The Birmingham age-herald., 1902-08-27
STOCK MARKET
 4 LIVE AFFAIR Dealings Yesterday Amounted to Over a Million Shares SHOWED GREAT ANIMATION Towards the End the Market Became So Honeycombed By Closing Out
 Holdings That It Showed a
 crumbIIng Tendency.
SHOWED GREAT ANIMATION

New York, August 76.-The volume of dealings in stocks rose well over mill lion shares today. The market showed great animation at different times dur ing the day and gave an impression of strength, owing to the enormous buy ing on an upward range of few stocks but the speculative profit taking under cover of this strength was persistent and widespread. The market became so honeycombed by the closing out of hold ings by powerful speculative interests, that 1t showed a decidedly crumbling tendency in the closing hour. Prices fell back rather violently to below last night and in only one or two instances wiped out any appreciable net gain left. There was no reason to accompany the relapse any more than there was to account for the previous notable advances. There was no more solicitude over the money mar ket today than has been expressed by warning cautions for sometime. especially since the market took on the present pro- portions of the speculation.
 It is highly probable, nevertheless, that the large operators in stocks are alive to the possibilities of money difficulties and are deslrous of making their successful turn before actual stringency sets in. As a matter of fact, there were>no fur ther transfers of currency today to the interior through the sub treasury, and loan bills were quite freely negotiated in the foreign exchange market. But dis cussion is already heard of next Satur- days bank statement, and ways and means for relief for the money mar ket by the intervention of United States treasury authorities already are canvass ed without throwing clear light on the course to be pursued.
 The secretary of the treasury rescinded the standing order of his predecessor for the purchase of government bonds in the market at a fixed price, and he is repre- sented to have determined not to renew this method of releasing surplus govern ment funds to the market. Increase of government deposits with the banks would require increased holding of gov ernment bonds as security and the re- cent persistent advance in government bond quotations is supposed to reflect preparations oy bankers to this end but the scanty floating supply of government bonds makes such demand quickly ef- fective in lifting prices to a point which wipes out the profit both on banking cir culation and holding of government de- posits. There was nothing in the ruling rate of money today, which fell to 319 per cent to indicate solicitude on the part of the spectators. The leadership of the market, Tn point of strength, was as sumed by Atchison, the argument being that the higher price recently achieved by other stocks warranted an advance in that stock. Meantime the higher prices for other stocks were inviting the enor- nous speculative liquidation which finally broke the market. Dealings continued very large in the Union Pacific, Balti- more and Ohio, and Southern Pacific stocks, but they all yielded sharply to the prevalent proflt-taking. There was rather more doing in other parts of the market than yesterday, but the con- gestion .n the leaders was still acute, and there were large short lines in the list, in which the dealings were quite insignificant. especially the industrials, which were affected possibly by the forci- ble sentiment for their regulation, ex- pressed by the President The market closed very dull. although on some re- coVery from the lowest.
 The principal activity in the bonds mar ket was in the Unicn Pacific convertibles, which moved in sympathy with the stock. as did other convertible issues. Total sales, par value, S4,330,000 United States old 4s advanced 1a and the 2s and 5s 4 per cent on the last call.