The Birmingham age-herald., 1903-08-28
SMALLEST TRADE
 IN PAST 5 YEARS Business of Room Professionals
 Makes Entire Market WEATHER IS UNAVOIDABLE Trade Reports in Iron and Steel Are Distinctly More Cheerful, indi-... eating a Growing Demand.
 Easier Tone for Money.
WEATHER IS UNAVOIDABLE

New York August 27.-Dealings In stocks were smaller today than for more than three years past the aggregate dealings reaching only about 10000 shares. Trading by room professionals made up the entire market. They at tempted in the early dealings to continue yesterdays downward course and suc- ceeded to the extent of point in few prominent stocks" Covering of shorts before the end of the day caused prac- tical recovery of the declines and the market closed dull and heavy and not appreciably changed from last nights level.
 The dwindling interest in the yacht races races did not result in any in- creased attention to the stock market and many of the members who came down this morning did not stay the day out. The preliminary annual statement of Erie showing in the neighborhood Of four per cent earned on the common stocl. accorded closely with expectations and Wsulted in profit taking sales, which carried the price at one time point under last night Disappointment over this movement reflected depression at other points in the market The news of the murder of our vice consul in Tur- key was assigned as the motive Tor some selling here for London account, but the incident awakened little apprehen- sion in our own market where 1t was assumed that the Turkish government would make. all the reparation demand ed The days weather map was regard ed as unfavorable for grains Some sell ing orders attributed to Philadelphia ac- count were commonly supposed to be due to the exigencies of the coming re-organ- ;zation of the Consolidated Lake Superior company.
 The trade reports in iron and steel were distinctly more cheerful and indi- cated a growing demand at the eonces- sions now ruling. Foreign banking houses continued to make loans here in spite or the large withdrawals today of gold from the Bank of England. This had the erect of causing a somewhat easier tone in the time money market. No large interior de- mand for currency is yet evident, while in the week ending August SO Of last year there were large transfers both to New Orleans and to Chicago. Previous to that week last year there had been the usual assurances that western bank reserves were so large that a small requirement. upon eastern reserves was probable, but for the week ending August 30 New York bank reserves declined $3,O6S 400. On Sep tember 13 the decrease was $7039 300. and on September 20 further decrease of ST. 331, 700, with a deficit below the legal re- serve of $1642,050. This occurred not withstanding loan contraction from Au- gust 30 to September of over $22, COG, 900. The severe experience of this precedent more than anything else has prompted the conservative and cautious attitude of the New York banks recently, and although the usual movement of currency to the Interior is now expected, the opinion is gathering that the banks have carefully provided for it, so that they will be able to meet requirements without a severe strain on the money market. There was slightly more breadth to the bond market than to the stock market, but it was dull and irregular. Total sales, par value, $1,- 095 GOO.
 United States bonds were all unchanged on last call