The Birmingham age-herald., 1905-07-09
TRADE IN STEEL
 AND IRON ACTIVE Movement to Realize Was We'll
 Managed READING STILL IS LEADER Stock Market. of the Week Has Con. tinusd Under an Aggressive speou- latlve eadership--lrreeuIar
 Strength In Steel.
READING STILL IS LEADER

New York, July s.-The week on the stock exchange closed with a carefully managed movement to realize. which was facilitated by the bidding up on prices here and there at the opening. After the ceiling had spent its force. prices were marked up again, leaving last prices not far from those of last night. The realixipg was most conspicuous in Read ing and Union Pacific in which the spec rlative operations have been the largest all the week. The demand of Reading has been cited for proclaiming confidence that the dividend on Central Railway of New Jersey was to be increased with benefit to Reading through its holdings of that stock.
 The action of the directors today in declaring only the regular dividend on Central Railway of New Jersey was call culated, therefore, to induce some sell ing of Reading The cotton market was excited again but the grain markets were inclined to react on the favorable weather conditions in the wheat belt The real iziiig in Reading was partly covered by marking up I.e&ding second preferred in connection with the renewed attention called to the privilege of the company to exchange that stock for half common and half first preferred, or to retire 1t at par.
 The United States steel stocks also showed signs of irregular strength in con nection with riffnors of figures for the net earnings of the past quarter. The large decrease in cash shown by the bank statement was a surprise, as the pre- liminary estimates had indicated only nominal change. The loan contraction was ar1a "a dara ta or week of a disbursement period. The mar ket closed quiet and steady. Total sales Of bonds par value s2,160,0O0.
 The stock market of the week has con- tinued under an aggressive speculative leadership, which has been conducted with skill and effect in the maintenance of prices and in forcing striking advances fin special stocks. But process of diges- tion has been in progress which made It's effects seen in the occasional irregular fly and reactionay tendency In the or ganized party which has led the mar ket In the week, there was evidence Of some extension of interest to what pro fessional operators call the outside pub lie But this new demand was promptly taken advantage of to realize profits on professional holdings acquired at lower prices The speculation maintained It's vitality after these periods of pro1t-tak- ing and the operations in the market re- vealed the continuance of vigorous sup port and a determination to extend the advance
 .eThe speculation was based fundamental 1v on the confidence in the abundance of money resources and on the assumption that this will insure a pressure for in vestment in securities. The sound condiA tions of business, the prosperity of in- dustries. good crops and sustained activ- aty of the iron and steel trade were also Included in l--e movement.
 A published expression by leading banlsing authority of his opinion that the increase in production of gold was to be reckoned with as tending to enhance the price level of commodities, and of share capital has given direction to the discus pion on the subject in its immediate mar ket connection. The monthly statistics Of the production of gold in the Rand are given prompt consideration. This produc-