The Birmingham age-herald., 1904-07-14
TRADING STILL
 ON THE INCREASE. Market Was SpottY and lrreg-
 ular Throughout WAS KEPT WELL IN HAND Sustaining Effect of St. Paups Rise Was Supplemented By Vigorous
 Advance In United States
 Steel Preferred.
WAS KEPT WELL IN HAND

New York July 13.-A growth of the speculative forecast work in the stock market was again manifest in today's dealing, which rose well above yester- days totals, and exceeded the figures Of last Wednesday, which had made rec ord on the movement The market was Bpotty and irregular throughout. Some of the recent leaders were reactionary' and manifestly held back by profit talk dng. Others which were subjected to this process in the early dealings developed renewed strength late in the day. All including the sustaining points in the early trading, were more or less afectea Gby profit taking during the day but the successful taking of profits is one or the most important tests of the actual strength of a speculative market. The conversion into cash of profits on rise without materially affecting the advance caused by the speculative buying which caused the rise is a demonstration of the spread of the demand and leaves the mar ket in a stronger position by so much as the absorption to which it is to be subjected has accomplished.
 Todays market was kept apparently we'll in hand throughout and the selling to take profits progressed simultaneously with new buying at other quarters. The wide opening in St. Paul with simulta- neous sales at 147 and 1fsl, and it's almost immediate relapse gave so strong an impression of manipulation that party of room traders maintained a sus- Fatc IT put out short lines at all stages of the advance.
 The sustaining effect of St Paurs rise was supplemented by the vigorous ad- vance in United States Steel preferred on the confident assumption that full di- vision for the quarter will be paid. There was pressure throughout the day on Reading, Pennsylvania, the Pacifics and Athchisons, and as these were the lead CTS in strength and activity yesterday, the conclusion was justified that profit taking was in progress. The Pacifics as- stunned the leadership later and these led 10 revivals of talk of an early decision of the Northern Securities suit in favor of the Union Pacific contention, and of a possible increase in the dividend rate. The days news did not offer any immediate ground for the action of the market un- less it might be the large receipts of Japanese and other gold flowing into New York banks from San Francisco. But bankers report a decline in the volume of currency receipts from the interior which is expected to be progressive from this time.
 The wheat market made decisive re- sponses to fears of crop damage from the rains which were accompanied by esti- mates of several crop experts of some au- thority. The anthracite trade authority pointed out the large tonnage of the years output, but spoke in conservative strain of the present rate Of output. The Iron Age spoke in a tone of some gloom of the condition and prospect in that trade, affirming that the rapid adjustment to shrinking consumption had not yet oyeTtsken 1t. No important railroad sys- tems made reports of earning. The heavy shrinkage in exports of breadstuffs for June again makes the June domestic ex- ports compare poorly with last year. The meat packers strike was ignored. The market was well sustained to the last, and the closing was fairly steady. Bonds were fairly firm; total sales, par value, s4,S50000
 United States 3s declined 4 and the new coupons h per cent on call.