The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-06-30
STOCK MOVEMENT
CONTINUES INERT
Few Speculative Operations in
Any Special Group
MONEY QUOTED NOMINAL
What Transpired During the Session
Had No AppreciabIe Effect on the
General List-Bonds Were
Dull All Week.
MONEY QUOTED NOMINAL

New York, June 8.-The general stock
market today was practically inert. There
were some speculative operations In
bsw special stocks, but they had no
Apprectable effect on the general list
The bank statement did not reflect any
Hotaole recuperation but the conoitlon Oh
The banks is we'll maintained despite the
weak syndicate operations ana Prepar d
lions which have presumably peen maoe
for the July statement. The statement
was considered negatively unsteady
therefore,. There is an expectation, how
yer, that there may be some shifting
IF loans on Monday. Today's money and
exchange markets were nominal as Is
usual on Saturday, but sterling exchange
ut Paris fell a half cent at a time thus
narrowing the margin between the
point of profit on gold shipments. For
eign bankers believe that some gold may
go out next week. OF today's special
movement the rise In Chicago & East
ern Illinois was due to a suggestion
that the treasury stock of the company
may be distributed to stockholders. ILL
nois Central was moved up to fraction
above the price touched on the day the
new stock issue was announced, and
closed at the top. The general market
ran off slightly in the closing dealings
The report of a voluntary increase OF III
per cent in wages by the United states
Steel Corporation seemed to make these
stocks firm, although the Industrial de-
partment was generally heavy, Read
ing also was heavy because OF rumor
that the President had requested an
opinion from the Attorney General as to
whether the anthracite coal combina-
ton is in contravention of the antitrust
law The closing tone was rather heavy.
The London money market Is heavily
indebted to Paris and Berlin ana the
iudden drop in sterling exchange at
those points marked caused marked
tendency to withdraw credits from Lon
dom 1t was evident on the contrary that
London had claims upon New YORK.
What we have borrowed abroad, even
from Paris and Berlin, has been af1ecteo
largely by the sale of our bills In the
London market to Paris and Berlin
bankers The consequence was that the
exchange rate ran up rapidly TO Wlthln
a shade of the gold export point. hdo
1t not been for renewed selling by new
York bankers of loan bills in the ex-
change market, 1t is probable that gold
would have gone out this week.
This course of the exchange marker
was a more prominent factor In check-
ing stock market activity than was the
actual pressure of foreign holdings OF
stock for sale in New York Commence
is general that the years crop Will De
large. There will be some misgivings re-
garding the course of the money mar
ket during the fall when the demand
for currency and the maturing OF tor-
eign loan obligations may converge upon
New York. There is notable negiec'
also of the Industrial stocks as class
with United States steel as leader
The heavy neglected tone OF these STOCKS
"a attributed to uncertainty regarding
their financial organization which Is ag-
rrayated by the issue of bonds ahead OF
the stocks to provide working capital OF
Tor improvements for other purposes
The passing of the dividend on Coloraoo
fuel and on American ice preferred TINS
week. has tended to increase the I'M
easiness of stockholders In this class OF
securities
THE bond market has moved mostly In
uvmnathy with stocks. United States Is
declined X; the 3s u and the new As VI
oer cent as compared with the closing
eall of last week.