The Birmingham age-herald., 1903-06-20
STOCKS DEVELOP
 SOME STRENGTH
Dealings Barely Reached Half a
 Million Shares
N. Y. ACCOUNT SELLING
Ths closing Was Heavy, But Slightly Below the Best-Liquidation Which Has Been Going on Due
 to Special Needs,

New York. June 19.--After a weak open- ing this morning the stock market devel- oped a degree of strength and closed higher than last night, net gains running to point or over in the most prominent speculative stocks. The trading became intensely dull and approached stagnatloh at times at the higher range of prices and the closing was heavy but slightly below the best The days dealings pare ly aggregated half a million shares, anu there was a considerable congestion o1 operations in Reading, the United staess Steel stocks and Atchison. The pnlee" States Steel stocks were under pressure at the opening and had declined sharpiy in London before trading began here on what was alleged to be selling TOT the New York account There is general conviction that the liquidation which has been going on in these stocks is que so special needs of large interest Tn the corporation and there were indications today that the stock being sold represent ed collateral for large maturing loan Support was forthcoming for the stocks and the principal banking house in the steel syndicate undertakings was an onen buyer. The decision of the Onlteo states steel authorities to maintain the schedule of prices at this years level and tbe official assertion that large or- dors for steel rails for 1904 had been oooK- aS sav,a an inward impetus to the stock, rbs common touched 30, but closed at zs7s
 d tba nreferred closed at the top price at S0. After a rally had set III TOT sa.e stool,s the second mortgage ponos Wsae forced down by considerable selllns olusl s,. to s3 with a fractional recovery ae eiA0 last. ...,,s ,r the up-
 nS ,e,ovement and the principal buylng af them was attributed to a specuiauNe oan,hination of professional operators. D,,s,.ovs circulated of a very favorap1e chewing of net earnings for May by Feao- inc while the upward movement "as ilt ,lro.rass .,re The rise reached 2 points m heading. Atchison was also in cohspisu- ms demand and was helped py laVoi apao reports regarding crop prospects III ies territory. The decline in the factor Ier t,,a whoie list so was the prospect Of favorable cotton market a iavorapie statement although the money market has little immediate influence on the stoek n,arlret owing to the disproportionate ease of call loans as compared Wlln tae time loan rates, which are firmly helo. with a gain for the banks on sup-treasuIy operations of Sl,s65,OOo, due principally 10 inc high rate of disbursements on account ofs nansions. the indications are that re- ceipts on balance on the interior move ment have been sufficient to bring the net gain for the cash items of the banks up to s5,0OO,O0 900. It Is not expected that the loan account will show any such con- traction as that of last week since the liauidation in the stock market has been largely suspended, but neither is an fm- portant increase in the loan account an- ticipated. It Is hoped therefore that the surplus reserves of the banks will show considerable recuperation. As this Item was small for the season last week, the promise of recuperation is viewed with satisfaction, especially with the period of semi annual requirements for money ap- preaching.
 Bonds were dull and irregular Total sales, par value, s2.210,000. United States bonds were all unchanged onAthe last call.