The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-07-01
STOCK MARKET
TAKES ON LIFE
After Two Hours of Fast Trad
Ing Prices Became Firm
MUCH PROFIT TAKING DONE
Heavy Buying and the sharp Upward
Movement In Reading Explained
BY Net Earninos-strike
Losses Wiped Out.

New York, June 3O.--There was almost
as many shares of stocks that changed
hands during the first hour of trading
today as there was for the first two
hours in the newly awakened activity
of the previous days market This first
hour Of trading had every appearance
OF animation and we'll sustained strength,
but the absorption power of the market
was pretty well exhausted by this squirt
and the duh period of firmness which fol-
lowed gave way the last hour to general
reaction under professional profit taking.
The slight fluctuations during the first
hour In view of the renewed activity gave
sufficient warning that profit taking was
going on freely. This mornings pur-
chasers, however. had less success when
they attempted to take their profits in
the last hour. The days net changes
showed very small net gains left for any
OF the speculative leaders and some Of
them went Slightly below last night I'M
der the selling of the last hour. Yester-
days heavy buying and sharp upward
movement in Reading was sufficiently ex-
planned by the statement of net earnings
for May showing an increase for all the
companies over the corresponding months
of last year of 81, 420,072. This wipes out
strike and establishes an increase In the
net earnings of all the companies for the
eleven months of the fiscal year of $l,09S,-
243. This showing gave color to the cur
rent rumors that dividends would be
commenced on the second preferred stock
Combined with the continuing effects or
the success of the Pennsylvania stock
subscription. the coal carrying roads were
made very strong for time. Meantime
in another department of the list the
Wabash debenture "B. bonds were being
freely sold at an extreme decline OF lA;
owing to the disappointment of holders
that the directors at their meeting mad
decided not to disburse any of the sur
plus earnings available for an lnteresl
payment upon these bonds.
The days weather map which showed
rains in the northwestern states, where
the drouth has threatened the spring
wheat crop, was strengthening influence
on stocks. With this indicated relief In
the dry section, the weather bureau
weekly crop report was given favorable
Interpretation. Wheat reacted sharply,
corn more moderately after period OF
strength, and cotton violently. Yester-
days disposition to ignore the rising rate
for call loans was rather sharply admon-
ished by rise in the late dealings to
ten per cent in the call money rate. This
development seemed to offset the suppo-
sition that the serenity of the money mar
ket in face of the Pennsylvania stocks
subscription offered assurance that the
July / requirements would pass without
disturbance. 1t is borne in mind also that
the New York money market ise some
times slow to respond to the effect of the
periodical disbursements after the period
of the disbursements, which viii be of an
Unprecedented volume for this July In
the last half hour, after the profit taking
movement had spent it's force, United
States Steel preferred was marked up
21-4 over last night on comparatively light
dealings. The nominal ground for this
movement was that the fall In the stock
below the subscription price offered to
employees of the corporation were calcu-
lated to prejudice its relation with its
employees.
The market closed unsteady. The ces-
sation of the pressure of liquidation
against the United States Steel second
five's seemed to be regarded as the favor
able opportunity for marking up the pre-
ferred stock.
The bond market was generally Arm.
Total sales par value So, 10000.
United States bonds were all unchanged
on the last call.