The Birmingham age-herald., 1905-08-27
STOCK TRADING IS LIGHT AND NARROW Futurity Attracts More Atten-
 ton Than Stocks OPEN PRICES WERE LOWER Peace Reports Cause Rally In United States Steel, Which Helped to
 Rally the Whole
 Lot.
OPEN PRICES WERE LOWER

New York, August 26-The brief session of the stock market today brought no return of the early weeks sanguine ten- dency. Trading was unusually light and narrow. The professional element was evidently disposed to make no commit- ments either way, in view of the reports from Portsmouth. In fact more interest was displayed in the great turf event Of the day than in the market.
 Sentiment as reflected in the European exchanges was not of the sort to inspire confidence. though some American stocks were higher in London. Paris, however, reported decline in rentes, and Berlin showed some hesitancy With scarcely an exception, open prices were lower than at yesterdays close. Reading open- ed a full point lower and went still lower. but rallied partially. Other active issues, such as Union Pacific, Missouri Pacific, New York Central, Erie and Copper yield cd substantial fractions or more, with an abrupt drop of points in Atlantic Coast Line The traction stocks were relatively strong on buying from com mission houses with local political afhl- iations Unofficial reports of favorable character bearing on the peace negotia- tions were rife in the last hour and fair ly heavy buying movement in the United States Steel stocks helped to rally the list There was sympathetic advices In Tennessee Coal, and Republic Iron and Steel Full recoveries were made by most of the active issues, Reading being a. notable exception, with net loss or 1& points To an extent at least, the improved tone of the market resulted from the showing made by the weekly bank returns, The loss in cash was less than had been expected and loans showed a decrease. The one important railroad return for the day was that of Atchison, with an increase in net earnings for July of s5s6.000.
 Total sales of bonds today, par value, $1, ,375, GOO.
 The week began with a continuance of the upward movement which has suf- fered but slight interruption since It's inception in June. A check came on Thursday and again on Friday when the furry created by the sensational advices in Reading resulted In a general set hack. not. however until new high records had been made by several of the most active issues. These included Union Pa- ciAc Reading Erie common and second nreferred United States Steel preferred and American smelting. To the less active list rnieht be added Illinois Gen. tra1 and Delaware and Hudson. The rise in Union Pacific served to call renewed attention to the position of that propertv, Renorts credit the Union Pacific manage- rent with the sale of nart of It's North ern Securities ho1dnes at a nrice much ahove their original cost. but there Is ex- celIent authority for the statement that a very large share of these same assets rennain to be marketed. Further evidence of the close alliance existing between rrnion Pacific and Pennsvlvania. railroad ,rterests was offered during the week ,n the announcement that comprehen- sive traffic agreement had been arranged between the two systems with the con- currence of the interests which dorni- nate the Morgan Vanderbilt prop critics.
 whatever the merits or motives ba c'1 of Raadfrs,s snectacu1ar advance. the