The Birmingham age-herald., 1903-08-22
PERIOD OF REST
 IS APPROACHING
Evidences of Lethargy in Stuck
 Market Are Apparent
U. s. REALTY VERY WEAK
Copper Strong In London, and Political Sentiment Abroad is More Cheer. ful-currenoy Movement Still
 Favorable--Bonds Irregular.

New York, August 2t,-The lessenins of the range of fluctuations In today's mar ket, its irregular tone, and the diminish ing volume of business, all indicated pret- ty 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 develops. The rally which developed yes- terday was carried forward this morning to the extent of between one and two points for the principal active stocks. The rally was apparently directed against the shorts and was effective in inducing them to cover largely 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 a warning effect on the over en- thusiastic bulls. comparison of prices of twenty active railroad stocks indicates that the decline in average prices from the high level of 1903, to the low level of the early 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 intimations from an influential party of the bank officials last fall when bank re- serves were falling that they stood pre- pared to supply $500O0,000 of credits to the stock market If necessary to avert trou- ble. That measure postponed the process of liquidation, but did not avert 1t, and 1t Is evident the course the market has run since had d previous inception. The rally in the average price of the same twenty stocks up to the elimination of Tuesday is estimated at eleven points. The re- aetion of yesterdays low point was in the neiehborhood of five points and today upward movement did not avail to over that.
 The approach towards a condition or more stable equilibrium was easily per ceptlble. The early demand today did not go far beyond the uncovered snort interest. The acute weakness developed by United States Realty stocks was factor in checking the advance, but It was not effectively renewed after the realty stocks rallied. The weather map was reported perfect for the growing crops and wheat and corn eased off in consequence. The assertions of control by the managers of the corner. Copper
 
 abroad was more cheerful regarding the political outlook for southeastern Eu- rope.
 The weeks receipts of Australian gold and the fact that the currency move ment with the interior is still in favor of New York on balance, promise well for tomorrows bank statement, although the usual doubts surround the loan item, These new developments did not avail to hold the market. Weakness became decided in the United States Steel stocks s and in Pennsylvania and quite number of the leading active stocks were forced a point or more under last nights level. A final rally accentuated the irregular character of the market and the closing was firm.
 Bonds were irregular, Total sales, par value. $l.169,O00. United States bonds were unchanged on call.