The Birmingham age-herald., 1903-06-07
STOCKS FREE
 FROM LIQUIDATION Operations Continue Largely from Professional Group CURTAILMENT IN LOANS Stocks Have Been Under Liquldatlns Pressure All Week and the charao-
 ter of Selling Has Been
 Urgently Forced.
CURTAlLMENT IN LOANS

New York. June 6.-Today's stock mar iSet was free from liquidation of the char aeter of the in evidence during the week and the operations were largely profes- sionaL As stock market loans made on Fflday carry over until Monday, the money conditions causes no actual pres sure during the Saturdays session and quotations based upon 1t are simply an- ticipatory and in the nature of surmises oyer future effects on the part of pro- fessional operators. The bank statement evidently impressed this class as threat ening further curtailment in loans. ln- stead of a decrease of not more than s8000.e00 as was anticipated the banks showed a decline in cash resources of $S,- kss.700. As the largest part of the gold for export was not withdrawn until the middle of the week 1t is estimated that It did not figure for its full effect upon the weekly averages, so that the condi- ttons of the banks is believed to be worse rather than better than the showing averages. The local contraction of N,- 6S7, 800 reduced the reserve requirements considerably so that the reduction in sur plus was only s4,S13.5o0, but this more than cuts in half the previous surplus bringing it below the $5000,000 mark. A further loan contraction seems to be indicated for next week. The large loss in cash is at trihuted to be beiated withdrawals by trust companies to comply with the clearing house requirement. for per cent of cash reserves which went into effect on June 1. There was some early im- provement of prices which seemed que to covering by shorts but the selling after the bank statement carried the average level below last night.
 Atchiscn and Union Pacific were nota- bly pressed for sale and the delayed piantlus of the corn crop was the mo tive assigned New York Central also ran off sharply at the last to new low record for the movement Amalgamated copper fluctuatNd feverishly within a fractional range and closed H lower on the day.
 The stock market this week has been under contiaaeG pressure of liquidation and the urgent character of the selling gave the in.pressi G that it was largely forced. The effect has been to maintaiA a gloomy and apprehensive move or the part of speculators and to keep buyers out of the market for the most part.
 Prices of iroE have continued to decline and the consuming elemens Is reported to hold its waiting attitude in the hope of securing still lower prices.
 The quoted level of iron is still well above thac for this time last year and the declias from the high price is ex- plained as an adjustment to the level of prices for finis he'd products, which had not advanced in proportion. But the as- sertion of the Iron Age that "the tonnage for new work is falling somewhat in number of branches of the finished iron and steel trade causes a note of anxiety over the prospect in that trade.
 Bonds have suffered in sympathy with stocks. United tSates 2's and the old 4s advanced A per cent and the Ss F per cent as compared with the closing call Of last week.