The Birmingham age-herald., 1902-07-20
POOR MARKET FOR
 TAKING PROFITS Former Buyers Make Failure in
 Attempt to Realize CLOSE OF MARKET ACTIVE Pennsylvania Was the Feature of the Market On Very Large Dealings and Rose to 16o and Closed
 at That Figure.
CLOSE OF MARKET ACTIVE

New York. July 19.-Former buyers of stocks attempted to take profits this morning and found poor market for the purpose, with the result that prices were carried generally below last nights level, in the course of tha four hours trading The market. however. continued to show breadth and variety and the pressure o sell promptly relaxed at the lower level of prices. A favorable bank state ment was expected. but the exhibit of the clearing house institutions proved more favorable than had been anticipated, and resulted in an effective rally in prices The realizing was renewed at the advance and the closing was active and easy. Probably the reports of yesterdays heavy rains and floods in the Western states aroused some misgivings over the results to grain. There were fractional gains amongst the grangers and southwesterns nevertheless. Pennsylvania was the. fea- lure of the market on very large dealings and rose to 160 and closed at that fig ure.
 Officials deniais of yesterdays perss- tent reports that control of Reading had been secured did not hurt the stock, buS it's subsidiary ftock5. c. X O., and N. z
 
 falling at one time IA under last night. There were strong spots through the market including Hooking Valley Western Union, fuller Construction and some of the public utilities Of this and other cit les. The increase in banking reserves were not as large as expected Last weeks decrease was much smaller than expected, so that today's figures probably represent an adjustment under the aver age system. The decrease, in loans, con- sidering the active speculation was not looked for. The demand had reserve re- quirements thus effected helped the sur plus, which incrased by the substantial amount of 8, 428,375.
 There has been a rptable revival of speculative activity in the stock mar ket this wek, so that the volume of deal- ings crossed the million share mark for Thursday and Friday. There have been indications of strong organized cam paign, including some of the great finan- cial groups which have hitherto seemed to hold aloof from the market during the operations conducted by the socalled western contingent. Dealers have been in great variety shifting from one to another group of stocks successively, taking profits in the one group under cover of the sympathetic strength in duced by the rise in the r.lces of the new group.
 The movement ia regarded as being pro- fessional to a large extent. That is to say, as being conducted by the large capitalists and millionaires who have controlling interests in great corpora tions, and by the traders whose means of livelihood is the buying and selling of securities
 The unexpected volume of governments disbursed has been a relief to the money market but 1t is by no means certain that the present rate of disbursement will be maintained. The question of the extent of the foreign indebt edness of this market is much canvassed but with no definite result beyond the general agree ment that our floating indebtedness abroad is usually large and it's conven- tent liquidation much might depend on the volume of our exports of domestic products this fall. Some observers have claimed to. detect disposition of French capital to which this markets largest in- debtedness is due to invest in American securities, but inquiry in the channels in New York through which such in vestment would most likely flow fails to corroborate this view.
 The principal a a-tivity in lne bond mar ket has been in speculative and con- vertible bonds in sympathy with their interchangeable stocks.
 limited States new As declined 1s per cent: the old As, B and the refunding 2s and 3s h per cent. on call this week.