The Birmingham age-herald., 1905-08-19
REDUCTION IS MADE IN COMMITMENTS Stock Market Still Has Firm
 Undertone FEW STOCKS PUSHED UP Renewal of Freight Rate Disputes Be- tween Coast and Gulf Lines Was
 Disturbing Factor In
 the Market.
FEW STOCKS PUSHED UP

New York, August 1S.-Precautionary measures to preserve profits in the shape of selling to realize over-bore the new buying demand today, and gave the stock market of the day reactionary tone as. whole. Some question as to the possible fleet of the outcome of the peace con l erence at Portsmouth, and the large in- roads the week on the cash reserves of the banks emphasized the disposition to reduce commitments.
 The market continued to show a firm undertone which was manifested by the progressive dullness of the trading as prices declined. The selling, in fact, was not pursued aggressiyely and the market had frequent periods of recovery. It had its points of positive strength as we'll, although these were few in number and without the prevailing effect that has been seen on previous days of the week. The pushing up of, new stocks was oo- viously for the purpose or sustaining the rest of the market during the process of profit taking The perception of this fact diminished the effect of the advance. St. Paul was the conspicuous instance of early strength and it was made to open at a wide advance of over last night, while active selling began almost imme- diately at all other points in the list. Late in the day an enormous accumula- ton of Pennsylvania set in and this served to hold the level of prices for a time at other points. Reading also went to new high level during the day.
 This about exhausts the list of strong stock among the active market leaders. Otherwise the pressure to sell was quite general, but was most marked in the late speculative fayorites. The Pacifics were especially affected so much so as to give rise to a rumor of an intention to issue additional Southern Pacific bonds to ac- count for the weakness. This rumor was without official sanction. The renewal of the dispute over freight rates between the coast and gulf lines was disturbing factor upon sentiment, and the outbreak of yellow fever at new points in the south was also disliked. The sustained firm ness of Japanese and Russian govern ment securities kept up the belief in finan- cial circles In an ultimate agreement on peace treaty at Portsmouth. But the almost hopeless tone of much of the news reports, and of the diplomatic utterances from that point were not without their influence on sentiment. The possibility of the failure of the conference had it's part in inducing profit taking sales. But the preliminary estimates of the currency movement for the week indicating loss to the interior of something over $4000,0o0 was the predominant influence on the market especially as the sub-treasury was absorbed from the banks. in addition to some s1647 GOO. Part of the latter item Is due to payment of drafts by internal revenue collection, and represents indi- rectly the growing requirements of the Interior for funds With the enormous crop in prospect, and the great business activity of the interior this requirement. may be expected to expand from this time forward While the market showed resistance from time to time prices were