The daily morning journal and courier., 1903-08-22
Efttatrcia1.
YESTERDAYS STOCK : MARKET.
Indications of Approach of Another
 pertotf of sDecuipttve fSe.s.

Indications of Approach of Another
 Period of Speculative Rest.
 New York, Aug. 21.-The 1essening range of the fluctuations in to-day's stock market, its irregular tone, and the diminishing volume of business all in- dicated pretty clearly the approach of another period of speculative rest, which is likely to mean small trading and sluggish fluctuations until some marked change in conditions develop. The rally which developed yesterday af-l ternoon was carried forward this morn- ing to the extent of between one and two points for the principal active stocks. This rally was apparently di-5 rected against the shorts and was ef-. fective in inducing them to cover large ly. This served as an admonition to the bears that forces existed to oppose their. efforts to force prices lower, just as the reaction on Tuesday had warning eff feet on the over enthusiastic bulls. A, comparison of prices of twenty active railroad stocks indicates that the de- cline in average prices from the high
 
 part of the present month reached something over 45 points. The only. substantial intervening rally was in the latter part of last year and the first part of this under the influence of what Wall street has come to name ''the faith cure," consisting in informal intima. tions from an influential party of bank officials last fall4when bank reserves were falling that they stood prepared to supply $50,000,000 of credits to the stock market if necessary to avert trouble. That measure postponed the process of liquidation, but did not avert 1t, and 1t is evident that the course of the mar ket has run had its inception previous to that The rally in the average price of the same twenty stocks up to the cul imitation on Tuesday is estimated at Ii points The reaction to yesterdays low point was in the neighborhood of 5 points, and to-day's upward movement did not avail to overcome that. The ap- proach towards a condition of more sta- ble equilibrium is clearly perceptible. The early demand to-day did not go far beyond the uncovered short interest. The acute weakness developed by the United States Realty stocks was a fac tor in checking the advance, But 1t was not effectively renewed after the realty stocks rallied. The days weather may was reported perfect for the growing crops and wheat and corn eased off in consequence. The cotton market was influenced by new assertion of control by the managers of the corner. Copper was strong in London and sentiment abroad was more cheerful regarding the political outlook for southeastern Europe. The weeks receipts of Austra- lia gold and the fact that the currency movement with the interior is still in favor of New York on balance, promise we'll for to-morrow's bank statement, although the usual doubts surround the loan item. Those news developments did not avail to hold the market. Weakness became decided in the Uni- ted States Steel stocks and in Pennsyl- vania and quite number of the leading active stocks were forced a point or more under last night. A final rally &C., centuated the irregular character of the market and the closing was firm.
 Bonds were irregular. Total sales par value $1,169000.
 United States bonds were unchanged on call.
 NEW FORK STOCK MARKET.