The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-03
STOCK MARKET
EXTREMELY DULL
Notable Activity Was Concen-
trated in a Few Stocks
SPECULATION WAS LIGHT
There Was an Appearance Of Manip-
uIation With the Purpose of sus-
tanning the General Market.
Bonds Were Dull.
SPECULATION WAS LIGHT

New York, July 2.-The stock market
vas extremely dull today and the only
notable activity was concentrated in
few stocks In some of these there were
new developments to give an ostensible
cause for their strength. In others there
was an appearance of manipulation with
the purpose of sustaining the general
market The speculation was light owing
to the large loans In progress in the
money market on account of the July set
Element and of syndicate operations
There were large transactions all day In
Missouri Pacific, which sold on the semi
annual dividend of 2h per cent, but the
price range all day was restricted to a
fraction. Louisville was in active de-
mand at an extreme advance of 3h. The
movement seemed to be based upon the
formal announcement that the purchase
by the company of Chicago, Indianapolis
and Louisville was In effect. Colorado
Fuel made another squirt which was sup
posed to be due to a struggle for control
tut which incidentally involved forced
tuying by u distressed short interest
Short covering was also an element In the
advance in sugar, and the rise in the
price of raw sugar also helped that stock
The buying Of Amalgamated Copper was
attributed to more confident feeling
over the trade outlook. The United States
Steel stocks were firm because of the in
creased net earnings reported for the
last quarter. The statistics of iron and
pteel production for the past year issued
by the American Iron and, Steel Associa-
ton were regarded as an astounding ex-
hibit OF active and prosperous conditions
in the trade.
The steel stocks, nevertheless, met con-
siderable volume of dealing at the adj
vance. a large portion of which was for
London account The statement of the
May net earnings of the Peoria system
showing an increase of over million dol
lars compared with May of last year, was
taken as an index of the large profits ac
cruing to the soft coal carriers as a re-
suit of the anthracite strike. The may
statement of the Norfolk and Western
corroborated the showing and led to the
firmness of the soft coal carriers, in
which, however, Pennsylvania shared but
slightly. The early grmness of the local
traction stocks was fostered by the in
creased net earnings of the Brooklyn
Transit system and hopes ofslarge profits
from the coming holiday traffic. The rate
for call loans showed further ease to-
day, but foreign exchanges advanced.
The London money market showed addi-
tional ease but pressure was transmitted
from Paris, where there was an abrupt
decline of centimes In the sterling rates.
Yesterdays money market operations re-
suited in balances to be met between the
sclearing house banks to the sum of S24,-
94s 457, which is the largest on record
for that item. Payments today to the I'M
derwriting syndicate for the Burlington
purchase released large sums to the mar
ket and disbursements of government in
terest affords relief from any sub-treasury
requirements. Today there was paid out
by that institution on account of Klon-
dyke gold 100000, the first of the season.
Advices are received of an additional half
million to be received from the same
source this week. The market closed dull
and easy.
The bond market was dull and irregular
Total sales, par value, S2,750,0OO
United States bonds were all unchang-
ed on the last call.