The Birmingham age-herald., 1905-07-06
STRONG FORCES
 BEHIND MARKET Volume of Dealings in Stocks
 is Large SPECULATORS IN CON TROL News Matter Was Dlsreearded at the Outset so Far as It Was Adverse
 to the Campaign for
 A Advance.

New York, July 5.--In spite of a relapse In prices late in the day. there was no nlistalSing the aggressive strength of the forces behind today's continued specula- tion in stocks. The volume of dealings rose we'll over Mondays unexpectedly large total
 As to how far the stimulated advance in prices succeeded in attracting an out side demand, estimates and opinions vary. There was evidence of some ex- tension of intersts in the market in the character of the business done by com mission houses. when trading began and 1t was evident that there was some feel ing of this demand to take profits by those who have been buying previously. Support was not abandoned until the gold export announcement. The market was plainly under the influence still of the organized speculative forces which have conducted the present advance from it's inception. 1t was believed, in fact, that there had been some influential recruits to the ranks. of the market leaders The large congestion of the dealings in special stocks, the orderly manner in
 
 quarter to another, and the skill display ed in the selection of stocks in these movements. with view to influence on sentiment, and to help selling to ad- vantage of stocks previously advanced. left no room for doubt of the continued control of the market by organized lead ership
 line continuance of maneuvers to sus- a distribution of stocks accumulated in the course of the late rise Is not completed, although the digestive process was going on actively today. News matter was dis regarded at the outset, so far as they were adverse to the campaign for the advance The feverishness of the cotton market offered no ground for revising g the serious view of the crop outlook induced by the government report on Monday. There was some special pres sure to realize in consequence in the stocks of cotton carrying railroads. The trouble precipitated amongst a chain of western banks by the Topeka bank failure is of kind which would upset the stock market in some of it's moods. but 1t seems to have been totally dis regarded by the present market and this notwithstanding the widespread dis cussion given to the present great volume of bank loans outstanding. and the im- portance of the maintenance of perfect confidence in their quality. Much more importance was attached In the view of the active speculative perty to the re- laxing tone of the money market as an evidence of the release of funds for July disbursements
 The bond market still showed little effect from any demand for investment. There was, however. some activity in new issues of bonds. convertible into those stocks which have been made active in the present movement. These stocks will sell considerably below the prices at which the conversion provides for the bonds would prompt an exchange, but the movement in the stocks prompts some speculative demand for the bonds. It was in the minor iron and steel indus trials thai the new forces in the semi professional speculation was believed to make the largest effort. Strength or