The Birmingham age-herald., 1904-07-13
STRENGTH SHOWN
 LATE IN THE DAY Many SuppoSitIOns as to Source
 of Trading ROOM TRADERS SUSPICIOUS Confidence In Success of country's Harvest Was Probably an Import ant Influence In Better Tone
 of Speculative Sentiment.
ROOM TRADERS SUSPICIOUS

New York, July 12.-The wagering and uncertain fluctuations in today's stock narket gave place to some positive evil dences of strength late in the day with considerable increase in animation of the dealings. As a restoration of sentiment over the outlook for the affairs of bus mess and industry, the movement may be best construed as an expression of hopefulness, still tempered by uncertain ties. The immediate movement was large ly professional and was largely induced by characteristic traders motives, but the underlying conditions in the market which made such professional operations successful must be considered, and give the true value to the action of the secur- ities markets as an index to conditions of comprehensive scope. The immediate movement which actuated the trading were plainly mao4 up in large part of suppositions as to the source of the trans actions in the market and suspicious as to the market operations which might be going on under cover of the more open orders given.
 The easing off of prices after the open ing in the face of the encouraging color of the governments monthly crop report, was a source of much disappointment, and was taken to clearly indicate that the speculative party which took profits on so large a scale yesterday were still eager to realize on their holdings on all advan- tageous opportunities. The room traders later became suspicious that the selling was designed to depress prices in order that stocks sold at a profit yesterday might be rebought at lower level This suspicion was the principal influence in the late rise which embraced the market quite generally. The conclusion drawn from the resu-- ption of the rise is that the testing of the market by last weeks professional operations proved it's absorp- tive power, and encouraged new commit ments for further rise.
 Confidence in the success of the coun- try's harvest was probably an impor- tant influence in the better tone of speculative sentiment, although it was not immediately manifest. It was feared that the good condition of the monthly report might have deteriorated since the date of the condition there indicated, and the weekly bulletin of the weather bureau was awaited It's publication at noon aroused some apprehension in the grain markets owing to the damage to winter wheat reported
 Some rather alarming private advices regarding crop damage also had an effect
 
 In the stock market. The strike of wheat market workers strengthened the pro vision markets, and cannot be said to have aided the rise in stocks. Some poor returns of railroad gross earnings for the first week in July also made their appear ance. The special strength of Reading was accompanied by rumors of an early ex- change in the second preferred stock into half first preferred, and half common stocks, according to the privilege provid- ed. Conjectures as to the net earnings of United States Steel for the current quar- ter were more favorable than had been the case recently. The market closed &C., tive and strong, and with many net gains ranging from 1 to 2 points. Prices gen. orally crossed the high level of last week
 There was some irregularity in the bond market, due to early weakness in a few issues. Total sales. par value. $3,- 240,0oo- United States bonds were un- changed on call.