The Montgomery advertiser., 1903-08-25
SLUGGISH MARKET
DAY HAD SMALL BUSINESS ON
 A DIMINISHING SCALE.
Petition in Bankruptcy Was Filed by Stoclu Firm, But It Was Withdrawn Shortly
 Afterwards.

NEW YORK; Aug. 24.-To-day's dull and sluggish market accorded with expectations. The volume of transactions fell to about a quarter of a million 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 quotation was recorded The tone 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bank statement and the filing of a petition in bankruptcy by a stock exchange member, all though 1t was subsequently, withdrawn, had a slightly depressing influence. The special weakness in New York Central at decline of 2 points was not explained by specific de- velopments. but the known necessity for the raising of additional capital overhangs this stock and caused it to- be depressed at inter- vals. Only few other stocks of the first im- portance got as much as a point away from last weeks close. Realty preferred made a dip of 2A points, but afterwards rallied and steadied. There was evidence of support by market managers for various leading stocks, which served to reassure sentiment. It Is the general conviction that the process of closing out the larger class of speculative accounts which are the outgrowth of prolonged price movement in either direction, has been about completed, and the market. left to revert to the smaller class of specuators, who confined their operations to the board room in efforts to scalp daily profit of a fraction. Last weeks lessening fluctuations and to-day's semi-stagnation are the proof of the closing up of larger speculative commitments. 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 continues doubtful as to whether the industrial and mercantile struc- ture at large will be spared process of con- traction similar to that which has been going on in Wall street Money on call continues chaan and ah htfft ia hopauaA land- CTS continue to keep their resources in that shape as to be readily available. Time loans and mercantile paper continue to reflect firm tone in the interest rate and great cir cumspection is exercised in the matter of col lateral ou all loans. There Is considerable demand from the commercial community and bankers attributed last weeks loan expansion by the banks largely to this cause. It is ex- pected that the late and cotton crop may delay somewhat the full interior require ments for currency but this demand is now daily awaited. Sterling exchange was strong again to-day and gold was advanced in Lon- don. Rains in the spring wheat. belt and talk of large export engagements gave 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 railway officials assert that the movement of general commodities is keeping the traffic at a high level.
 The bond market dull and heavy. Total sales par value LAS. 900. United States bonds were all unchanged on the last call.
 New York Stock List.