The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-17
STOCK MARKET (
is VERY ACTIVE
Reported Dissolution of Corn
Corner Restored Confidence
NEW STOCKS BROUGHT OUT
Market Closed Somewhat Irregular
With Profit Taking Continuing,
But There Was Notable Re-
newaI Of Buying Power.
NEW STOCKS BROUGHT OUT

New York, July 16.-Tnere was active
and varigated speculation in stocks to-
day. the market rejecting the play of
larger forces than at any time during
the recent advancing tendency No. spe-
oific new developments were evident to
account FOR the movement, which was
apparently due to the substantial basis
of confidence in the generally prosper
Gus condition Of the country and the
firm foundation of credits. The I'M
essiness over The resources OF
the money markets to meet the
expanded requirements upon them was
also less In evidence. The reported dis
solution of the speculative corner in the
July corn option at Chicago had not
little to do with engendering confidence,
as there has been q fear for several days
past that the struggle to maintain the ar
tificial conditions In that market would
result in pressure upon New York Tor
money and inforced liquidation Of stocks
that might prove disastrous to the mar
ket.
The published abstracts Of the affidavts
of officials of the United States Steel
Corporation as to the intrinsic value of
the properties and the earning power of
the company, which were filed In connec
ton with the reply to the suit against
the corporation were expected to have
stimulating effect upon prices. The fact
that the advance in the United States
Steel stocks came to q standstill under
the flood of long stock, which came out
when they were bid up, and the further
fact that Chicago renewed its demands
upon New York for currency, causing a
shipment of 100000 through the sub
treasury, were without effect in checking
the bullish tendency Of the market.
Traders laid much more stress upon their
belief that they detected the operations
CT Morgan and STANDARD Oil interests IN
the largo buying orders executed by va
rious brokers'
It was very obvious that the bringing
forward of new stocks into the upward
movement was taken advantage of on
very large scale to take profits in stocks
which have risen hitherto. But this
profit taking was achieved successfully
without making serious inroads upon
prices of stocks affected which were,
generally speaking the high priced es-
tablished dividend payers, especially
among the grangers Stocks of the sec
ond grade, lower in price and with no
established dividend paying record took
the leadership of the market.
The heavy absorption Of Chicago and
Alton had a strengthening effect on
other low priced railroad stocks In the
lest and Southwest while the agrees
sive in Chesapeake and Ohio affected the
low priced coal carriers, both in the an
thracite and bituminous group. The be-
lief that tomorrow's miners convention
at Indianapolis will decide against gen
eral strike was the predominating In
fuence in this group Much, was made
also of a current rumor that the control
of Reading has passed to the Pennsyl-
vania, thus further centralizing that cor
poration's control of the coal traffic.
There were other points of strength from
individual cases. Amalgamated Copper
was bought In the belief that the present
dividend is to be maintained. Tennessee
Coal reflected favorable report of earn
ings. The settlement of the Freight
= Handlers strike in Chicago was favor
able influence, especially upon the Chica-
go terminal transfer stocks. The mar
ket closed somewhat irregular with profit
taking continuing. but there was notable
renewal of the buying power in the
strong stocks.
There was a large business in bonds
and offerings were absorbed without
hurting prices. Total sales, par value,
s2,611, 900. United States bonds were I'M
changed on the last call.