The Birmingham age-herald., 1905-08-29
IHEAV|NESS SHOWN
 BY STOCK MARKET Goal Shares and AmaIgamated
 Materially Lower THE MONEY RATE HARDENS Reaction Apparently Has Sympathy of Strong Interests-Absence of Their
 Support at Critical Stages
 of Early Session.
THE MONEY RATE HARDENS

New York August 28.-The heavtness and irregularity of today's stock market may be ascribed to several circumstances, any one of them more or less plausible if not entirely logical Our market and those abrgad derived but scant comfort from the situation at Portsmouth, consols at London and rentes at Paris shading some, while further pretext to sell here was found in the latest demands from the head of the anthracite mine union and the widely scattered utterances of New England operator who today resumed his attacks upon copper stocks. It Is noteworthy that the coal shares and Amalgamated Copper were materially lower. To the foregoing conditions should be added decided tendency to the hard ening of money rates and further de- cline by the west upon local financial re- sources.
 The reaction today apparently had the tacit If not open sympathy of strong in terests, as was shown in the absence or support at the most critical stages of the early session. In spite of contrary state ments. 1t Is now the opinion of observ- ant bankers that the years crop require ments from this center will be quite large. if not larger than last year. While there is as yet no ground for the belief that the banks are likely to advance money rates abruptly, it Is believed that money for speculative purposes will be offered less freely.
 Initial prices throughout the activs list were lower, including in addition to Reading and the other coalors, Union Pacific, Missouri Pacific, St. Paul, Atch- ison, Pennsylvania and Canadian Pacific. On the other hand, gains were made by Metropolitan Street Railroad, Meropo]i- tan securities, Sugar and Pacific coast, the latter making new high record The list rallied feebly in the first hour, such support as the market received coming from the western com mission houses.
 Operators tested the market by switch ing from one group to another, but ind ing little demand for their offerings, turn ed sellers again, the list going lower than at the opening The chief points of weakness at this juncture were Reading, which fell points, St. Paul 4, Great Northern Pacific and New York Central 215, the balance of the list trailing along at recessions of 1 to points. One of the few conspicuous exceptions was Repub- lic Iron preferred which advanced on news of the resumption of the dividends and was taken by commission houses nlth- erto prominent in that issue.
 The absence of any marked selling pres sure steaded the market in the early afternoon, but the trading then became more narrow and dull. Buying of Union Pacific which sent 1t above Saturday 8 closing attracted some attention among traders who followed the movement with purchases of Reading and other active issues until many of the early declines had been recovered.
 The closing was firm, an influencing factor being the news that Japan had agreed to waive her claim to indemnity, and a return of call money to last week 5 rates Londons moderate sales here were largely caused by home demands to meet tomorrow's fortnightly settlements. Among the days railroad returns was that of Chicago and Northwestern, whose preliminary statement for the fiscal year showed but a slight increase of net in