The Birmingham age-herald., 1903-08-08
STOCK MARKET
 AT 4 STANDSTIL
Buying Movement Seems to
 Have Spent Its Force
PROFIT TAKING AT START
1t Was Apparent That Support Was Forthcoming for the Market on Declines and There Was No
 Renewal of Bad Tone.

New York, August 7.-Today's stock market started upwards in continuation of yesterdays late movement towards re- rovery, but 1t became apparent very quickly that the further advance in prices was encountering sales to take profits on yesterdays late rise. The buying move ment also seemed to have spent it's force and there was no disposition shown to fol- low the advance in prices On the other hand it was apparent that support was forthcoming for the market on declines and there was no renewal of the tone of demoralzation such as characterized the market yesterday morning, before the rally set in. Even the resumption of liqui- hatlon in spots. which was easily per- ceptible, was taken calmly by the market which developed no appearance of dis order at any time. There was free selling of some of the western grain-carrying roads. New York Central and the special ties. Pressure was renewed upon vif- ginia-C Carolina chemical and it was believ- ed that collateral for loans was being thrown upon the market again. Later in the day raiding tactics by the bears show sd themselves distinctly, especially in Can adian Pacific which was forced down four points on the circulation of baseiess ru- mors alleging the closing of the Montreal stock exchange and renewed financial difficulties there Even this did not dis turb the apparent equanmity of the mar ket. The tone was heavy and sluggish all day, but the character of the market was very different from the acute weakness shown in the Ter stages of the recent decline. What the cause of the improve ment was did not become known, although rumors to account for the change were abundant. 1t was believed that some large settlements had been effected by the talk ing over of important holdings of various stocks by private agreement, thus reliev- ing some weak points in the situation. Yesterdays derronstra tion of buying power was accepted as proof that powerful fnan- cial interests were prepared to offer sup port to the market to prevent it's running into demoralization.
 Yesterdays supposition that vigorous upward movement of prices had been de- termined upon by the financial powers was seen to be without foundation But this did not prevent a feeling of comfort over the check to the headlong downward course of prices. and the consequent con- traction of credits which was threaten Ing disaster. One of the developments of the day was a steadier tone in the foreign exchange market. which seemed rapidly approaching the gold import point In the last two days. It is an anomaly of the situation that the frmer tone of the exchange afforded some relief The heavy offerings of the few days have not been against commercial exports, but have been of bankers loan bills, which 1t was feared represented an urgent pres sure for credits that could not be satis- fled at home. The lighter offerings of this class of bills today was viewed with satisfaction. Tomorrow's bank statement promises to show a smaii less in cash, the receipts on balance being so much smaller than last week as not to wipe out the loss by the banks to the sub treasury of GOO. 1t will be remembered that the banks gained upwards of S700O0O0 last week. The market seemed to be undis- turbed by this contrast. The outlook for the loan item is fair ana there is noth- Ing to indicate that the weeks llquida- ton in stocks will be any more reflected In the loan item than was the disap- pointing case last week.
 Bonds were irregular Total sales, par value, S2.3l5,000
 United States bonds were unchanged on the last call.