The Birmingham age-herald., 1904-08-20
INTEREST SEEMS ID BE FALLING OFF Fluctuations in Prices Narrower and More Sluggish WHEAT REPORTS NOT GOOD News of Corn, However, Was Better and Helped the Resistance to
 Further Depression
 In Stocks.
WHEAT REPORTS NOT GOOD

New York, August 1s.-A considerable falling off in speculative interest was the noticeable factor about today's stock market. The volume of dealings con- tracted and the fluctuations in prices were narrower and more sluggish.
 The decline in activity reduced the demand for stocks and resulted in a heavy undertons without any marked pressure to sell. The general action of the market was still much the same as for the two previous days. Sustaining points of strength at the opening proved insufficient to hold prices but later deal- ings reflected the occasional rallies of the forces behind the market.
 The spread of the price war in the steel trade failed to cause any wide move- ments In the prices of securities, but 1t was the occasion of great concern never theless. United States Steel preferred was evidently supported and It's decline thus limited to "a, but the heaviness of that stock proved of marked sympathetic effect. Rumors of cuts in prices of wire and structural steel stimulated the fear of a spread of the trouble. Some of the rumors current during the day point ed to & weakening of the market for steel rails itself by shading of prices for the lighter weight grades
 Sugar was still an unsettling influence by its further recession in price and by the sources pointed to for the selling by the supposition of operators on the floor of the stock exchange The most effect I've sustaining factor early was the large demand for Pennsylvania which carried 1t to 124I4, the highest figure touched since the long decline reached after the new $75,0O0OO0 stock issue. This stock met some very free realizing on this ad- vance and encountered difficulties out side of the dragging effect of steel and Sugar.
 The calamity reports from the spring wheat crop came in a new flood and the response of the wheat market made some impression on sentiment on stocks The news of corn was better and helped the resistance to depressions In stocks The estimates of the big weekly currency movement indicate another addition to New York cash holdings. but 1t is clear that the current is turning In favor of the interior. Government operations con- finue to yield large sums to the New York market, which will be q guard gaainst de- pletion by the interior department so long as the treasury authorities shall not feel constrained to withdraw deposits with lne national banks in order to replenish their working balances.
 With the high prices for grain ruling, it Is not likely that the interior crop move ment demand will be less than usual The advance in exchange today was sufficient to revive some discussion of gold export possibilities. Probably these prospects in the money market had some oppressive effect on the speculation, although the money market was unaffected.
 The further advance in smelting and the strength of the Mexicans were of d spec lal character and of little general effect. The grangers succumbee, to the spring wheat disaster rumor5 in the late deal