The Birmingham age-herald., 1903-07-29
STOCK MARKET
 SHOWS STRENGTH Brighter Aspect Did Not Hold Force Throughout Day A PRONOUNCED REACTION Atchison Suffered Most Acutely Among the Market Leaders and It's Fall
 Upset Things Towards
 the Close.
A PRONOUNCED REACTION

New York, July 2s.-The stock market this morning showed the continuing ef- feet of the clearing atmosphere which re- suited from yesterdays and Fridays failure, and the market became quite generally strong. But the brighter as- pect of the outlook did not hold It's force throughout the day. There was rather pronounced reaction at the last which wiped out the most important part Of the days gains and took few of the grain carriers a point or more below last night New York Central was the conspicuous leader of the advance, rising at one time 2h over last night on buying reputed to be of the best charater. The sentimental effect on the market by the buying of this stock and of Pennsyl- vania and the affiliated stock, as well as of the coalers and other grade railroad stock was considerable. Atchison suffer ed most acutely amongst the market leaders and it's drop to 15s below last night upset the late market and led the whole list downwards. The grain carriers were not strong at any time and were presumably affected by the reports Of hot winds in the corn belt and by the weather bureaus weekly bulletin on corn and spring wheat.
 Reports of crop damage were reinforced by the upward movement of prices in the grain markets and the development or profit taking in those markets did not save markets from the stocks In the last reaction. The improved sentiment this morning was largely due to the un- derstanding that the closing out Of ny fAr hot nf the failed firms and of others under pressure for payment of loans on col lateral for which the market is not ae- tive was to be suspended for the present to await a more favorable market. Late In the day there were indications of re- sumption of selling out of collateral on some loans. The buying through com mission houses was reported to be better than for many weeks and was hopefully regarded. But this buying did not fol- low the market upwards. There was evil dence of purpose to drive in the bears In the calling in of stocks loaned for de- livery on short accounts and in the char acter of some of the rumors which were set afoat. There was a report of pri- vate settlement between the Union Pacific Interest and one of last weeks failed firms looking to taking over large hold ings of Southern Pacific and resump- ton by the firm.
 This was denied when the Union Pa ciffc directors assembled to declare the regular dividends. Toledo, St. Louis and Western was reported to have passed to Grand Trunk control. An offer of 50 for Evansville and Terre Haute control was alleged to have been made by an anony- nous bidder. Colorado Fuel was said to have acquired the Utah Iron company, and it's price shot up nearly dozen points on few intervening sales just at the last. The other stories were effective in varying a degree, lifting and lowering bidding for the stocks. The renewal of the steel billet pool seemd to be hope fully regarded amongst iron and steel company shareholders, and stocks of that group were quite generally strong. preciably easier and some longtime loans on selected collateral were reported to have been negotiated below per cent. Sanguine hopes were expressed Of strong bank statement on next Saturday But the obvious fact was that the de- mand from the shorts was growing sat lsfied and that the investment demand was not following the advance In prices. When traders attempted to take profits on the days rise the market gave way and closed unsettled and irregular.
 Active bond issues were generally de- cidedly strong, but there were some wide concessions in the marking of inactive bonds Total sales, par value, S. 4S5,OOO.
 United States bonds were unchanged on call.