The Birmingham age-herald., 1903-06-26
EFFORT ID MOVE STOCK PRICES LOST Even the Professionals Aban- doned Their Trade LOWER LEVEL FOR DEALINGS Values prifted About Within a Range of Less Than Full Point and
 Were Uncertain and
 Irregular.
LOWER LEVELF0R DEALINGS

New York, June 25.-Even the profes- sional room traders practically abandon ed efforts to move prices in todays stock market The drift on the average was within a range of less than a full point and was uncertain and irregular all day. The total dealings was below the quar- ter million share mark, marking the low level for the year. If the dealings In Pennsylvania, St. Paul, Colorado Fuel and Wabash preferred were subtraeted, there would be little left of the days market The business congested in these stocks and continued large selling of United States Steel second 5s made up the market of the day The selling of the steel bonds down to a new low level at S1% is commonly attributed to the liqui- dation of large individual account in connection with which developments are expected in the directing for this corpor- ation. But the iron and steel stocks, as a whole, were somewhat depressed today by the tone of the Iron Ages review of the trade which was somewhat skeptical as to the stability of prices for steel products for 1904 owing to the fact that
  dependent of the leading product, and no one talks of 1904 requirements"
 The special weakness in Colorado Fuel which fell an extreme 3%, seemed due to realizing on the official announcement of the assumption of control by the Gould Rockefeller interests. This ar- noncement also seemed to be the motive of slight upward movement in some Of the Gould stocks early in the day, Dem yer and Rio Grande and Wabash prefer red rising a point or over. There was an air of expectation among the profession al operators in stocks of some develop ment affecting securities as a result of the return of J. P. Morgan, but nothing occurred to justify the expectation. Wheat and corn continued to advance and the days weather map was consid- cred unfavorable.
 The weather in the crop regions is studied critically from day to day as the progress and final outcome Of the crop is given to affect vitally the financial fu- ture. The money market is calm nqtwith- standing the near approach of the re- quirements for the new fiscal year, and the important operations in connection with the Pennsylvania stock subscrip- tions But apprehension of money squeeze for the months end had it's part in repressing speculation to the low level which was reached during the day. The Pennsylvania stock operation was an influence also in the foreign stock market, the subscriptions by foreign stockholders for the new stock serving to weaken the sterling rate to marked degree Sterling also advanced at Paris and Berlin. but over $200o,000 was with drawn from the Bank of England for German account. In the local market not only did call loans fail to stiffen but there has been relaxation in the rate for time loans within the last two days. the causes of which are somewhat puzzling. The new lease of life for the labor dis pute ir the local building trades was a disquieting factor and has it's influence in weakening the iron and steel stocks. Reports of a disturbance of passenger rates in the west was a minor influence. The market closed easy put at very small net changes.
 Aside from the large selling of United States Steel 2s and 5s the bond market was dull and irregular. Total sales, par value, $2.535, GOO. United States bonds were all unchanged on the last call.