The Birmingham age-herald., 1905-07-08
TOTALS NJ LARGER THAN ON THURSDAY Congestion in Certain Stocks
 is Less Violent GREATER BREADTH SHOWN Some of the Low Priced Non-Dividend Paying Railroad Stocks Were
 Brought Into Activity
 During the Day.
GREATER BREADTH SHOWN

New York. July 7.-Todays transactions in stocks yielding no larger total of sales than yesterday. There was less vio- | lent congestion In one or two stocks, al- though Reading and Union Pacific still held very conspicuous place in the trading. Reading extended It's record price as it has each day for some time past, and there seemed limit to the speculative confidence of those who have advanced the stock It is suspected that the ventures on the short side of those who do not share their confidence in the present price of the stock on a per cent dividend basis. have served to further the campaign of those who are pulling the price.
 Many srumors are current of the large outstanding short interest which is driven to cover by the persistent rise in the stock. Union Pacific was subjected to profit-taking sales and was thus held in check, in spite of the good returns of net earnings for May made by the Hartman Pacifics. To offset this profit taking, there was some diversion or pro fessional support to other quarters of the market. and this gave the market an ap- pearance of somewhat greater breadth than that of yesterday. Some of the low priced non-dividend paying railroad stocks were brought into activity. The coalers had the advantage of figures of the anthracite output for June. showing q well sustained volume. Pennsylvania and the Fries were both strong. These are amongst the stocks Into which recent issues of bonds are convertible at ex- change values, considerably above those now ruling for the stocks.
 Amongst such convertible bond issues made since the first of the year are men tioned the $10o,0oOOo by Pennsylvania; s32, 900 by Atchison and $10,0OO0oo each by Erie and Delaware and Hudson. As the recent issues are supposed to be still largely in the hands of first subscribers there is motive evident for causing ac- tivity and strength in the stocks, which will serve as an additional attraction for securing these convertible bonds. There was little news bearing on values, or an the movement of prices, the occasional advances being clearly due to Vagarles of speculative sentiment as much as 
 currency movement did not indicate im- portant changes In the cash item Of the banks, and not much attention was paid to it. An interesting development was the large increase in demand for time loans This was declared to come from stock commission houses, and was sup posed to be incident to the present activ ity In the stock market, or to prospective operations thereN The tone or tune money was steadied, but there was no important change in rates, xThe wheat market reflected some anxiety over .he wet weather reported from the crop re- eions. but the stock market was not inn pressed. The days profit-taking had its effect on prices and some small net losses were established before the day was over. The closing was easy and at about the lowest of the day.
 Bonds were firm. Total sales par Vaiue'