The Birmingham age-herald., 1903-06-21
LONDON REFLECTED EARLY DEPRESSION Stocks at the Start Made Some
 Headway A POOR BANK STATEMENT Trading Throughout Was Lansuld and the Movement of Prices Was Slug
 aIsh-Transactlons Came
 Mostly From the Room.
A POOR BANK STATEMENT
,,ra 2o-Toiav's stock mar-

Nav York June 2o.-Today's stock mar ket made some headway against early de- pression which seemed to be reflected from London by the disappointing bank statement which carried prices to below last nights level all around. The trading throughout was languid and the move- ment of prices very sluggish. Very few transactions were of an origin outside the board room. Support seemed to be accorded to the United States steel stocks and the coalers The continuance of this gears schedule of prices for steel products and the announcement of the placing of large orders for steel rails, helped the steel stocks and was an encouraging fac tor of the whole market. There was some special points Of weakness, notably smelt- ing. It's decline of 2M was due to dis appointment over the failure of divided action at the recent directors meeting. The weather reports from the corn belt and the firmness of the cereal markets as well as the rally in cotton had an un- satisfactory effect on stocks and the re- ports of the danger of a passenger rate war in the northwest was not liked.
 The new steps taken in the suit of minority stockholders in Southern Pacific against the Union Pacific interests dlspos- ed of the supposition that the dispute had been compromised. Reports from Boston of a cut in copper by a leading competitor depressed amalgamated Col orado fuel was hurt by the vague rumors of a renewed outbreak of international dissensions over the control of the com pany. Instead of the expected increase of s5,00O,0O0 in the cash of the banks, the weekly statement shows only a gain of e1,350, 800 Last weeks gold exports to South America which were too late to figure in last weeks statement would ac- count for only small part of the dis crepency. aa
 Holiday and vacation requirements are supposed to have made some local de- mands upon the banks. The increase in ioans although small, detracted from the benefit of the cash increase to sur plus which was recuperated by only $622- zoo. A rise In the discount rate at Lon don and a sharp decrease In sterling at Paris and Berlin were calculated to in- crease the pressure for gold upon New York. Narrowing and irregular fiuctu- Rtions have marked the weeks operations In the stock market. The renewed decline early In the week after last weeks sharp recovery was viewed with some anxiety lest it might indicate a renewal of the I1Quldafion which would carry prices to a lower level than before and precipitate new burdens upon the market. But sup port developed before prices got down to last weeks low level and the uncovering of fresh stop loss orders and anew wip- Ing out of margins were thus avoided such orders having been largely cleared off brokers books by the previous decline. The professional operators in the market pretty generally accepted this as a dem- onstration and urgent liquidation had been completed for the time but any attempt to lift prices to a higher range was likely to encounter fresh pressure to sell. &Aa
 Bear tactics to depress prices on the other hand seem to meet buying orders of a substantial character which take stocks out of the market for investment and thus fortify the market. This kind of buy Ing, however, shows itself extremely cau- tious in following any advance in prices.
 The week has not been free from crop Bcares nominal to the season and the few erigh tone of speculation for staples has added to the effect of this. The steel trades has served to keep speculation in stocks more or less unsettled while wait ing for the basis of future business to be adjusted. trs
 Bonds have moved in sympathy with stocks.
 U. S. 3s closing and the new As ad- vanced one-quarter per cent as compared with the closing of last week.