The Birmingham age-herald., 1903-07-04
MORBID SESSION
 AND TOOK HOLIDAY
 7 Handful of Members At- ! tended Stock Exchange | IN MARKET CLOSED
Traded Among Themselves Almost Ex- elusIvely, and There Was Scarcely an Echo of the Outside
 World on the Board.

New York, July s-Many members of the stock exchange who had waited on the board of managers to make today a holiday, ignored the session and went out { of town. The handful of members who attended the session today traded among themselves almost exclusively, and there was scarcely an echo of the outside world in the board room. As a consequence to- days dealings fell below 100000 shares to a net low level of activity for the years to come. The fact that the grain and pro- vision markets were closed for holiday increased the apathy in the stock mar ket owing to the large importance at tached at this time to the progress of the crops Speculative interest seemed to center in the cotton market, which divides with it at present the chief speculative interest. There was feverish activity in the cotton market over the government estimate of the condition of the crop as with June 25. But the cornered condition of the staple leaves little room for just inferences of crop conditions from the price movement. The improvement in the condition of the crop since last report was received with satisfaction in the stock market Neither this influence nor any other caused anything but trivial movement in prices The bank statement was without appreciable influence, al- though the showing was weak one.
 The increase in the loan averages Of $3, 679, 300 was moderate in view of the heavy operations of the turn of the fiscal year, but the decrease of s4, 900 In cash reserves was a disappointment. or tnis S3,012, 900 went to the sub-treasury, the operations of that institution having fail- ed to reflect the government interest ols- bursements today when it had debit at the clearing house of $1, ,105 125. There are said to be large shipments of money 10 New Orleans, Cincinnati, Boston and Can ada during the week. There were very few features in the week. The drop or 80 of Hooking Valley was explained py the official announcement of the payment of 105 for the pooled common stock, con- etituting a majority of Issue with no pro- vision made for the minority stockholders. These minority holders at one time cher ished the hope of guarantee of Az or b per cent dividends. The announcement of an advanced rate of excess charges was followed by a fall of three points in United States express. Demand for remit taf1ce by tomorrow's steamer advanced the rate of sterling exchange and the figures of the weeks exports of grain showed decrease of several hundred bushels.
 Bonds were dull and irregular. Total sales, par value, s1,900,000. There was some stirring of speculative interest in stocks early in the week which aroused hopes of an awakening market for securities but the hope proved unfounded and the level of activity fell away to the low level again late in the week with sagging tendency of values, owing to the almost total lack of demand. The increased animation with which the market started off on Monday was largely due to the good impression caused by the outcome in the stock sub scription.