The Birmingham age-herald., 1903-06-27
STOCK TRADING
 WAS VERY NARROW Bonds Also Fell Of to Nominal
 Proportions FEEBLE ECHO OF STRENGTH Even tho Usual Friday Tendency to Close Contracts Failed to Make
 an impression on the s3x seml-stasnatlon. 
FEEBLE ECHO OF STRENGTH

New York, June 26.--Dealings in stocks were smaller and the fluctuations were even narrower than yesterday. With the cessation of liquidation in United States Steel second 5s the activity of the bond market also fell of to nominal propor- tions. Even the usual Friday tendency to close up outstanding contracts and get away to the country for Saturday. which gives an occasional impetus to Friday business during the summer season, failed to make an impression on the semi-stag- nation of the market. There was as little response to the seemingly favorable news of the day as there was yesterday to the rather unfavorable conditions The whole market for stocks seemed to be a mere feeble echo of the active specula- tion in the cotton and cereal markets. What strength was shown for stocks was associated with the reaction In wheat and corn. Reports were circulated that corn was making rapid progress and that showers in the northwest were relieving the need in the spring wheat for rain. It was evident that the movement of prices in the grain market was highly specula- tive, and speculators in stocks acted on these indications with great caution. But operators in stocks were equally cautious in following any other indications The preliminary figures of the weeks curreney movements indicate large receipts and smaller shipments than last week, so that the weeks loss to the sub-treasury, which includes the payments for the gold ex- ported, has been more than offset, pro- viding net gain in cash of nearly 5000, GOO.
 There is a hope entertained also that last weeks $3,5O0000 shortage in the bank statement, as compared with the known movements of money, will be made good in this weeks bank statement. Under the late rush to get in subscriptions for the new Pennsylvania stock, an impress sion was made However, the money mar ket put up the call loan rate 36 per cent. Next weeks preparations for the semi annual settlements are also. expected to increase the activity in the money mar kets. Of the days special movements, that in Colorado fuel was connected with rumor of a new bond issue and the stock recovered with a denial of the rumor United States cast iron pipe, pre- ferred, sold off five points from the pre- vious sale, presumably on account of the petition for a receiver. Ama1gamated copper rose nearly point In the last dealings on reports of more favorable conditions in the trade. American car was benefited by It's good annual report Pennsylvania sold at 123, lowering It's record for the movement by M. There were buying orders in the market for scores of thousands of shares at 123 but the market for the stock above that level was dull with tre rest of the market Considerable curiosity exists regarding the action of the stock when the sub scription rights have closed and the sup posed interest of the underwriting syndi- cate in supporting the price has ceased. United States shipbuilding sinking fund bonds sold at 23, compared with the last sale on June at 40.
 The bond market generally was dull and irregular. Total sales par value, S. 195,0O0.
 United States bond were all unchanged on the last call.