The Birmingham age-herald., 1903-06-17
TEMPT ID RUSH 1, 'ES WAS STALLED
 orites Started Off ~ Points Lower
 CE| .,uNS WERE SMALL Closed Firm, But Very Dull and Near the Top Level of the Day-sonds Show Early Weakness
 In Sympathy.

New York, June 16-A comparison of today's last prices with the last prices last night gives no idea of the wide fiuc- tuations in the days market The princi- pal speculative favorites this morning were from 1 to over points lower than last night and within range running from fraction to between 1h and 2 points of the low level touched on We'd nesday last in many cases. The days fluctuations, while generally sniall there fore, represent very substantial recov- cry from the low point of the day. But when 1t was attempted to rush prices up late In the day to much above last nights level, pressure to sell was re- newed and prices again fell back. The closing, however. was firm but very dull and near the top level of the day. The inference drawn from the action of the market was that professional speculators tested the market on the short side and forged resistance in a substantial buying demand. The buying by the bears to cover was a substantial element in the tally, and when the attempt was made to carry the movement further, pressure to sell was again encountered. In addition, account must be taken of what looked nKC HQQludllOn QQtlDB tie SiA ly hours this morning and the weakness of yesterdays market having awakened fears that a further extensive decline was in prospect 1t was evident also that when prices approached last weeks low level buying of an investment character again came into the street. The deduc- tion drawn by the average operator Tn stocks at the end of the day was that at tacks on the market would encounter ,Iofo ffol urgent liquidation of the character in evidence last week vas no longer over hanging the market. On the other hand' attempts made to bull the market. aslde from the probable lack of money re- sources, seemed to encounter heavy sell Ing at the high level. .,
 The prospect thus indicated of dull and sluggish market is viewed not wlth satisfaction in financial quarters gener- ally. That the resources which have been accumulated by such a painful process or liouidation should be immediately put back into speculative use with the needs of the coming autumn still to be met, is a course generally disapproved by bankers and those with large property interests During the early decline today, the sus- pense over the probable decision of the coal miners convention was of important influence. The final action by the con vention and the apparent improvement in the feeling of the two sides to the con- troversy which has resulted from the in- cident is regarded with vast anxiety ex- pressed over the crop news during the early part of the day, but the weekly crop report and the reaction in wheat ana cotton served to relieve this somewhat. Atchison was conspicuous1y weak and ru- mors of a possible reduction in the divi- dend continued to circulate. The pay ment of an installment of the subscription on the consol issue calling for $l5.O0O,0OO in the market added to the depression in London and was reflected here. Sterling exchange also ruled strong with threat of further gold exports. The recrimina- tions due to the law suit over the United Shpbuilders' company reorganization and the tone of the testimony in the suit against the control of the Metropolitan Street by the Urban company were the subject of wide discussion in Wall street and caused a very unfavorable impression in the market The suicide of an offidial of one of the banks was also used during the morning to induce selling of stocks, but the prompt assurances that no hnan- cial irregularities were involved took away that effect. The reduction in price of copper weakened Amalgamated in the early dealings but the latter announce ment of a further cut in the price of pig iron did not improve the late recovery of the market.
 Bonds showed early weakness and re- covered in sympathy with stocks. Total sales, par value. $2s9OOOO. United States As advanced A per cent on the last call.