The Birmingham age-herald., 1904-07-19
STARTS ON A NEW
 UPWARD COURSE Had Important Measuring Ef- feet on Speculative Market INR0ADS ON U. s. STEEL
Strong Sentimental Influence Was Ex' erted at the Resumption of the Ad- vance in Pennsylvania After
 Period of Profit Taking.

New York. July 1S.-Very large selling to take profits. occurred today, but the stock market showed good digestive pow on a new upward course. This rise sub sequently had an important reassuring effect upon speculative sentiment which was somewhat apprehensive of a reac- tion even in quarters where great con- fidence in tho strength of the market exist. The extent and duration of the advance are such that professional at tention was a mark for pause in the rise today. The strong closing last week after the great activity and considera- ble advances in prices which had been seen was counted on with confidence to bring in a large accumulation of orders over Sunday which would be likely ex- ecuted in the opening declngs with the result of causing a strong opening.
 But it was much feared that with large professional selling to take ad- vantage of this outside demand disposed of, the market would be left in an un- protected position and open to attack by the professional traders to recover their holdings at a lower level of prices. The most obvious profit taking was conduct ed In the Pacifics, St. Paul and United States Steel preferred. But it was ac- complished without serious inroads upon prices of any of these stocks except United States Steel preferred and part of them enjoyed considerable advance after tho first realizing was over. The effect was to encourage new commit ments. A strong sentimental influence was exerted by the resumption of the advance in Pennsylvania after period of profit taking following previous ad- vance. The fact that the price arose quite easily through 110 was regarded as an suspicious augery for the market.
 It will be remembered that $75,000, 900 stock issue was underwritten at 12O and as the fall below that showed a loss on those subscriptions, 1t has been assumed that there were very large holdings wait ing to get out when this stock should re- cover to that price, This proved not to be the case today The realizing in United States steel preferred was facilitated by reports of the reopening of the mills at Homestead
 The trunk lines also were benefited by the favorable color of the weekly traffic report. Otherwise the rise in stocks had little news to go on. Foreign markets were sufferers from the diplomatic fric- tion which has resulted from Russian acts toward the ships of neutral nations, and the same cause helped to lift the price of wheat. Officials of western rail- roads quite generally admitted the halt in business revival which has been caused by the reported damage to the wheat crop and the danger that another busi- ness hesitation may thereby be caused. This did not prevent a 2-point rise in Atchison. which placed it in the leader ship of the market. The irreconcilable attitude of the parties to the meat pack ers' strike disappointed hopes held last week of an early adjustment. Money con- tinued very easy anu the suh-treasury paid out s1. 7Ss 900 on account of newly ar rived Japanese gold deposited at San Francisco. Renewed pressure to take profits in the Pacific. St Paul. the Fries, Ontario & Western, United States Steel preferred. in the final hour, caused a ma terial reduction in the market, but the market steadied and closed irregular. Bonds were somewhat irregular and most very active. Total sales par value $2.- 79o.oo0. United States bonds were un- changed on call.