The Birmingham age-herald., 1903-06-23
ATTEMPT ID LIFT PRICES WAS LOST
 - There Was Acute Weakness and Scattered liquidation DAYS NEWS UNAVOIDABLE The Tendency Was to Drift pOwnwards and the Closing Was Easy at the Lowest of the Day
 and Dull.
DAYS NEWS UNAVOIDABLE

New York, June 22.-There was briefly entertained purpose this morning to put up prices, but 1t was soon aban- doned, and the stock market was allowed to drift for the rest of the day. Scattered llquidations from various quarters and rather acute weakness of few stocks caused the drift to be downwards. and the closing was easy at the lowest of the day and very dull. The news of the day was not favorable to rise. and the early attempt to put up prices seemed to be manipulative and designed to contest the effect of the poor bank statement Of Sat- urday The announcement of gold ex- ports was the signal for prices to turn downward. The outgo of gold also gave renewed effect to Saturdays bank state ment, and the weather map for today be- ing unfavorable for the corn and cotton crop, as well as for the harvesting of the winter wheat crop, added to the de- pressing influences. No plausible explana- tion Is forthcoming of the discrepancy of over $3,000,0O0 between the cash show ing of the banks in the statement and the known movements of money for the week. So far as can be learned the sug- gestion that the trust companies have been making withdrawals of their de- posits was without warrant. The en- gagement of g, 600 of gold for export to Germany and France tomorrow came as & disagreeable surprise to the small spec ulative element in stocks which counted upon a cessation of exports since the re- duction of the Bank of England rate iast FsI... atu in London and the price of gold was ad- vanced there this morning while the de- cline In sterling at Berlin and Paris marks the process of withdrawal of French and German capital from London.
 It is evident also that those countries are calling home resources from New York as the avowed purpose of the au- thority of the Imperial Bank of Ger many. The London Statlst of June 1S, while protesting confidence in American soundness in spite of the prolonged de- cline in stocks, expresses the opinion that there will be for a while a slackening of all kinds of business in the United States, which will make money more abundant and cheap in New York and will enable the French and German banks to de- crease still further the balances they are employing here. This weeks steamers are also the latest by which remittances can be made for interests and dividends to foreign holders of our securities due on July 1. The stock market at present is sensitive to the chances of the corn crop, the acreage of which is now being finally decided. The days unfavorable developments for the crops, as indicated by the strength both in the cereal and cotton markets, was perhaps of equal in- huence with the gold exports in depress- ing stocks. Only one or two of the prin- cipaI railroad stocks lost as much as a point. Pennsylvania and Reading repre- sented the coalers and Illinois Central the cotton carriers. International Mercan- tile Marine, although not dealt in on the Stock Exchange, was weak on the curb on account of the announced determine ton of the Cunard company to act inde- pendently of the commission in making rates. Criticism of the combination Is playing an important part in causing the current suspicion of the finances here on the part of foreigners. Steps taken In various judicial proceedings in minor in- dustrial corporations was a, contributing influence to the depression, Special pressure was directed against Colorado Fuel, Metropolitan Street Railway, the Securities Company,the Union Bag stocks and Leather preferred. The total trans actions fell to near the low level for the year. Bonds were dull and weak. Total sales, par value $1, ,450,000.
 United States new As registered de- clined A per cent on the last call.