The Birmingham age-herald., 1903-07-31
CHECK ID RECOVER
 MEETS REACTION
Stock Market Rules Steady
 Through the Session
RAILROAD RUMORS HEARD
Revlual of Reports Concerning Com binatlons and Absorptions Is Feature of the Market-cot-
 ton Excitement Felt.

New York, July 90.-Yesterday's check to the recovery in prices was supplement- ed today by reaction. There was no acute weakness except for the eccentric plunges among the inactive specialties, but the demand diminished to nominal propor- tions. Commission houses which reported yesterday an awakening inquiry for se- curities found today that the slight re- acton in prices had almost entirely dis couraged this buying, and in some cases had induced buyers to get out of the market again hurriedly. constant drip of small selling undermined the market and caused prices to crumble. The early selling centered on Atchison, following up the late movement of yesterday The general list resisted for time until some speeialties began to make violent declines. The weakness then became quite general
 Several of the professed reasons for yesterdays selling of Atchison were cleared up today without strengthening the stock in the market Official denials were made of rumors of a coming bond issue and of an alleged unsuccessful at tempt to negotiate a temporary loan by the company. The reports of rains in the southwest with expected benefit to the corn crop disposed of another ground or weakness. The selling was partly by pro- fessional bears, but the suspicion re- mained that long stock was coming upon the market and made an unfavorable impression upon speculative sentiment in the whole market. An unfavorable show ing of June net earnings by reason of fS,r.. r4o4 n HiEinnUa a pools holdings of the stock were hint ed at. A feature of the situation is the revival of various reports, running from the plausible to the highly improbable, of new combinations and absorptions of railroad systems.
 The purchase of the Evansville and Terre Haute evidently gave new lease of life to this class of reports. They con- cerned themselves with railroads of all grades from those of a few tens of thous- ands of shares to the New York Central and Pennsylvania. The policy of combina- tion of available railroad systems doubt less has favor in the railroad world and the liquidation which was forced in some shares has offered attrActive opportuni- ties for absorption. in strong contrast to the extravagant valuations at which the mergers of the boom period were com summated.
 Some resumption of the speculative ex- citement in cotton was against the stock market and the large speculation develop ing in the grain markets is looked upon wiht a degree of apprehension owing to the general financial situation. Corn showed strength today In spite of the favorable crop news and there was some fear that the spring wheat crop was suf- fering further deterioration. The money market showed growing ease for time loans But the movement of prices of specialties on the stock exchange indicated that there was some selling out of co1- lateral in loans. Stocks recovered a large part of their declines late in the day. when the liquidation in Atchison had spent it's force and the closing was apathetic and not far from last nights level
 In the bond market. Chicago Terminal Transfer 4s were offered down 61s just be- fore the close. Toledo, St. Louis and Western is fell 3. The bond market was quite broad and showed a good inquiry although some of the inactive issues were marketable at considerable concessions from last night
 Total sales par value, $2 410,000: United States 3s declined one and the old As 11k per cent on the last call.