The Birmingham age-herald., 1903-08-18
|RREGULARITY Is
 STILL APPARENT Degree of Hesitation Through l out the Stock Market FEAR OF MORE REACTION Doubt Whether Market Is Yet Up for Demonstration of Strength Causes
 Buyers to Hesitate--Money
 Rates Firm.
FEAR OF MORE REACTION

New York, August 17.-There was a continuance of irregular stock in to- days stock market, but it was attended by a degree of hesitation throughout There was no such urgency or unmixed confidence in the buying as was the case last week The principal strength of the market was concentrated in a few stocks and the largest proportion of the days transactions was also in the stock. The professional traders professed doubts whether the recovery from the extreme depression had not run too far in the last week, inviting renewed reaction! There was doubt also whether the mar ket was ripe for a demonstration of positive strength beyond the normal linn its of upward reaction after the acute depression,
 Except for the fact that most of the necessary liquidation which had depress- ed the market seemed completed, there was not enough indication of positive change in the conditions which forced the liquidation, to make an indefinite upward movement look safe or attrac- tive. There is some revival of apprehen- sion over the money outlook and the best grades of commercial paper espec- ially command 6 to 61s per cent while commissions in some cases raise the irr- terest rate considerably above this. There does not seem the slightest. req son to show any question of mercantile credits involved in these rates. It is simply a pressure upon the available ID, money. show the same frmness and some lenders refuse to quote rates, pointing out that the terms are a matter of in- dividual judgment between lender and borrower.
 The tendency of interior exchange fore shadows the coming demand for crop nov ing purposes and a stronger tone in for eign exchange made the outlook for im- ports of gold not so assuring. The price of gold was raised in the London market and discounts were inclined to harden abroad. The situation abroad was affected to some extent by the events in southeastern Eu- rope. The opening decline here was large ly in sympathy with the London market, although there was some profit taking for domestic account, prompted by the ex- tent of last weeks rise and by disap- pointment over the Saturday bank state ment It was feared that some of the
 
 would come on the market now and there was some apprehension that the large banking interests would frown on any fur ther advance in prices The latter fear was quieted by the character of some of the early buying, which was given the appearance of absorption by some of the large banking interests. Profession al leadership was evident in the skill with which the effective buying was dstrib- uted and was shifted from one quarter to another Erie was in conspicuous de- mand. Early and glowing forecasts were heard of the showing to be made in the forthcoming annual report. Southern Pa cifc Rock Island and Amalgamated Cop per were successively brought into prom hence Copper was advanced Ac a pound here and 21b 5s a ton in London. The late buoyancy of Amalgamated Copper and Rock Island, which rose 2ss and 3A, respectively sustained the later market. which was disposed to go off on profit taking. The closing was in consequence irreeuar and below the best all around.
 Bonds were irregular in sympathy with stocks. Total sales par value, $i70000; United States bonds were unchanged on the last call.