The Birmingham age-herald., 1902-06-04
LANGU|DMOVEMENT OF STOCK PRICES Variations of a Point Were
 Very Scarce UNDERT0NE ALMOST FIRM It Is Necessary to Go Back Nearly Three Years to Find Any Such Showing of stagnatIOn
 as Exists.
UNDERT0NE ALMOST FIRM

New York, June At would be useless to seek for anything but negative in- Terence from the operations in today s stock market owning to the smallness of the deals and the languid movement of price. Variations of as much as point are rare and must be sought amongst the obscure portions of the list. An example of the curb market is of- fered by St. Paul. usually an active leader of the market, but in which there were only three transactions by o'clock today. It is necessary to go back near ly three years to the period preceding the last Presidential election, to find any such showing of stagnation in specula- tive interest. The undertone was rath- CT firm as the news developments were favorable to values. The buying was en- tirely by small professional traders and the market was so narrow that they were obliged to concede all of the ad- vance in price caused by their bidding in order to close out a contract The traders bought during the first hour in the belief that the success of the an- thracite operators in keeping their pumps going in spite of the strike, would presage a rise in the value of the an- thracite stocks. Importance was also att tributed to the notable increase of corn and the resultant decline in the corn market. The immediate benefit of in creased traffic for railroads of the larg CT receipts was considered of much less consequence than the obvious inference ho of xUaS dna n the belief of the planters that the coming crop would be abundant. The higher rate for money was probably the most in fuential factor in repressing speculation. Rates for call money ruled at about last weeks maximum throughout. The syndi- cate operations last week which result ed in the S15, 900 loan expansion by the banks are liable to be repealed in kind at almost any time, and the effect on the money market in the present mar row state of surplus reserve Is an object lesson against free speculative commit ments.
 The question Is beginning to be can vassed whether the tax reduction bill which goes into effect on July 1 will af- ford the expected relief to the money market by relaxing the governments sur plus revenue requirement. The fiscal ope- ratons for May show that despite a de- crease of over four million in internal revenue collections. the government sur plus for the month was fully equal to that of the year before. The available cash balance in the treasury was br ought above $195, GOO, 900 and the increase of gov ernment deposits in national banks was less than s4O0,000. It Is probable the de- crease in internal revenue Is due to the measures for holding traffic until 1t can get the benefit of the July 1 reduction of taxation. On the other hand, the reduc- tion of government exports more than keeps pace with the decrease in revenue and the new order for a reduction In the force of the army will accentuate this tendency. The most notable factor in maintaining tho surplus of the govern ment, however, Is the cessation Of bond redemptions, which were a continuing source of relief to the money market after July 1 of last year. The policy of the new Secretary of the Treasury has not yet provided a substitute for this relief and his intentions in the matter are not known to the public.
 There was an active demand for Con- solidated Tobacco As. Otherwise the bond market was dull and irregular. Total sales. par value. B. .405, 900.
 United States bonds were all unchanged on the last call.
 New York Stock Market.
 By Private Wire to Murphy q Ca