The Birmingham age-herald., 1904-07-17
SPECULATI TION WAS
 ACTIVE ALL DAY Union Pacific Ended the Day by
 Slight Decline U. S. STEEL RULED STRONG Advance In St Paul Was an Index of the Reaction From Excessive
 Alarm Over Damage to the Wheat Crop.
U. s. STEEL RULED STRONG

New York. July 16-Speculative excite ment over the Northern Securities decis- ion had abated today and Union and Southern Pacific were subjected to selling to take profits But new points of strength developed in the market and resulted in an active speculation. >hich continued up to the close, Union Pacific ending the day at a net decline of 1A. Some of the other features of yesterdays strength showed the effects of realizing. The most important feature of strength in the market was United States Steel pre- ferred, it's point rise having an impor- tant sentimental effect on the whole mar ket but without explanation in any new developments.
 The advance in St. Paul was an index of the reaction from excessive alarm over the damage to the wheat crop. The ad- vance in that stock and in the Fries offer ed an inviting field for fresh operations and led to profit taking in other parts of Inc list The bank statement stimulated the market anew. All of the expected gain in cash was reported bringing the reserves to a new record figure. Loans crossed the previous record, touched in May last and rose to the largest total ryer touched in the history of the clear ing house. The placing of Philadelphia municipal loan of $16,0O0,0O0 this week fig ures in this item The cash increase left a margin of gain for the surplus of $S,- l46,G55 over the added reserve require- ments Total sales of bonds, par value, sE, ,17O,000.
 The stock market has shown animation and variety and while the movement of
 
 market has shown a good absorptive power and has taken well a large amount of speculative profit taking, which leaves It in strong position technically if kept free from unpropitious conditions. The volume of dealings reached a total again in excess of those of the largest days business last week and the aver age price level reached the highest of the year. It is accepted as evidence of stable conditions in the market when the occa- sional recoveries in prices do not stop short of the level touched on the preced- Ing upward movement and when the oc casional reactions do not extend to the depth touched on the preceding down. ward movement. This has been the rec ord of the successive movements since the recovery set in from the level of the period of liquidation which was touched In the fall of last year. It is found that the national bank reserves are well main- tained notwithstanding the years heavy loan expansion, the excess reserves over the amount legally required standing on June this year at $104,912, ,925 as com pared with s66 ,907 725 the year before. But while the excess reserve last year by the reserve cities stood at only $19 235,070 they have risen this year tot $52 8S2 and last years holdings by the country banks which stood at s47,072,6 ,65s. have only in-. creased to $52, 535. 043.
 In other words a much larger propor- tion of the country excess reserve Is in the reserve cities where it figures as re- serves as against both the depositing bank obligation and those of the holding bank. Bonds were irregular at times but were generally firm. United States 3s de- clined A. and the new fs coupon M per cent on call during the week.