The Birmingham age-herald., 1903-08-25
SMALL BUSINESS
 RAPIDLY LESSENS Sluggish Tendency Meets the Stock Market Expectations NEW YORK CENTRAL WEAK Evidence of Support By Managers for Leading Stocks Gives Resssurance.
 Money on Gall Continues
 Cheap and Abundant.
NEW YORK CENTRAL WEAK

New York, August 24.-Todayss dull and sluggish market accorded with expecta- tions, the volume of transactions falling to about quarter of a million of shares, and this small business was on rapidly diminishing scale during the latter part of the day.
 In the last hour of the market there were long intervals when no quotations were recorded. The ton was rather heavy throughout but hardened slightly at the last on covering by the room shorts. Some inclination to sell was carried over from Saturday on account of the bank statement and the filing of petition In bankruptcy by a stock exchange mem Der, although it was subsequently, with drawn. mad a slightly depressing infiu- ence. The special weakness in New York Central at a decline of points was not explained by specific developments, but the known necessity for the raising Of additional capital overhangs this stock, and caused it to be depressed at inter- vals Only a few other stocks of the first Importance got as much as point away rom ldSI Wttk CipSts IN0dlty Pi made a dip of 2A points, but afterwards rallied and steadied.
 There was evidence of support by mar ket managers for various leading stocks which served to reassure sentiment. It is the general conviction that the pro- cess of closing out the larger class or speculative accounts which are the out growth of a prolonged price movement in either direction has been about com pleted, and the market left to revert to the smaller classes of speculators, who confine their operations to the board room in efforts to scalp a daily proht or a fraction.
 Last weeks lessenng fluctuations and todays semi-stagnation are the proot or the closing up of larger speculative com mitments. It is expected that the outcome of the corn crop will be awaited before the market enters upon another distinct phase Sentiment in Wall street also con- tinues doubtful as to whether the indus- trial and mercantile structure at large will be spared a process of contraction similar to that which has been going on in Wall street.
 Money on call continues cheap and abundant but this is because lenders con- tinue 10 keep their resources in That shape so as to be readily available. ' 'la loans and mercantile paper continue 70 reflect  a firm tone in the interest rate and great circumspection is exercised in the matter of collateral on all loans. There Is con- siderable demand from the mercantile communities and bankers who attributed last weeks loan expansion by the banks largely to this cause. It is expected that the late corn and cotton crop may delay somewhat the full interior requirements for currency. but this demand Is now daily awa'ted Sterling exchange was strong aga today and gold was advanced in London, Rains in the spring wheat belt and talk of large export engagements gave a firm tone to that cereal, while corn was easier on good weather reports. Statistics of railroad traffic show that the grain movement continues small, but rail way officials assert that the movement of general commodities is keeping the traffic at a high level
 The bond market was dull and heavy. Total sales. par value, $1145,00O; United States bonds were all unchanged on tho last call.