The Birmingham age-herald., 1902-06-15
STOCK MARKET r CLOSED STEADY.
little Importance Attached to
 the Days Dealings
BANK STATEMENT HELPED
Favorable Report of Mercantile Agen- cles Which Showed Anthracite
 Strike Only Cloud Tending
 to Make Market Conservative.

New York. June 14-Very little i'm portance can be attached to todays deal ings in stocks. Prices were well held, but this was not because there was any gen eral demand but rather because there were no offerings. Outside of Missouri Pacific and St. Paul the dealings were hardly more than nominal These two stocks were lifted a point after the ap- pearance of the bank statement. but neither closed at the best. The closing was fairly steady, however, but very dull. The bank statement was considered favorable and helped the market. The gain of q million and a quarter in cash reserves was larger than expected. and the contraction of over S3.O0o a0a in the loan account came in place me ap- prehensions of a further (: ion of that account.
 The net result was to add more than s2.00O. 900 to the surplus over the legal re- uuirement in the reserves of the associat- ed banks. The buying of Missouri Pacific md of St. Paul was of the same charac- ter as during the week, and Is attributed to the operations of speculative pools The coalers were neglected owing to the lack of corroboration of yesterdays ru- mors of measures taken which would end the strike. The rise of, a point ln NdrfoIlS and Western was based upon the ,eports that the strike of the soft coal miners in the Virginias has been broken There was nothing in today's stock news to stimulate speculation. The trading was nerfi1nctory throughout. The favorable renorts of the mercantile agencies, Whlch uhoJvadt the anthracite strike to De the 6nlv cloud on the industrial horizon anu n showing, of railroad earnings TOT the first week in June, which are larsei ps over grper scent than those Of the same neriod last year, were influences toWaros conserving the firm 'undertone or the stocks.' e -, ,,tob har,o,s over the situation, Is the ultimate effect upon the financial sltua'ioN VI
 peace in South Africa.
 Not much revival Is expected m Ehe- land until after the coronation les. ties are finished. With the war enoeo tba ,,roblern arises of thed irection to De taken by the stimulating influences al Ing from the settlements. A long peru" of liquidation in Europe mas fL, silaHe sis sr,,rities down to, a substantlal pasis which may prove attractive to capltal ssr,b ' nresent condition in this country
 ono of expansion if not one or lnhd-
 ,n. But the new field for new oeVelop, kent in this country is clearly out oi
 i proportfons, yet to that or the oiu onntries of Europe. Even during the fariod of our largest increase in wealth
 nd while we have bought foreign noio- esi of our own securities In all quaf- rs. we have continued large borrowers ono foreigners for our new deNelop-
 ent In effect, foreigners have used the .,roeeeds of. sales of our securities .o nlace in our loan markets. But Wniie our money market has been replenlSneo
 ith large temporary loans rom this source there has been very little invest nnent of foreign capital in our securities rrbe question is whether the reV1Vlns CT 1tect of the South African war ana the resumption of the gold supply from the Rand will induce investment in Amer, can securities or withdrawal or capltai sent there for investment In revived en- ternrises abroad The answer IS or vast Importance to the expanded credit mar kets of this country.
 There has been a dull and narrow mar keK Tor bonds Unified tSates 3s and As declined k; the 2s registered 9s and zs coupon and 5s A per cent The old As registered advanced Is per cent as com pared with last weeks close.
 New York Stock Letter.
 il ire hIuTUhy A Ca.