The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-22
MUCH STRENGTHEN
STOCK EXCHANGE
Considerable Selling for Pur-
pose of Taking Profits
DAMAGE TO PRICES SLIGHT
Decision of Miners Not to Order GEN.
eral Strike Was Anticipated and
Buying of Sort Coal Carriers
Was On That Account.

New York. July 2f.-There were various
demonstrations of strength in individual
stocks today, but the sustaining force of
these advances were taken advantage of
on every occasion to sell other stocks for
the purpose of realizing profits. This was
effected without any notable damage to
prices, owing to the judicious and careful
manner in which the market was fed.
In the last half hour Of the market, how
ever. when it became known that ar
rangements had been made for snip
ment of 100000 in gold to Europe py
tomorrow's steamer the whole market
turned downwards and closed active ana
easy. Not much was left of earlier gains
in any case and Pennsylvania which was
a very conspicuous leader of the early
market closed at small net loss. The early
strength of this stock was attributed to
the supposed requirement Of the control
of Reading. but the other subsidiary
companies failed to participate. Ches-
apeake & Ohio and Norfolk & Western
being among the weak stocks for the
day.
The decision of the coal miners con-
vention against a general strike was an
ticspated with a certainty and the large
buying of last week of the soft coal car
riers was on that account. The heavy
realizing of the day was doubtless on
the ground that all the good business
concerning these stocks from the present
has been published. Among the western
railroads the active speculation shifted
to Missouri Pacific, Atchison and st.
Louis Southwestern. Reports favorable
to the crops was a continuing influence
upon these stocks, but it failed to af-
feet the price of other stocks which would
be equally benefited by coed crops. Old
rtmors were revived of a closer relation
between st. Louis Southwestern and
Chicago and Eastern Illinois.
The report of damage by flood In the
western States were ignored. The indus
trials were idle and neglected The fall
ure OF the judicial conference which was
expected to take UP the appeal in the case
against the United States Steel stock
conversion plans may have been an In
huence in killing speculation In those
stocks London was quite a heavy seller
of stocks this morning here and was it
self a sufferer from liquidation from Paris
of accounts in South Africa This train
of events was doubtless what percipitated
the shipment of gold by tomorrows
steamer The announcement as some
thing of a surprise nevertheless as ster-
ling exchange at Paris recovered 1fac-
ton today. But the entire relaxation OF
pressure from western points upon New
York for currency and the continued dis
bursements of the government in excess
of receipts have resulted in such easy con-
ditions for the local call money market
that the specie became easily available
and the shipment proved an easier meth
cd to admit Liam purchase of exchange
which has Rugged the gold export point
for a week or more.
There was an easier tendency in the
bond market which shows rather nota-
BILE lack of investment demand. Total
sales par value $3,705,OO0. United States
As registered "A per cent on the last call