The Birmingham age-herald., 1902-06-22
LITTLE LETOCOMMENT ON STOCK MARKET Advance in U. s. Steel Was a
 Sustaining Force BONDS SPOTTY BUT ACTIVE Whole List Turns Heavy on the AP- pearance of the Bank Statement.
 Tho Closing Was Easy and
 Prices Down.
BONDS SPOTTY BUT ACTIVE

New York, June M.-The stock mar vance of over a point in United States steel was a sustaining force in the open ing dealings. The demonstrative buying by the brokers usually employed by the syndicate helped this movement. The Southwestern railroads made some show of strength, St. Louie preferred rising 1M. The effect of these movements never ex- tended far. Tho whole list turned heavy upon the appearance of the bank state ment and the closing was easT, with prices slightly below last night for the most part. The bank statement show ed a again In cash of less than a million. while the estimates has been for nearly $9,00o000. The deposit liabilities were in- creased by 0 loan expansion of nearly sS,0oO,o00. The net result was an encroach- ment upon the surplus reserve of s1.144 100. On the eve of preparations for the July settlements the showing was considered disquieting, especially in view of the con tinued firmness of foreign exchange. The organized campaign to advance prices, which has been in evidence for some time past, gathered ~.lume this week and car ried prices up with a general sweep on Wednesday with the largest dealings for one day since the early part of May. On Thursday there was a movement to take profits by the bulls and an aggressive attack by the bears which caused a sharp reaction and a pause. The bull party had some adverse factors to contend with which were ignored early in the week but which gained in influence upon sen timent when the reaction set in.
 In fact the advance had little inime- diate news development as explanation, and seemed based on the general assump- tion that the sustained general prosperity Of the country justified higher prices for securities. The unexpected increase in the stock of the Illinois Central and the granting of rights to stockholders to sub scribe at par gave the whole market it's fill on Wednesday and helped the bulls to take their profits with the first appear ance of real outside interest In the mar ket that has been aroused. The manner in which unfavorable news was ignored on the rise Is shown by the prominent place taken by the Reading stocks in the advance in spite of the miners strike and the continued paralysis of the an- thracite trade. Professions of confidence in the success of crops and suggestions of probable increases of dividends on railroad stocks were the ostensible mo- tives of the buying of the grangers, which were pre-eminent in the upward movement. The Gould railroad stocks as a group. led by Missouri Pacific, were also conspicuously strong because of an appreciation of the improved strategic position of these properties in the rail- road world by reason of recent acquisi- tions and extensions and the belief that a financial plan for consolidation of ope- ration is being worked out.
 T The market for bonds has been quite active but rather spotty and unsteady.
 United States 2s advanced h. the 3s and As registered A and the old As coupon K per cent. The new As declined A per cent as compared with last weeks clos ing call