The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-08-15
UPRUSH IS VIEWED
WITH SUSPICION
Reaction in the Stock Market
is Extremely Violent
BUYERS WATCH SYMPTOMS
Little Heard of thursdays Numerous
Stories Regarding Readine--West-
ern Grain Carrying Roads
Active-Bonds Strong.
BUYERS WATCH SYMPTOMS

New York, August 1A-Thsre was an
other up-rush of prices today in further
recovery from the extreme depression of
last week. So violent did the movement
become that It was regarded with suspi-
cion and professional traders became very
watchful for symptoms of reaction in or
der to seize a ripening opportunity for
shift toy the short side for a turn. The
market showed abundant evidence of lead
ership and sldlful management and was
held by transferring bull operations from
one stock, or group of stocks, to another,
taking profits in the one as buying was
shifted to another. News seemed to have
nothing to do with the advance beyond the
fact that the market had turned That is
to say, the conviction was general that
necessary liquidation had been completed
for the present, and prices consequently
left free to seek the level of true value.
Little was heard of yesterdays numer-
Gus stories regarding Reading which
ranged over a wide field of credulity and
that stock was slightly under pressure to
take profits all day, with the sustaining
strength at other points in the list 1t
over last night and for the greater part of
the day was below The early strength in
the market was most conspicuous in the
western grain carrying railroads and the
principal buying shifted afterwards to the
eastern part of the map led by New York
Central and followed by the other trunk
line stocks. London was reported an
eager buyer of New York Central but no
~ ! tho IN
the strength in the stock. London was
seller on the balance of the list IN the
days market, the advance there failing to
keep pace with the movement here, and so
Offering an arbitrage profit in selling In
this market all day.
The foreign exchange market was some
what affected and hardened on a demand
for remittance by tomorrow's steamer.
There will be great interest in the ques-
ton whether foreigners would resell
Americans largely on the advance in prices
here. The United States steel stocks
Jagged in the upward movenNnt of the
day and were somewhat affected by the
reports of extensive shutting down of
mills in Western Pennsylvania and East
ern Ohio Amalsamated copper was help
ed by rise in the price of the metal here.
In London there was a rise in copper
futures with a slight recession in the
price of spot. feature Of the days
news was the report of sales of cash
wheat at Minneapolis for dollar-a-
bushel. Preliminary estimates of the
weeks currency movement pointed to
cash gain by the banks this week of
nearly S3,0O0000.
Curiosity regarding the bank statement
centers in the loan item. The active
buying of stocks during the week has
undoubtedly involved some heavy Dor
rowing The entire lack of response in
the loan item of the banks. To the long
liquidation makes the question of the ef
feet Of renewed buying of stocks on
loans a doubtful one The violent up
ward movement of 5la points to so in
NJ mated copper on dealings in near
~ ECO shares sustained the later
market, which had shown signs of hest
tation AS it was last prices were often
a little below the best, but closing was
strong andf active. The days gains
range from one to four points and the
leading Paeifics, grangers. trunk lines
and specialties We're strong
There were a few heavy spots in the
bond market, but the tone was generally
strong Total sales par value $366O,000
United States bonds were unchanged
on call.