The Birmingham age-herald., 1903-06-16
OPENED UNSETTLED
 AND IRREGULAR
Sensational Burst of Strength
 Made Shorts Cover
PRIVATE GABLES ALSO GOOD
A Reported Break in the Levee at vIcksbure Sent Values Kiting, and the Late Months Made
 New High Record.

Hexv York. June 15-Prices of securities had A decided backset as result of to- days trading. Pressure developed from the outset and with only occasional halts and small fractional rallies the level Of prices sank lower throughout the day and the closing was heavy at the lowest. The stocks in which the great bulk of the trading occurred have lost all the way from to points from Saturdays level. This includes the principal coalers. gran gers, Pacifcs and southwesterns. The question whether the market was on the eve of a revival of speculation for the advance was thus deeisively answered and there was corresponding relapse in pre- vailing sentiment about the stock ex- change Into despondency and apprehen- sion. There was no very important de- velopment of news to account for the re- newed decline, but 1t was obvious that the urgent demand from the uncovered short interest had become mostly satis- fled while rffg investment demand had dropped out with a sharp recovery in prices from Wednesdays low level. There was some large selling early in the day which had the appearance of realizing on speculative accounts which had been se- cured at the low level. London took part in the selling and western warehouses also sent orders on an important scale. The selling was not so large later In the day, but prices yielded without resisting power and there was no attempt perceptible to support the market. The result Is to open
 4Ia ixfn of the selling, and the extent to which liqui- dalton may now be pursued on the decline. Most of the current discussion had to do with factors in the situation.
 Most of the current discussion had to do with factors in the situation which were In force before the previous decline was arrested last Thursday. The uncer- tainty over the corn crop, which fell Into the background in the satisfaction over the government report on wheat came into play again today and the excited jump in the cotton market called atten- ton afresh to the dangers of that crop. Last weeks feeling that the continuation of the western floods left that factor an1- ply discounted gave place today to the realization that statistics of railroad earnings from that region for several weeks to come must show the large in- roads upon traffic and then large ex- penses for repairs of the damage caused by the floods. The assembling of the coal miners convention and the exten- sion of the lockout in the New York building trades revived anxiety over the labor outlook. Money was easy. but sterling exchange recovered here and ran off sharply both in Paris and Ber- lin. As consequence there was close calculation over an export of gold by to- morrows steamer, keeping alive expecta- ton at this point. The market closed, however, with no announcement of any engagement. The satisfactory recupera- tion shown by the banks Tn Saturdays statement leaves the surplus reserve still at low level for this season of the year, and there is disposition to await with great interest the compilation of the re- turns to the comptroller to June of the condition of national banks throughout the country. The inference from the for- eign trade statement for May, which shows a falling off in total exports com pared with last year of over g., ,000, GOO, is that our exports of manufactured prod ucts are declining, as the exports Of ag- ricultural products were slightly above those of last year. The news from Lon- booked a passage home for this week af- ter authorized intimations had been given that his vacation might be extended into August was made use of by the profess sional operators with unfavorable effect.
 The bond market was dull and irregu- lar Total sales par value, s1,217, 000.
 United States bonds all unchanged on the last call.