The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-23
STOCK MARKET
HAS AN OFF DAY
Was Not Up to the Recent Level
of Activity
TOTAL DEALINGS DROPPED
Eastern Railroad Stocks, Led BY New
York Central, Were Features of
the Market, Reading Being
Included In Movement.
TOTAL DEALINGS DROPPED

New York, July 22-Today's stock mar
ket was not up to the recent level of ac-
tivity the total dealings falling consider
ably below the million share mark. This
was practically the only erect apparent
from the doubts aroused by the current
outward movement Of gold The specula-
tive forces recently ct work continued
operators on a large scale, although
shiftip the field of their operations to
new quarters. The eastern railroad stocks,
led by New York Central, were the feat
ure Of the market, the Reading stocks
being included in the movement. the
buying was by brokers usually employed
of late by the western contingent in Its
large operations. The ostensible basis Of
the buying was the rumor OF new ana
comprehensive agreements amongst the
railroad powers in the eastern territory,
including the Pennsylvania Railroad, the
Vanderbilts and Mr. Morgan. With the
addition of small gains by miscellaneous
stocks the M ~lxet made fair show of
strength. The grain carriers were in
clined to heaviness early owing to re-
ports of showers in the western states,
but they stiffened up afterwards appar-
emily under the influence of the violent
rise in Rock Island, which advanced 3
points and then collapsed, with final
recovery to about points over last night.
The strength of Amalgamated Copper
was attributed to the securing of an in
junction against the working of a dis
puted mine by rival.
A number of other industrials rose
strongly, without explanation. 1t was
noticeable, however, that there was neg
lected and heavy stocks all through the
list There is much puzzled conjecture
as to the limits likely to be reached by
the outward gold movement. Tentative
arrangements for the export of another
million dollars this week were made
today. The continued selling of stocks
here for the London account facilitated
the arrangement. 1t has been supposed
that additional credits abroad sufficient
to prevent gold exports could be easily
procured, pending the fall exports of
grain and cotton, and Notwithstanding
the heavy foreign Indebtedness known
to have been extended as a result of last
years shortage in our grain exports. The
disappointment of these expectations
seems to be due to the forced liquida-
tion in London of speculative accounts
in South Africans, for which the public
demand is said to be disappointingly
small Part of this liquidation comes
from Paris and is supplemented by real
izing on American securities, which are
thrown upon the New York market by
arbitrage sales, owing to the advancing
tendency of prices here 1t is noteworthy
that the subtreasury here paid out today
upwards of half a million dollars of assay
office checks on account of Klondike
gold received at Seattle and San Francis
co. thus affording a considerable offset
to the Withdrawals of gold for export.
The running deficit in the government
revenues continues to be disbursed into
the money market, thus relieving bank
reserves from all requirements on that
account.
Some of the convertible bonds were ac-
tive today in sympathy with the move
ments of their relative stocks. but the
general market was rather dull and ir-
regular. Total sales par value, 81. $3.50, 600.
United States refunding Is declined Is,
mold As registered "A; mold As, coupon q
and the new As a on the last call