The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-08-13
DISPOSITION To
SELL HANGS ON
Good Resistance Is offered to
the Decline
RAILROAD STOCKS SUFFER
Selling In Stocks Seemed Prompted BY
Measures Over the Complexion
Of the Bank State
ment.

New York. August 1.-THE disposition
to sell and take profits which was mani
fest in the late trading of yesterday on
the stock exchange, continued today, and
an irregular market resulted. The move
ment encountered good resistance at
the decline, and was followed by an eff
tective recovery, but the realizing was
renewed In the late dealings, and made
the close irregular.
Some of the high-priced railroad stocks
which had made sky-rocket movements
during the week, Jared rather badly in
the realizing process, although their wide
declines were not great compared with
the preceding upshoots. The selling
seemed to be prompted by some uneasi-
ness over the complexion of the bank
statement judging by the repurchases
which set in after the appearance of
that document. 1t showed all of the ex-
pected decrease In cash reserves, but the
considerable contraction in the loan item
was total surprise in view of the re-
vival of the demand for money In spec
ulation during the week. The demands
for loans has been sufficient in fact to
result In hardening the tone for money
to carry over the end of the year. 1t Is
Thought probable that the trust COM
panies may have begun taking over loans
for the banks, thus accounting for the
reduction in that item In the banks The
reports from the peace conference were
also watched attentively, and the news
that the counter proposition of the Rus
slams was taken under consideration by
the Japanese ENJOYS, which seemed to
point the way to further negotiations,
helped In the late recovery. The very
large buying of Reading and Ontario and
Western kept up the tone of the market,
but this was offset at the last moment
by the marked pressure upon EFT. Paul
and Amalgamated Copper.
Total sales of bonds, par value, 1886. 000
This weeks intelligence has fostered
spirit of growing confidence in the
prosperity of conditions in the country,
and the promise for enhancement of val
ues. The stock market itself has moved
with some hesitation and restraint. The
mass of securities has not been effective
~ stirred from It's inertia. In Individual
stocks, however, there have been rises
In prices that are sensational, and the
tendency of the whole list has been grad
ually upwards in sympathy. The upward
movement has gained in velocity with
the course of the week The develop
ments of the week are important In their
bearings on values, and some part of
the Indifference of the response In the
stock market was due to the assurance
with which events have been foreseen and
measures taken in the stock market be-
fore hand to anticipate them.
Confidence In the favorable outcome of
the grain harvests has been gaining In
strength for some time past. But add
tional Importance Is attached to the gov
eminent report of crop conditions August
]. as being the earliest authoritative es-
innate which can be safely accepted Of
the final making of the grain crops. The
showing OF that published at noon on
Thursday was accepted as momentous In
itsH extraordinary promise of the agri-
CULTURAL prosperity of the season.
The winter wheat crop is now beyond
danger. and with the spring wheat crop
which remains exposed to only modicum
ofidanger promises a combined yield only