The Birmingham age-herald., 1903-08-23
HOLIDAY SPIRIT
 IN WALL STREET
Sluggish Price Movements Are
 of Little Significance
WEEKLY REVIEWS GOOD
avorabIe Reports From Various Parts of the Country Have Reas- ssurina Effect on the Stock
 Market-Bonds Steady.

New York, Aug. 22.-The stock market of the membership being absent at the yacht races or for end of the week holi- dys out of town. A holiday on the London stock exchange subtracted also from nor nal business. The sluggish movements of prices under these circumstances were of little significance. United States Realty preferred suffered from the rumors preva- lent that the next dividend would be pass cd. Minneapolis and St. Paul and Sault Ste Marie then yielded on profit taking. Favorable weekly reviews of trade by the mercantile agencies were reassuring fac- tor and the crop news had nothing threat ening in it.
 Attention was attracted to the large im- port or re-import movement of cotton thus far in August for delivery on contracts, owing to the existence of corner. This Is an adverse fact in the exchange market. The Financial Chronicle points out that the municipal bond market has suffered in common with that of other securities from the dearth of demand and estimates that no less than 155 offerings of municipal bonds throughout the country have failed of takers in the last three months There was a slight spilling out of stocks on the publication of the bank statement, as the large loan increase was a disappointment, but the room shorts in the narrow market covered again before the closing, which was steady but almost stagnent. Bank CTS are inclined to attribute the loan ex- ma n fa hi to larger extent to regular commercial demands.
 The upward reaction in stocks which de- veloped in the early part of the month reached it's limit this week and there has been sharp o.ownward reaction. The successive fluctua tions seem to be the nor nal sequel to the prolonged decline, rather than response to any new factors in the situation. With the cessation of the fore ed selling of collateral out of town, vio- lent rebound was to be expected when the long-standing bear account began to cover.
 With the satisfaction of the demand rom uncovered shorts, it was natural hat there should be augmented selling
 fessure by those seeking to take profits tho had been buyers at the low level. fhe market of the early part of the week showed plainly enough that many If these buyers at the low level were capitalists of large resources and with skilled market managers on the floor of the stock exchange, kept their profits and interests well in sight. Subsequent events proved that there had been heavy profit taking under cover of the whip ping up of the market and the support ing tactics were afterwards withdrawn.
 There has been some brighter feeling in the iron trade, notwithstanding anoth- CT cut in the price of southern pig iron, as reports are- had of some increase in demand at last appearing on account of the lower range of prices. An advance in the price of copper has also been an event of influence on the stock market Railroad earnings have made satisfae- tory showing and rumors of dividend in- crease were used in the advancing period of prices early in the week, but disappeared later. Railroad officials continue to express confident views of the outlook for traffic and to report preparations making to accomodate an unprecedented volume. The business of the country at large seems to be still uo- affected by the contraction in Wall street with the exception of scattered failures of some small banks through cue the country which produced an un- pleasant impression.
 Prices of bonds rose but slightly in empany with the recovery in stocks and have been correspondngly little affected by the reaction in stocks. Quotations on call for United States bonds have been unchanged.