The daily morning journal and courier., 1903-08-08
PEouoT HOP.
Eitramcial.
YEsTERDAY,s STOCK MARKET.
More Enoouras,ns character shown.


 New York, Aug. 7.-To-day's stock market started upwards in continuation of yesterdays late movement towards recovery, but it became apparent very quickly that the further advance in prices was encountering sales to take profits on yesterdays late rise. The buying movement also seemed to have spent it's force and there was no dispo- sition shown to follow the advance in prices. On the other hand it was appar- lent that support was forthcoming for the market on declines and there was no renewal of the tone of demoraIization such as characterized the market yes terday morning before the rally set in. Even the resumption of liquidation in spots, which was easily perceptible, was taken calmly by the market, which de- veloped no appearance of disorder at any time. There was free selling of some of the western grain carriers, New York Central and the specialties. Pres sure was renewed upon Virginia Caro- lima Chemical and it was believed that collateral for loans was being thrown upon the market again. Later in the day raiding tactics by the bears showed themselves distinctly, especially iii Can adian Pacific. which was forced down four points on the circulation of base less rumors alleging the closing of the Montreal stock exchange and renewed financial difficulties there. Even this did not disturb the apparent equanimity of the market. The tone was heavy and sluggish all day, but the character of the market was very different from the acute weakness shown in the later stages Of the recentsdecline. What the cause of the improvement was did not become known, although rumors to ac- count for the change were abundant. It was believed that some large settle- ments had been effected by the taking over of important Apldings of various stocks by private agreement, thus re- lieving some weak points in the situa- tion. Yesterdays demonstration of buy ing power was accepted as evidence that important financial interests were ASRnA EA tO atLOIA 0ukPJlJ LO lAAc IIIdIh- et if necessary to prevent its running into demoralizationw Yesterdays supp position that vigorous upward move rnent Of prices had been determined up- on by the financial powers that be was seen to be without foundation. But this did not prevent feeling of comfort over the check to the headlong down ward course of prices and the conse- quent contraction ofscredits, which was threatening disaster. One of the devel- opments of the day was a steadier tone in the foreign exchange market, which seemed to be rapidly approaching the gold import point in the last two days. It is an anomaly of the situation that the firmer tone of exchange afforded some relief to sentiment. The heavy of" ferings of the last few days have not been against commercial exports but have been of bankers loan bills, which it was seared represented an urgent pressure for credits that could not be satisfied at home. The lighter offerings of this class of bills to-day was viewed with satisfaction. To-morroW's bank statement promises to show a small loss in cash. the receipts on balance from the interior being so much smaller than last week as not to wipe out the loss by the banks to the sub-treasury of $3,509,- 900. It will be remembered that the banks gained upwards of $7,0c0,OOO last week. The market seemed to be undis- turbed by this contrast. The outlook for the loan item is obscure and there is nothing to indicate that the weeks li- quidation in stocks will be any more re- flected :n the 'ledn item than was the disappointing case last week.
 r Bonds were irregular. Total sales par value, $2, ,135,000.
 United States bonds were all unchang- ed on the last call.