The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-14
STOCK MARKET
CLOSES HIGHER
Disposition to Advance at the
Start Was Checked
THIS WAS REMOVED LATER
Has Been Considerable Strength and
Activity In Market Throughout
the Week, But 1t Was of IT.
regular Character.

New York, July ia disposition to
advance prices was held in check today
by the fears that poor bank statement
would induce selling of stocks This
check was removed when the bank state
ment proved Unexpectedly favorable and
the market closed at about the highest.
The principal evidence of strength was
the grangers, especially the corn carriers,
Atchison, which was neglected yesterday
took up the leadership today, while Mis-
souri, Pacific hung back until the late
dealings, when it rose In large dealings
a point. Rock Island rose 4 points to a
level 2 points higher than yesterdays
highest, but the dealings were small and
the gain was not well held A rise of
nearly point in New York Central was
apparently due to support in view of the
decrease in gross earnings reported for
June by the system. The industrials
were somewhat depressed but recovered
In the last rally. The bank lost in cash
less than 100000 compared with ex-
pectations of a decrease of $5.0000c0, add
ing to this the 100000 loan decrease
leaves a discrepancy still upwards of
ten Millions in the report increase of
SIS 449, 500 in deposits. 1t will be remem-
bered that last week loan increase of
over s17,000,0O0 failed to find a reflection
in the deposit item. Today's discrepancy
is explained as due to a process of
rectufucation under the abstruse system
of averages used by the banks in their
computations,
There has been considerable activity
and strength in the stock market this
week, but 1t has been of an irregular
character AMI confined to comparatively
Few stocks. 1t is sufficiently obvious that
the prevailing sentiment amongst Sc
curity holders is one of confidence in the
maintenance of the prosperous conditions
of the country, and the continuance Of
the present earning power of securities.
Holders CT railroad stocks especially
shcw no disposition to part with their
property. But no general public demand
for stocks is aroused by the tactics of the
party, which seeks to LEAD a pull move
ment The active leaders seem to feel
themselves exempt from danger of a
stringency in the money market, and
have dealt freely in stocks shifting OPP
erations from one quarter of the market
to another, but combining their operations
to few leading stocks IN each group.
The sympathetic influence of these spe-
cial movements upon the general list has
been Strengthening ana it is highly prob
able that they designed to support values
to some extent. and thus TO guard the
credits which the same large interests
are employing in other projects of n;agni-
tuGe
The weeks events in the money mar
ket have given convincing evidence of
the enormous capital requirements of
the country growing out of the unpre-
cedented activity in all directions. Mil
lions have been shipped to interior points
by the New York banks and foreign
bankers in New York have renewed their
borrowing in foreign money markets.
This foreign borrowing was averted an
outward movement of gold, which is
thus shown to be more urgently required
at home. The exigencieS of the corn
corner In Chicago are assigned as a
reason for the large demand for cur
rency there, but the demands come as
well from southern points, and Chicago's
demand is reflected from large demand
on that center from western and north
western points. The banks of the coun-
try at large are, Withdrawing their de-
posits from the reserve cities for their
own home needs. The active demand for
money may be one of the most import
ant indications of a country's prosper
ity, up to the point where productive en-
terprise outruns consumptive needs. The
active trade demands for money are
commonly looked to interfere with spec
ulative activity in securities.
There has been a fairly large absorb
ton of bonds and a rather irregular
movement of prices.
United States refunding rs have de-
clined "A, the new As and old s regis
tered u and the old tours coupon u on
call during the week