The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-06-29
STOCK MOVEMENT
CONTINUES INERT
Few Speculative Operations in
Any Special Group
MONEY QUOTED NOMINAL
What TRANSFERRED During the Session
Had No Appreciable Effect on the
General Llst-Bonds Were
Dull All Week.
MONEY QUOTED NOMINAL

New York. June 2S-The general stock
market today was practically inert There
were some speculative operations in
few special stocks, but they had no
appreciable effect on the general list
The bank statement did not reflect any
notable recuperation but the condition OF
the banks Is well maintained despite the
weak syndicate operations and prepara-
lions which have presumably been maoe
for the July statement. The statement
was considered negatively unsteady
therefore. There is an expectation now
ever, that there may be some shittlng
of loans on Monday. Todays money ana
exchange markets were nominal, as Is
usual on Saturday, but sterling exchange
at Paris fell a half cent at 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 todays special
movement the rise in Chicago & East
ern Illinois was due to suggestion
that the treasury stock of the company
may be distributed to stockholders. llli-
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. Aeau-
ing also was heavy because or q rumor
that the President had requested an
opinion from the Attorney General as 10
AA4tA A.
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 and the
sudden drop in sterling exchange at
those points marked caused marked
tendency to withdraw credits from Lon
DON 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 ahected
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 "ltnln
a shade of the gold export point HAD
II not been for renewed selling by new
York bankers of loan bills In the ex-
change market, it is probable that golo
would have gone out this week.
This course of the exchange market
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 Confidence
is general that the years crop Will be
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 for
eign loan obligations may converge upon
New York There is a notable neglect
also of the industrial stocks as a class
with United States steel as leader.
The heavy neglected tone of these stocks
is attributed to uncertainty regarding
their financial organization which Is ag.
gravated by the issue of bonds ahead OF
the stocks to provide working capital or
for improvements for other purposes.
The passing of the dividend on Colorado
fuel and on American ice preferred this
week, has tended to increase the I'M
easiness of stockholders in this class OF
securities
The bond market has moved mostly In
sympathy with stocks. United States rs
declined "; the IS u and the new As "
per cent as compared with the closing
call of last week.