The Birmingham age-herald., 1904-07-07
STOCK DEALINGS
 ARE ENLIVENED Skepticism Arises Over Charac- ter of Movement UNION PACIFIC IS LEADER Was Not So Dominant, However, as on Former Day-PennsyIvania
 and U. S. Steel Are
 Conspicuous.
UNION PACIFIC IS LEADER

New York July 6.-More than twice as many of shares of stock were dealt in the. stock exchange today than was the case yesterday, and yesterdays total was more than twice as large as the already en- livened dealings of the preceding session on Friday. The supposition that the gem eral demand for securities has experienced a suaden revival as indicated by this rate of growth. awakens some skepticism over the character of the movement of the market. There were other features brought out in today's market which strengthened the opinion that the move ment is largely a professional one in its present stage. But the momentum i'm parted to the price movement by yester- days operations carried the level of values to considerably higher level today and enabled the buyers of yesterday to take profits freely on the advance and to con- tinue the movement in spite of some un- propitlous feature in the days news. The professional training and skill which lent their auspices to the movement were made manifest in the adroitness with which the large buying was centered on stocks of large sympathetic influence on the whole market and shifted successive ly from one to another of such stocks while the sustaining effect of these tactics were taken advantage of to sell for re- alization of profits in stocks which had previously advanced
 Union Pacific retained position of in- fluential leadership in the meanwhile, but was not so dominant as yesterday and was the subject of free profit-taling along with others conspicuous in yesterdays movement. The position of conspicuous leadership today was taken by Pennsyl- vania and United States Steel preferred. The large buying of these today came from the same quarters as that on Union Pacific and St. Paul yesterday. The news to account for the advance in the two stocks was meagre, but the belief that prices of steel products would be main- tained by the pool and the preferred divi- dend would be maintained were dwelt upon. The drift of political discussion in stock exchange circles made it evident that the belief is general that the can didates and the issue between the two great political parties are practically de- cided on, but the supposition was not lacking that the operations in the mar ket were based on conditions thus implied. Crop news would hardly account for the advance in stocks as the staple markets attracted a good deal Of apprehension over crops, especially the wheat mar ket. The strength of cotton was attribut- ed more to news of fire damage to stocks of cotton although some bad weather news affected the market late in the day.
 Very sanguine expectations are held, however, over the cotton crop, and the cotton-carrying railroads were conspicu- ous In the days strength. Anthracite trade advices were conservative in tone, point ing out that much progress already had been made In the annual stocking up. A rise of nearly 4points in Northern Securi- ties on the curb was a help to the gen eral market, but was unexplained. An advance in the price of copper led to the rise in Amalgamated copper. An argument much heard for the advance in the gen era list was the supposed existence of very large and long-standing short inter est in the market which must be obliged to take stocks to cover short contracts If the rise is extended to sufficient propor- tions. The market was readily carried to the top level of the day in the final hour, after much realizing had been dis posed of. and the closing was fairly steady, but not at the best prices Bonds were generally firm. Total sales, par value, s5. SO0.O00. United States bonds were unchanged on call.