The Birmingham age-herald., 1903-07-02
ALL THE ANIMATION : GONE FROM STOCKS ApathetIc Condition of Last
 Week CIlngs to Trade BONDS WERE QUITE FIRM  Mondays stIffenlnu In the Call Loan Rate to 10 Per Cent Seemed to
 Intlmidate the Trading
 Element All Day.
BONDS WERE QUITE FIRM

New York, July 1.-The newly-awakened hone on the part of commission brokers for a revival of speculation which prompt ed the exchange governors, yesterday to dismiss the resolutions of members In fa- vor of a holiday on Friday, received a setback today. All the animation was gone from the market, and the apathetic condition of last week seemed to be re- newed in full force. Yesterdays stiffen- ing In the call loan rate to 10 per cent served to intimidate the trading element. The rate did not go above per cent, ana the late dealings eased off to nominal figures after the principal demand had been satlsned. The course of the call money market however, was felt to be due to the moderation displayed by stock market borrowers, and the late easing of the rate had no other effect than mod crate recovery from the earlier depres- sion in the market, due to the covering of shorts by professional traders. The re- coyery halted at about last nights level and the closing was rather heavy, Tester days sudden advance of over points in United States Steel preferred, which was coincident with the return to the street after a long absence of a noted operator conspicuous in the Notation pe- riod of the United States Steel securi- ties aroused some hope that renewed bull campaign was to be undertaken in those securities under syndicate auspices but the inerta of the preferred stock Tn 1 -4 O ..rf4t fe hs scription price offered to employees, strengthened the surmise that the price level was the objective of yesterday movement, Other news of the corporation affairs caused hope that recent pres sure of liduidation has not been complet- ed. and there were rumors current that the holdings recently in course of liqui- dation had been taken. The second mort gage bonds were lifted about point during the morning, but did not hold well. London was a conspicuous seller during the morning, and this was considerable factor in the heaviness of the market. Some recovery in the exchange also ap- peared, and the announced price of Amer ican gold coin in London was also noted. Today's clearing house balance footed up SPA, ,597, ,490, which is close to the high rec ord level, and is a reflection of yester- days heavy financial transactions incl dent to the turn of the fiscal year. The renewed strength in the cotton market disappointed the hopes that the violent speculation there was not continuation and the frmness of the corn market was also a detriment to stocks, although a sharp reaction was favorably regarded. Atchison, Southern Pacific and Union Pa clio were carried a point under last night at one time. Hooking Valley fell with a rally of 2A, and the preferred dropped on the count of fears by spec ulative holders that as yet an unan- nounced plan of joint control would not yield any benefit to them. The weakness of Colorado Fuel was due to the existence of a large order in liquidation. Sugar suf- fered from the marking down of the price of the product and the weakness of the London copper market affected Amalga- mated
 The May net earnings reported by Hook ing Valley and New York Ontario and Western confirmed the belief in the very favorable conditions in the coal-carry- ing trade, and revived some buying of Reading, but the May reports of St. Paul, Louisville and Nashville and Southern Railway showed the effect of the large increase in operating expenses, St. Paul showing a net return slightly less than the corresponding month last year.
 The bond market was quite firm, but not active outside of United States Steel second 6s. Total sales, par value, s2, 900 good.
 United States 2s advanced A, and the old As, # per cent on the last call.