The Birmingham age-herald., 1902-08-29
LITTLE ACTIVITY
 IN STOCK MARKET Some Sharp Losses incurred by
 PIuuging in Reading  SLOSS SHEFFIELD RISES Upward Movement In Canadian Pa eife Seemed to Be Due to Re-
 ports of the Redemption of
 the companys Bonds.
SLOSS SHEFFIELD RISES

New York; August 2s.-There was a considerable further contraction of ac- tivity in the stock market today, and the animation which has been shown on pre- vious days of this week was lacking The speculative disappointment caused by yesterdays reduction of the dividend on Reading first preferred and the anxiety over continued depletion of banking re serves through the interior demand for currency were responsible for the pause in the speculative activity.
 It was apparent that some sharp losses were incurred by the plunging in Read ing yesterday before the dividend redue- tipn was announced and in Atchison on the day before, previous to the report of the shrinkage in July net earnings. There was some further selling in these stocks today and Illinois Central reacted sharply from yesterdays show ot strength. After the pressure to sell by disgusted holders on margin had relax ed prices were pushed up here and there with rather sustaining effect on the rest of the market. No stocks of the first grade were concerned in this move ment which was confined to minor rail- road stocks and to some rarely active speeialties notably the gas stocks and the express stocks Talk of consolida- tion accompanied the rise in both cases. S.oss- Sheffield steel stocks strong rise was unexplained.
 The upward movement in Canadian Pacific seemed to be due to reports of the redemption of the company's land grant bonds. The Toledo, St. Louis and Western stocks, the Wisconsin Central stocks and the St. Josep-- and Grand Island stocks enjoyed the benefit of the revival of old rumors of absorption by stronger interests. Colorado Fuels early break on the proclamation of renewed hostilities between the contending inter ests in the property was followed by a violent recovery and again by reaction.
 The undertone of the market was de- eidedly improved after the early pres sure relaxed, but there was no disposf- ton toward the revival of enthusiasm with which stocks have recently been bought. The improved feeling was part ly due to the reports current of meas ures in contemplation for the relief of the financial situation. A report was formu- lated that the large banks were con- certing measures to secure by purchase or borrowings a sufficient increase in holdings of government bonds to enable them to expand their note circulation to a substantial degree. It is hoped that the bank notes can be shipped to the in- terior to meet the demand for cifcula- tion and thus afford protection to the reserves of lawful money with the banks. It was asserted that preparation had been made by the treasury department to supply promptly the demand for new bank notes, which is supplied very slowly as rule, owing to the time consumed In en- graving and printing notes It has been supposed that the available supply of government bonds had been pretty well swept off the market, but the belief that the available means for releasing sur plus government funds to the market have about been exhausted has stimula- ted efforts to find other means of relief.
 The deposits at the sub-treasury for transfer to the interior today amounted to s400000, of which $200,000 were for New Orleans and $20O00o for San Francisco. without counting today's operations the ub-treasury has absorbed from the mar ket since last Friday $5,272,0OO. The movement of currency through the regu- lar express channels is believed to have been heavily against New YorK also. It is evident therefore that a speedy ex- haustion of the margin of surplus re- serves of the clearing house banks Is threatened.
 The bond market was less active today and irregular. Total sales, par value, per cent on the last call.