The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-07-02
BULLS ARE ACTIVE
PRIOR TO FOURTH
Movement of Day Was Largely
Sentimental
STATEMENT UNFAV0RABlE
Gain in Cash Reserve shown-speeu-
IatIon to Sustain Prices Has Been
Actively Continued Dur
ing the Past Week.
STATEMENT UNFAVORABLE

New York, July There was rather
thin representation at the stock exchange
today as was to be expected in view of
the exodus of yesterday on thu part of
the members intending to stay away over
the coming holiday. But the balls made
rather an effective demonstration in honor
of the arrival of July l. which is the
date of the distribution of the half year.
accrued profits upon which they have
counted to develop an investment demand
for securities. The movement was largely
sentimental as the expected demand did
not make its actual inuence felt yet.
Loans made on the stock exchange on Fri
day carry over until Monday, so that
there Is no loan market on Saturday.
The promptitude with which the money
market will relax from the tightness due
to the July disbursements. therefore, re-
mains to be seen. Stock market opera
tors. however, were evidently disposed to
demonstrate their confidence that accumu-
lated funds will promptly returp, to the
money market and the investment de-
mand for stock make itself felt. Specula-
tive interest centered especially in the
Eries and in Brooklyn Transit. and divi-
dend rumors continued the potent influ-
enc to move prices. The bank statement
was rather less unfavorable than had been
anticipated. Instead of a decline in cash
reserves, there was disclosed gain of
81, 375, 700. and the $1S,0O0,0O0 loan expan-
sion was no surprise in view OF the weeks
preparations to meet requirements. The
decline of s3,435, 800 in the surplus was
ufavted with apfira emma Ui01itV account
of the relaxing tendency which always
follows the turn of the half year Out
side events had no influence on the days
market. Some realizing at the end made
the closing irregular, but a good showing
of gains remained.
Total sales of bonds par value, s5,515,000.
Operations to sustain prices of stocks
have been actively pursued this week in
continuation of the speculative campaign
inaugurated last week. There is rather
surprising accounts in the missions that
the rise In prices has been largely fact-
tious. and aided by manipulatiye tactics.
1t is explained that the purpose of such
operations Is to adjust prices to level
which the designers consider more in ac-
cord with the prospect of the future
values than before existing and buying
orders which have caused the advance
were admittedly designed more to lift
prices than to accumulate stocks. Conf
dence was felt that real holders of stocks
would be as little inclined to part with
holdings to measurably higher prices as
they had persistently shown themselves
to be at the low prices at which the dull
period offered no profit.
In the money market there has been
a rather conspicuous lack of the usual
preliminary demand for investment. and
activity in the department was greatly
congested In the Japanese governments
The market showed some sentiveness
to the harden of call loan rates late in the
week incident to the preparations for the
July settlements Business was not suf-
ficient to impair the confidence in con-
tinued ease of money on which the spec
ulative movement counts. The report of
the comptroller under the call of May
49, however, has been the subject of some
rather sober discussion compared with
June last year, the nearest correspond