The Birmingham age-herald., 1903-06-22
LONDON REFLECTED EARLY DEPRESSION 1o -Q Stocks at the Start Made Some r Headway 's POOR BANK STATEMENT IL
 radlbg Throughout Was Lansuld and the Movement of Prices Was Slug
 aish-Transactlons Came
 Mostly From the Room.
,is '1 POOR BANK STATEMENT

New York, June 2O.-Today's stock mar ket maae some headway against early de- pressin which seemed to be reflected from london by the disappointing bank statement which carried prices to below last nkhts level all around The trading tAroihout was languid and the move rnert ,f prices very sluggish. Very few ransations were of an origin outside he bard room. Support seemed to be n,red to the United States steel stocks
 lie coalers. The continuance of this
 trssschedule of prices for steel products ma 1e announcement of the placing of Urge orders for steel rails, helped the Neelstocks and was an encouraging fac- h,r oithe whole market. There was some mech points of weakness, notably smelt- ne! Its decline of 2ss was due to dis bbbdtment over the failure of divided yedd at the recent directors meeting. The weather reports from the corn belt and he firmness of the cereal markets as WI as the rally in cotton had an un- satisfactory effect on stocks and the re- portsof the danger of a passenger rate war l the northwest was not liked.
 Tn new steps taken in the suit of mindty stockholders in Southern Pacific agaiBt the Union Pacific interests dispos- ed the supposition that the dispute hadb compromised Reports from Bosjn of a cut in copper by a leading cotIetitor depressed 'amalgamated. Col oElo fuel was hurt by the vague rumors oflL renewed outbreak of international disensions over the control of the com pay. Instead of the expected increase of55 900 900 in the cash of the banks, the wAkly statement shows only a gain of S1,9e, 800. Last weeks gold exports to Souh America which were too late to figue in last weeks statement would ac- couH for only small part of the dis creThcy
 Hliday and vacation requirements are supposed to have made some local de- mads upon the banks. The increase in loas, although small, detracted from thf benefit of the cash increase to sur plJ which was recuperated by only $622, 4Od A rise in the discount rate at Lon do and a sharp decrease in sterling at P;is and Berlin were calculated to in- erase the pressure for gold upon New Yrk- Narrowing and irregular huctu- alons have marked the weeks operations 1.-the stock market. The renewed decline Arly in the week after last weeks sharp recovery was viewed with some anxiety lest it might indicate a renewal of the liquidation which would carry prices to a lower level than before and preeipitate 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 urge 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.
 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 eau tious in following any advance in prices. The week has not been free from crop scares nominal to the season and the fev- erish tone of speculation for staples has added to the effect of this. The steel trades nas served to keep speculation in stocks more or less unsettled while wait ing for the basis of future business to be adjusted.
 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.