The Birmingham age-herald., 1903-06-19
VERY FEW STOCKS
 ABOVE STAGNATION Jay Started Off With Some
 Show of Strength EADERS LIFTED A POINT When It Was Learned That the Price of Cotton Was Running of Sharp N Professionals Tried to
 Force Prices Up.
EADfRS LIFTED A POINT

New York, June 1s.-There were a few stocks in which active trading and wide movements made cross currents in the stock market today, but the greet body of securities listed for trading on the ex- change was stagnant The market started off with some show of strength with the influence of the reduction in the rate of discount of the Bank of England to per cent, and the easier tone to private dis count in response. A higher range or quotations for Americans as conse- quence awaited the opening of the stock market here. Some of the leaders were lifted a point over last night during the first half hour. Pennsylvania was in spe- cial demand and rumors continued to cir culate that the Penna-Gould dispute hao been adjusted. It was not possible to secure official admissions that efforts to this end were being made, but there seemed to be more from the outside in- terests than the mutual approach of the two parties to the difference. The progress of the subscriptions to the new Pennsyl- vania stock had favorable effect on the market as well. When it was learned that the price of cotton was running ofr sharply, the professional operators in stocks indulged the hope that they would be able to force an upward turn but they met selling pressure, and had to abandon the attempt. This selling was especially acute in Metropolitan Street railway, Met ropoIitan securities and the iron and steel stocks; the selling being notably large Tn United States steel, both common and preferred. The former touched to 2I1s and the latter exceeded it's previous low record of 7S% by fall to 1874. The presence in the market of a large and persistent sell Ing order in United States steel was the occasion of much surmise as to its source.
 The whole group was depressed by the admissions made by an authority in the trade that concessions made In the price of iron do not yet tempt consumers, and that concessions are being quietly made oy some of the larger interests in the steel market. A further reduction in the price of iron was announced during the day. The incident of delayed payment of maturing obligations by the Colorado Fuel company was a continuing factor of depression in the whole group. Colo rado Fuel itself dropped at one time 2%, but recovered the greater part of that loss The weakness of Metropolitan Street Railway and of Metropolitan securities was directly traceable to the statements regarding the company's earnings made by its president on the witness stand. The drop in Metropolitan Street Railway reached S2t and in the Securities com pany B. with a partial recovery in both cases. The effect of the Bank of Eng land discount reduction was partly offset by the continued strength of sterling here and its weakness in Berlin and Paris.
 The inference seems to be a disposition on the part of the Berlin and Paris banks to withdraw capital from London on ae- count of the reduced interest rate. Money here continues easy, and the banks are gaining from the sub-treasury, and 1t is believed from the interior as well. Rates for time leans, however, are firm ly held, and 515 per cent is demanded for loans over the year end. The ease of call money is said to be due to the fact that large provision has been made by many interests In the way of time loans to guard against the period of stringency and in the meantime contin- uing the proceeds of these time loans out at call on stock collateral. The mar ket closed intensely dull and weak, and near the low level of the day, with losses of about a point in number of leading stocks.
 Bonds were weak. Total sales. par value, s1,61OOO0. United States bonds were all unchanged on the last call.