
the market
Not much attention was paid to the
news of the day. which was somewhat
meagre in its bearing upon the avenues
of securities. The speculation shifted
from one to another quarter of the mar
ket in the usual progress Of rotation, by
which skillful speculative leaders led the
movement of prices equalled from time
to time and. without regard to new de-
velopments. The weekly crop bulletin
of the weather bureau was interpreted
favorably on the whole. Some harm was
reported to some of the grain reports by
too much rain, but relief from drouth
was reported from the cotton crop and
the condition of the corn crop was con-
sidered highly satisfactory. The outcome
o. the corn crop is the dominant feature
of the speculative sentiment for the adj
vance.
Some disappointment was felt over de-
malls of Yesterdays rumors that the an
l.raete mining would be resumed on
August l and the coalers and eastern
railroads, with the exception of an early
advance in New York Central were al
most stationary feature Of the day
was the marking up OIL values or dor
mant stocks which have not shared in
the recent advances. This tendency ex-
tended to Northern Securities Compa-
mics on the curb, which rose buoyantly
to 10.
Great Northern preferred advanced "A
but lost about half of 1t. These move
ments were simultaneous with the publ
cation of an abstract of the indentures
securing the new Oregon short line col
lateral bonds. This showed that the pro-
vision is made for allowing that the
northern Securities stock deposited as
collateral for these bonds shall be allow
I'd to share in any reorganization pro-
let, o. further union or merger or sale
and distribution of the companys asset
The pront-taking in Pennsylvania was
somewhat aggravated by the action Of
the New York aldermen in rejecting the
Pennsylvania tunnel contract. Brooklyn
transit was decidedly weak owing to the
belief that the company's bid for con-
struction of the East river tunnel will
fail of acccptarce.
The granting of a stay of amalgamated
companies injunction against the working
of a disputed mine by rival was held
to explain the reaetionary tendency in
that stock There was striking upward
movements in various specialties which
were due to purely individual causes or
manipulation. The expectation that yes
terdays enga cement Of gold for export
would be cancelled was only partly real
lied and there was a further engagement
by another firm of one million dollars,
thus bringing the exports for the week up
TO So, 1901 900. The sustained steadiness of
the exchange market indicated that the
shipment is in direct settlement of for
eign obligations. London continued to
sell stocks in this market. The internal
money market was somewhat firmer and
the time money market distinctly, but
fhis did not seem to disturb the equan>
unity of the buyers of stocks. Active
profit-taking made the closing irregular
and weak.
The bond market was irregular. Total
Gales ar value, "a, 565000. United States
old as declined 4 ON the last call.
IJau, Xork Cf~-te I effer