The Birmingham age-herald., 1903-07-09
ANOTHER ATTEMPT ID AWAKEN STOCKS Dealings Drop Back to Low
 Level of Year Sl,5OO,OOO GOLD txp0RT Whole Market Fell Into Rut of stasna- tion-Many Stock Brokers Are
 Largely Reducing Their cleri-
 cal Forees-Ronds Steady.
Sl,5OO,OOO GOLD tx0oRT

New York, July s.-Professional traders made another unavailing attempt to awaken some degree of activity in the stock market today. During the early market the rate of activity was equal to the expanded dealings of the latter part of yesterday. but the subsequent relapse was into such a complete stagnation that the total dealings for the day dropped back to about the low record level for the year. In the light of this mornings de- velopment, yesterdays late drive at Uni ted States Steel stocks seemed to have no other purpose than to provide pet ter vantage ground for an upward start The statement of the corporations earn ings for the quarter just passed, with its decrease of over S, 900 for the cor responding quarter of last year, was no worse than had been expected, and the light increase reported in the June esti- mated earnings compared with June earn ings of last year. was regarded as a fa- vorable feature. The common and pre- ferred stocks were lifted about point on the score of this showing. In the ac- tive railroad list, St. Paul and Missouri Pacific were the only stocks to gain as much as this. The further engagement of S1b00,000 gold for export and the early sharp rally in the cotton market seemed to have no effect in checking the rise In stocks. It was after cotton had reacted that the unresponsiveness of the stock market to the stimulation of light pro fessional buying was perceived. Prices thereupon sagged off, and the whole mar
 s.H rfa aqrYan Reports have been current for several days that insiders were buying Erie stock on the certainty that the directors would advance the first preferred dividends to per cent and declare percentage on the second preferred Credulous traders who have followed this inside buying learned today on inquiry that no directors meeting is contemplated for two weeks. The incident is characteristic of the pres ent market, but so far as can be Judged from the resulting movement in the stocks, these rumors have done no great harm nor conferred any great benefit on anybody. The rally in the cotton market is regarded as a natural incident of the process of settlement to a normal basis in that market, but until the settlement is completed the expected benefits to the financial and the general business struc- ture are not likely to become evident. The favorable crop weather was offset by the expressed hrmness in the wheat market and the profit-taking reaction in corn did not entirely relieve the fear that the government crop report due on Friday will make an unpromising showing for that crop. Further weakness in interna- tionai mercantile marine on the curb helped to disturb sentiment. There was also further slump in standard rope and twine issues, but a pretty effectual re- covery followed New York exchange at Chicago declined 20 points to BOG discount. The disposition at that center to recall funds and the complete cessation of any stock market inquiry from that source, gives rise to some troubled surmise in Wall street circles. It is significant of the prevailing dullness of business that many stock brokerage houses are largely reduc- ing their clerical forces
 Active railroad bonds were pretty steady but high-grade, inactive issues are set ting to a lower price basis. The New York general mortgage BIZ, which sold last week as low as par for the first time in their history sold today at 97 Total sales par value, $1,115,00o
 United States bonds were all un- changed on the last call.