The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-08-20
STOCK GAINS
WERE FRACTIONAL
Dealings Reached the Half Mil
lion Share Mark
BONDS ALL UNCHANGED
Really Striking Gains Were Confined
to a Few Spots In the Market.
J. p. Morgan Gets Back From
Europe to Resume Work.

New York, August 10. - There were
more shares of stocks sold on the ex-
change today than yesterday, dealings
again reaching over the half-mnlion-
share mark. The market took on a fair
appearance of strength. but an analysis
will show that the gains in the majority
of usually active stocks are fractional,
while the really striking gains are con-
fined to a few spots in the market. The
dealings were largely in professional
hands and were supposed to reflect the
operations of speculative POOLS, including
some of the prominent capitalists OF the
country The situation Of affairs was not
materially changed from that OF yester-
day, and the new demonstration OF
strength was based largely on the ap-
preaching return to New York OF j. p.
Morgan, which has caused a renewal Of
many long current rumors of financial
projects and railroad deals which are
supposed to await his arrival to be put
into force.
The most prominent of these in its ef-
feet on the speculation is the formula
ton of a plan for control Of Louisville
and Nashville. There seems fairly
general agreement that this plan will
take the form of a guarantee OF divi-
dend on Louisville and Nashville, COM
monty supposed to have been fixed at 7
per cent. The movement led by Louisville
and Nashville made itself felt in other
southern stocks, notably Illinois Central
and Nashville Chattanooga and ST.
Louis. Norfolk and Western and Chese-
peake and Ohio also were supposed TO
derive some benefit from this cause, al
though the advance in Pennsylvania and
Baltimore and Ohio pointed to speculd-
ton on the soft coal traffic.
settlement of the coal strike ana a
decision on the question OF the presl-
dency of the United States Steel cor
poration also are supposed 10 await MT.
Morgan's action. The upward movement
in Southern Pacific was aggressively
renewed today for the first time since
the announcement of the proposed SloV
GOO. 900 mortgage to provide funds for bet
terment This movement also was asso-
ciated with the homeward bound move
ment of a well-known speculative leader
who has appeared largely in 1t IN the
past Canadian Pacific and Its subsidiary
companies form another center OF radl-
ated strength and the gossip to account
for the rise points TO efforts by that cam
cago. The strength of Wisconsin Central
and of the Chicago terminal stocks
seemed due to the same rumor. There
was various other points Of strength In
the market, but all seemed equally due
to special causes. The money market was
not appreciably easier, although there
was less tendency to furry than yester-
day. The rate for call loans was Wei
sustained, however, at ABOUT AZ per
cent for the largest part of the loans.
The recent rapid downward course OF
foreign exchange was arrested, and there
was a tendency to recover in that mar
ket Some selling of stocks here for Lon
don account was a factor in the firmer
exchange market. 1t became known to-
day that 100000 in gold was shipped out
of the country yesterday to Buenos Ayres
supposed to be for the purpose Of NOV
ing crops there. A violent break OF 8
points in Colorado Fuel followed sug-
gestion that the struggle for control OF
the property might throw 1t into the
hands of a receiver. The STOCK rallied SA.
The market closed dull and irregular.
Liquidation in Central of Georgia In
come bonds was continued, and made tho
bond market irregular. Total sales, par
value, 81, S25 600.
United States bonds were all unchanged
on the last call