The Birmingham age-herald., 1902-06-16
STOCK MARKET
 CLOSED STEADY
Little Importance Attached to
 the Days Dealings
BANK STATEMENT HELPED
Favorable Report of Mercantile Agen- ces Which Showed Anthracite Strike Only a Cloud Tending
 to Make Market Conservative.

New York. June 14-very little im- portance can be attached to today's deal ings in stocks. Prices were we'll 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 a million and a quarter In cash reserves was larger than expected, and the contraction of over S3OOO'Ooo In the loan account came in place of some ap- nrebension of a further expansion of that account.
 The net result was to add more than s2 o0O GOO to the surplus over the legal re- ouirement in the reserves of the assoclat- ed banks. The buying of Missouri facihc and of St. Paul was of the same charac- fer as during the week, and Is attributed to the operations of speculative poois' The coalers were neglected owing to the lack of corroboration of yesterday ru- mors of measures taken Which "ou'u end the strike. The rise of point III NorfoiL and Western was based upon the ,enorts that the strike of the soft coal miners in the Virginias has been orokeh' There was nothing in today's stoek news to stimulate speculation. The traaihs wao perfunctory throughout. The laVoi apio renorts of the mercantile agencies, Whlch .houed inc anthracite strike to be the only cIoud on the industrial horizon, ana Q showing of railroad earnings TOT the aret weel, in June, which are larger pY nver e per cent than those or tie soiiio ,eriod last year, were influences towa.u' conserving the firm undertone ol 'he Itocks a ,,h;ob
 Another question to be ansWereu' "liltn hangs over the situation is the uilisi'aeo s tts effect upon the hnanclal sl'u'''0
 peace in South Africa l.. rr
 Not much revival is expected In Eng and untu after the coronation leslNi lies are finished. With the war ehu.u The nroblem arises of thed irecuoh 'o pe Taken bv the stimulating influences arls, Ing from the settlements lohs per iou of liouidation in Europe has snakei s .urities down to a substantal pasiS ..hioi, ,,ay nrove attractive to capital. The nresent condition in this country ,s one of expansion, If not one Of infla- tion. But the new field for new oeVeiop ment in this country is clearly ou' all proportions, yet to that ol tue Uiu countries of Europe. Even uurlhs ,.te neriod of our largest increase m Weai,h and while we have bought foreign holu- ,ngs of our own securities in all quar- ters we have continued large borrowers from foreigners for our new oeVeiop ment. Tn effect, foreigners have used tiie nroceeds of sales of our securities to place in our loan markets. But Wnlle our money market has been replehlsneu with large temporary loans rom lhi9 .ource there has been very llttle invest went of foreign capital in our securities Tbo question is whether the reViVlng CT Get of the South African war ana the resumption of the gold supply from the Rand will induce investment in Amerl- can securities or withdrawal or capltai sent there for investment in revived en- terprises abroad. The answer Is or vast importance to the expanded credit mar kets of this country.
 There has been a dull and narrow mar ket for bonds. United tSates Ss and As declined +; the 2s registered $ and 2s 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.
 B, iaaat~ .durpny & ca