The Birmingham age-herald., 1905-08-06
GROUND WAS LOST IN EARLY TRADING Bank Statement Did Not Cause
 Entire Recovery SHOWS DECREASE IN CASH United States Steel Was Notably Firm. Touching 1o5, Thus Extending
 the Margin of It's Rec
 ord Price.
SHOWS DECREASE IN CASE

New York. August 5-Prices lost ground In the early trading today and did not en- tirely recover in the stiffening of values which followed the apeparance of the bank statement. The early selling was precautionary on account of intimations that the banking operations of the week had been so complicated as to leave the effect on the daily average unusually ob- scure for estimating. Fears existed that the item of loans might show a heavy expansion as a result of the August 1 settlements, and the payments of an in stallment on the Japanese loan subscrip- ton with the privilege to subscribers to pay in full and save interest.
 The bank statement showed all of the expected decrease in cash, but the moder- ate loan expansion of 300 proved much less formidable than had been antie- ipated It is sufficient, however, to cross by a margin of a couple of hundred thou- sand dollars the largest previous record touched by the New York clearing house banks loans in October of last year. The surplus reserve item at the same time Is reduced to sl2163525. compared with $50 at the same time last year. and s21,5S7,075 two years ago. This showing ex- plains the under current of an anxiety regarding the money outlook with the pe- riod of the interior demand for currency approaching which is only partly quieted by the extreme ease prevailing up to this time in the money market. The move- ments of the day were trivial throughout. United States Steel preferred was not ably firm and touched 105, thus extending by an eighth the marking of its record price. The fact that the quarterly dividend Is to come off the price of the stock on Monday was offered to explain its firm ness. Pacifics generally closed at signifi- cant fractional declines
 Total sales of bonds par value, $1,- 92S.000
 The movement of stocks this week has shown a waiting attitude on the part of larger and more important interests. Deal tngs have been restricted, and the day-to- day developments have not been of much effect on prices nor on the volume of business. Such progress as has been made on the progress of establishing more fa- vorable conditions in business and in indutry has awakened little response in the securities market. suggesting that op- erations formerly effected had been in the definite anticipation of events as they nave occurred. The professional operations in stocks which have made up the bulk of the transactions in the market have been hesitating and varying, and in the nature of testing operations. These tests have apparently failed to open an outlet for any great extension. and have been desisted from or reserved at intervals, giving the market an irregular and un- even appearance.
 The passage of time through the criti- cal period of crops in itself makes for safety, and news of crops conditions have been favorable with the exception of cot ton. The governments report on the con- dition of that staple revealing a further deterioration was accepted as adding to the likelihood of a shortage which might impair the prosperous conditions of the southern territory. The progress of yellow fever and the. resulting interruption to traffic by uuarantines also have been re- garded with anxiety. But in spite of these special factors bearing on that portion of the country railroads in that terri tory have been strong in the stock P,