The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-08-21
STOCK STRENGTH
UNEVENLY DIVIDED
S-==
Big Hurrah is Made Over ]. ?.
Morgan'S Return.
SOME SELLING TO REALIZE
"A DIstlnetlvely Easier Tone to the
Money Market Facilitated the OPP
Grafton for the Advance.
Bonds Were Firm.
SOME SELLING TO REALIZE

New York. August 2O-Today's stock
market was broader and more active
than on yesterday and generally strong
but the strength was very unevenly d.
vided and was not consistently MAIN
tanned. The hand of the professional was
quite manifest in the market After one
group of stocks had been pushed up to a
certain extent they would meet selling or
oers to realize in the moment that ag-
gresslve appearance Of strength was de-
veloping in some new quarter, thus en-
couraging the continued buying by out
side spectators In the stocks already ad-
vanoed and thus facilitating realization.
1t was distinctly a Morgan market ="
This is to say. the buying of stocks was
based upon the assumption that Mr.. Nor
gan has returned to Wall street ready to
take up the broken continuity OF many
important projects which he had under
way when he left for his vacation. Some
of these projects have gotten into snarl.
legal, financial or speculative.
Professional spectators in the street
have an abiding faith that Mr. Morgan
will promptly settle them all. His imme
diate appearance at his office going d.
rectly there from the steamship. gave ad-
ditional strength to the conviction that
he would give immediate attention to
pressing problems. 1t Is needless to say,
however, that some of the expectations
expressed by the active spectators In the
market as to the scope and promptitude
Of Mr.. Morgans measures reached de-
gree of absurdity. The undeniably
Strengthening effect upon confidence of
this capitalists return to active direction
of affairs was promptly taken advantage
OF by various speculative pools to make
demonstrations in their favorite stocks
by rapidly advancing prices.
A distinctively easier tone to the money
market facilitated the operation for the
advance. The ruling rate for call loans
was per cent, as against AZ yesterday,
end the market for time loans also was
easier. The foreign exchange market
naturally hardened In consequence. Con-
tinued selling of stocks for London ac-
count was also factor in the demand
for exchange. The interior demand for
funds seems still to be delayed and bank
ers report that outside lenders were
placing their ready funds on call in to-
days stock market. Owing to the large
pension payments and the decline from
the recent high level of government Gus
toms receipts the sub-treasury has con-
tributed over 100000 to the money mar
ket this week. Today that institution
paid out $590,000 on account of gold de-
posted at seecoast points, which is pre-
Eumabiy Klondlke gold. The treasury
statement from Washington, however
shows a surplus of revenue for the day OF
k1,59S 469, which cuts down the months
deficit about three-fourths. Unfavorablt
crop weather, the futility of the local
conference to effect a strike settlement
pnd the violent break in Colorado Fue
on account of internal conflict In the
company were ignored in the traulng
Gfe special strength of some Colorado
stocks was supposed to be connected with
the liquidation of Colorado Fuel. Recent
rumors Of a merger OF Southern railway
of Canadian Pecifics alleged intention to
secure an entrance into Chicago and Of a
prospective absorption by large railroad
systems of sundry small systems were
ell manifest influences in the market
Profit taking was general during the last
hour and the closing was active and ir-
regular.
Bonds were generally firm. Total sales
par value, $250O,000. United States bonds
were all unchanged ON the last call.