The Birmingham age-herald., 1905-07-14
RESTRAINING FORCE
 CHECKS EXCESSES
SpecuIators In Stock Market
 Are Disappointed
IRON STOCKS STILL WEAK
Weather Reports from the Crop Re- aons Supplemented the Good Ef- feet Shown Wednesday by
 Government Report.

New York July 13.--The vigorous recov- cry of yesterday from the effects of the sharp liquidation of the day before aroused brilliant hopes in the minds of a professional element that the stock mar ket was to feel the benefit of the i'm" proved technical position resulting from the digestion of profits, and would be nrepared to renew the advance without serious obstacle.
 The result, however disappointed these hopes and offered an admonition that some restraining force exists upon any i'm. mediate renewal of unmeasured specula. tive operations. What the restraining force may be, does not appear on the face of developments, but 1t Is conjectured in the neighborhood of the stock exchange itself that the banking authorities will De willing to see restriction on the amount of funds borrowed for the purpose or speculative commitments in stocks unti. autumn requirements on the money mar. ket are better defined The market started off with something like rush In con- tinuation of the buoyant movement at the close yesterday.
 The strength thus shown was promptly taken advantage of to realize profits by professional traders who secured holdings on the decline of Tuesday. This impatience to turn over profits was in itself discour. aging to those hopeful of an extended re. covery. More careful inquiry served to throw doubts on the authority for some of the excited rumors circulated late yes Ia ton of surplus assets to Northern Pa- cif1c and Great Northern stockholders although it was sought in connection with those rumors to revive the whole series of rumors regarding plans for read iustment of Northern Secuities holdings The most effective response today was Tn St Paul and Atchson The response or Baltimore and Ohio to the increase in It's dividend rate was also disappointment to tho followers of the market.
 1t is expected according to numerous precedents for a stock to react on the publication of news which was the mo. tive for it's advance, but the immediate precedent of the uninterrupted advance of Reading. after its dividend increase, had aroused hopes of new order of things. With the dropping tendency dis. played by Baltimore and Ohio, the con teution that it's dividend increase was a prelude to enlarged disbursements on other stocks, lost some of it's force, as other stocks apepared to have enjoyed preliminary advances on the expectation fully equal to that in Baltimore and Ohio. The effect of the dividend action on this stock was seen. however, in Pennsylvania and New York and Western- which en- joyed a season of strength.
 The July iron statistics failed to show any of the revival of which there has been talk in stock market circles in con" neetion with the recent strength of the steel industrials. but the contemplation of prodigious figures of the half year production. and consumption made an im- pressive lesson of the vast expansion in this industry. and of the far-reaching im- plications of this fact on the industry or the country as a whole. Weather reports from the crop regions supplemented the good effect shown yesterday from the