The Birmingham age-herald., 1905-08-12
HESITATION IN
 STOCK MARKET Early Trading Shows Only IT,
 regular Strength ADVANCE WAS MADE LATER Feverisf Movements of the Later Trad ing Are still Suspected to Be
 of ManipuIative Origin.
ADVANCE WAS MADE LATER

New York, August LA material broadening out in speculation was a grad ual process In today's stock market, the early trading showing only irregular strength and considerable hesitation. The growth in speculative confidence had as its underlying basis the government re- ports, and conditions of the grain crops, but even amongst the railroad stocks im- mediately affected by the promise of great crops to be moved, the early move ment was irregular and halting.
 The corn grangers seemed notably re- luctant to move, in spite of the stress laid upon the promise of bumper corn crop. The character of the advice which went out of Wall street last night in the shape of letters and telegrams from commission houses, based on the returns of the grain crop, were not calculated to excite speculative activity. and these had their effect in the trading. Before the day was over, the irregular character of the market was repaired to a large extent, and fairly comprehensive ad- vance had been achived by the process of rotation from one point in the market to another High-priced investment stocks were still a feature and the sensational movements in this class exceeded in num- Der and extent anything witnessed In the stock market within the memory of man. Not much attention was paid to the constant rumors of transfer and com bination of control, which were set afioat as nominal explanation for many of these movements.
 The stocks affected were so varied and so totally disconnected on any passible grounds of comparison that the rumors concerned them so far they sought to associate them in any way were given little credence These feverish move ments were still suspected 10 be of manip- ulative origin. But the difficulty of op- erating in such mercuria1 securities on any ordinary marginal transaction, and the enormous resources required for their actual taking up in such volume as the transactions of yesterday and today rep resent added to the mystery of the move ment. It's demonstration of the tenacious hold of ownership on these shares, ever at the phenomenal price levels main tained, was taken as evidence of strong confidence in future values. Foreign mar kets were watched with attention for any indications of the probable outcome of the peace terms at Portsmouth.
 The stock markets abroad manifested an uneasiness, but the sharp advance in sterling exchange at Par,s was indicative of a purpose to accumulate further re- serves there. Discount rates hardened in response and the foreign exchange rate advanced here also The local m Jncy market was totally unaffected. This. Tn spite of the very considerable demand for funds involved in the more active speculation in the stock market, especially in the speculation of very high-prlced stocks. The estimates of the currency market for the week were also significant as showing for the first time this season that the banks have lost cash to the in- terior on the balance of the movement.
 The amount seems to be small and aven added to the weeks absorption by sub treasury operations, the effect on the