The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-06-13
STOCKS RELAPSE
INTO LETHARGY
Days Business Fell off Full,
0ne-Third
SELLING WELL ABSORBED
Speculative Sentiment Was Less Hope
full Regarding the Position of the
Coal Mining lndustry-sond
Market Was Irregular.
SELLING WELL ABSORBED

New York. June 12.-The stock market
relapsed into torpid condition and deal
ings fell off about one-third from yester-
days aggregate. The efforts which were
conspicuous yesterday to advance prices
and which were still in evidence In the
early market today were discontinued III
face of the discouraging reception "hicn
they met and prices were allowed 10 iaii
hack. There was an actual weakness oe-
veloped and the selling was pretty wen
absorbed. In Reading, especially In "nich
there was large offerings, there was reaus
absorption and apparently determine
ton to support the stock The consplcu-
BUSINESS of Missouri Pacific was enhanced
TODAY and the volume OF the dealings IN
that stock were far in excess OF those
In any other list. 1t was moved upwards
a point at one time followed by Texas
and Pacific, but the advance met such
heavy selling orders that the movement
for the advance was abandoned and prac-
tically all the gain was lost The only
development to account for the strength
of the stock was the continued gossip
that the dividend will shortly be IN
creased The reaction in the market
was largely due to a better appreciation
of the decrease in the coming wheat crop
estimate involved In the falling off In the
spring wheat acreage. The transfer OF
Nebraska from the spring wheat to the
winter wheat list involves the reduction
of most of its acreage from the spring
wheat estimate. The revision In the COM
ing wheat crop estimate thus involved
caused persistent strength in the wheat
market.
The strength of the corn market was
said to be in sympathy with wheat, but II
had even a more significant influence on
the stock market owing to the vast i'm
portance attached to the fate of the COM
ing crop in its bearing upon the prosper
ity of the whole country. Speculative
sentiment was less hopeful today regard
ing the position of the coal mining con
troversy This feeling was emphasized
by rumors which enjoy circulation that
a message to congress by the president
on the subject was In contemplation
Yesterdays public statement by the OPP
orators of their position was seen to IN
volve in effect the dissolution of the min
ers' union and their reconcilable posi-
ton thus presented was felt to threat
en- a lenRthene0 contest. LIE pItSSuiS
upon sugar was connected with yester-
days testimony before the senate com
mittee regarding the methods pursued
in the advocacy of the Cuban reciprocity
policy. A notable decline in May ex-
ports of the principal domestic articles
reported from Washington had depress-
ing effect, especially In view of the great
chance of sustained trade balance In
favor of this country during the next FEY
months on account of heavy obligation
to foreign lenders, which will mature In
time. There was also a significant de,
mand in the time loan market for accom-
modations running over the period Of tn,
coming semi settlement and OF
the later demand for currency to move
The crops. The market closed dull but
steady.
The movement in the bond market was
Irregular. Total sales. par value, 81 800,
900. United States Is registered declined
u and the new As, Y. The old As regi
tered advanced u per cent on the last
CALL
New York Stock Market.
By Private Wire to Murphy d ca.