The Birmingham age-herald., 1903-08-21
FURTHER ADVANCE
 IS NOT FAVORED A Period of DuIIneSs is Before
 the Stock Market PRICES DECLINE EASILY Special Significance Attached to Drop of 2 s-s Points In Amalsamated, 2 In ss. Paul, and 4 In Con
 soIidated Gas.
PRICES DECLINE EASILY

New York, August 20.-There was more selling of stocks this morning of the same character as that of yesterday and little resistance was offered. Prices in conse- quence declined easily during the morning and effective inroads were made upon the sharp advances from the low level of the year, which had been achieved last week.
 The reaction has run to about six points In Rock Island and Amalgamated, which were the late leaders of the upward movement and which have in turn led the downward movement. The very large volume of the trading in Rock Island at the top level causes belief that large distribution of stock was effected by in- sders at that level and has given rise to the supposition in some quarters that the general market was under manipulation to facilitate this operation. There was no. sign any longer of the powerful support and resistance to decline which helped the market upwards in the first stage of the recovery This was accepted by the purely speculative contingent as an intimation that great banking institutions and in- fuential capitalists do not favor a fur ther advance in prices nor an active spec ulation at this time. There is an expeeta- ton in consequence that a period of dull ness and sluggish fluctuations lies before the market. The rate at which the re- covery was proceeding and the extent of the speculative commitments which were being made, seemed to arouse apprehen- sions of renewed entanglements which the coming requirements upon the money market might make hazardous.
 Special significance was attached to the drop of 2ss in Amalgamated, of two points in St. Paul and four points in Consoli- dated Gas owing to the popular concep- tion in Wall street that the course of these particular stocks represent the at titude of Standard oil capitalists in the market on the financial sitaution. The money situation is carefully watched from day to day for the development of the interior demand for currency. Shipments to the interior have been on a larger scale this week than last and the balance may turn against New York at any time.
 Call loan rates continue very easy, but the time money market is hardening ap- precabiy. The banks point out that It is their purpose to conserve their resources for regular commercial needs. and the quoted rates represent the terms for those purposes.
 Rates otherwise are matters of private agreement. The stock market contingent is still inclined to disappointment over the doubts expressed as to currency leg islation with the coming session of con- gress.
 The days movements in the grain and cotton markets were favorable to stocks, the decline in prices there, indicated inn proved chances for the crops. The tone of sentiment in the iron trade was more cheerful today, reports indicating that the downward course of prices has caused some increased demand at last The attendance at the stock exchange was reduced by visits to the yacht race, and after the race was under way the interest on the floor was largely divert ed to the bulletins of the race. With the decrease in the activity of the market a large short interest was left uncovered, which showed gathering concern as the day progressed.
 Prices recovered steadily and on small dealings closed firm at about the best of the day Net gains of a point or more are shcwn by a number of the Pacihcs and trunk lines Atchison rising points over last night Bonds were irregular and turned heavy after the opening Total sales par value, were $1 ,322, ,000
 United States bonds were all unchanged on the call.