The Birmingham age-herald., 1903-06-08
STOCKS FREE
 FROM LIQUIDATION Operations Continue Largely from Professional Group CURTAILMENT IN LOANS stoeks Have Been Under LlquIdatins Pressure All Week and the charae-
 ter of Selling Has Been
 Urgently Forced.
CURTAlLMENT IN LOANS

New York, June 6.-Today's stock mar ket was free from liquidation of the char acter of the in evidence during the week and the operations were largely profess sional. As stock market loans made on Friday carry over until Monday, the money conditions causes no actual pres sure during the Saturdays session and quotations based upon 1t are simply an ticipatory and in the nature of surmises over future effects on the part of pro- fessional operators. The bank statement evidently impressed this class as threat ening q further eurtailment in loans. ln- stead of a decrease of not more than 100000 as was anticipated the banks showed decline in cash resources of $S,- 4Ss. TOO. As the largest part of the gold for export was not withdrawn until the middle of the week 1t Is estimated that it did not figure for it's full effect upon the weekly averages. so that the condi- tions of the banks is believed to be worse rather than better than the showing averages. The local contraction of S,- Ss7. 800 reduced the reserve requirements considerably so that the reduction in sur- plus was only s4S79,500, but this more than cuts in half the previous surplus bringing it below the s5,OOO0O0 mark. further loan contraction sa4ms to be indicated for next week. Tne large loss in cash is att tributed to be belated withdrawals by trust companies to comply with the clearing houas requiremens for per cent of cash reserves which went into effect on June l There was some early im- provement of prices which seemed due to covering by shorts but the selling after the bank staten vi carried the average level below last night.
 Atchison and Union Pacific were nota- bly pressed for sale and the delayed planting of the corn crop was the mo- tive assigned New York Central also ran off sharply at the last to new low record for the movement. Amalgamated copper huctuat>d feverishly within a fractional range and closed A lower on the day.
 The stock market this week has been under continued pressure of liquidation and the urgent character of the selling gave the impression that 1t was largely forced. The effect has been to maintain a gloomy and apprehensive move on the part of speculators and to keep buyers out of the market for the most part.
 Prices of iron have continued to decline and the consuming element is reported to hold its waiting attitude in the nope or securing still lower prices
 The quoted level of iron is still well above that for this time last year and the decline from the high price Is ex- plained as an adjustment to the level of prices for finis he'd products which had not advanced in proportion. But the as- sertion of the Iron Age that 'the tonnage for new work Is falling somewhat in a number of branches of the finished iron and steel trade causes note of anxiety over the prospect in that trade.
 Bonds have suffered in sympathy with stocks. United tSates 2's and the old As advanced A per cent and the 3's h per cent as compared with the closing call of last week.