The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-06-04
7 MIDDAY PRICE
LEVEL WAS LIFTED
Last Hour Gains Quickly
s'.I'nd Away

New York, June S.-The recovery again
today by the stock market from an open
ing depression and the disregard of some
of the bad news of the day seemed to
give fresh demonstration that stable
basis of prices had been reached and af-
ter midday the price level was lifted
quite substantially. But when the pro-
fessional operators commenced to take
their profits in the last hour of the ses-
sion the days gains melted away In
short order and last prices generally
show net losses. The opening set back
was due to the reported threat of
strike by the anthracite coal miners
unless the refusal of the operators to ae-
cept the miners representatives on the
Cancellation board should be rescinded.
The resulting decline in prices reached
a point or over not only for several of
the coalers, but for other leading repre-
sentative railroad stocks. St Paul,
which continued to be accepted as the
index of the market, ran off 1hc It be-
came manifest at the decline that the
short interest was allowing itself an OPP
portunity to cover and at the same time
support was in the market as on yes
terday. A party of professional traders
seeing the direction of things commence
ed to buy and bid up stocks in an effort
TO take away the market from the shorts.
A sharp recovery in the Canadian group
from yesterdays demoralized break
helped the movement st. Paul was car
ried 17s over last night in the course of
the movement. Many other gains Of
point or more were achieved before the
final setback occurred. The comment by
officials of the coal roads on the labor
situation revealed a rather conciliatory
spirit and an apparent willingness to ne
gotiate the dispute, and on this the coal
ers made vigorous recoveries. The i'm
provement in the western situation and
the subsistence of the floods were taken
as encouraging features and had added
force by reason of the sharp reaction In
the grain markets. The heavy engage
ments of gold for outgo tomorrow SEEM
ed to be ignored, as the call money mar
ket continued very easy. The engage
ment of coal for France, Germany and
Canada for the day amounted to consid-
erably over $4,000. Although the call
money market was not affected there was
hardening tone in the time money mar
ket rates for six months, rising to
per cent and for eight months to 5h per
cent. There was a slight reaction also
In foreign exchange, and this was said
10 De que TO some offerings or loan bills
which the advance in time money made
profitable. Exchange bankers reported
that no bills were sold against the gold
shipments which were clearly in Hquida-
ton of maturing foreign Indebtedness
The sterling market steadied again be-
fore the close. There was a decline also
In the sterling rate at Paris which serv-
ed to increase the margin of profits in
gold exports. There was some selling of
stocks for Boston account and reports
that loans were being called there. New
. York exchange at Chicago, however, adj
vanced to so cents premium
The outlook in the money markets may
have induced the renewed selling of
stocks in the st hour, which covered on
Pennsylvania, carrying that stock down
to a parity with the low level of the
movement at 1854. Prices broke to be-
low last nights level all around, but
steadied slightly just at the close. Sew
eral good reports of railroad earnings
and a sharp recovery in the London cop
per market were used to help on the up
ward movement.
The bond market was firm and the new
Rock Island SIS were lifted points To-
tai sales par value $2,4S50O0 United
States rs coupon advanced y per cent
and new As coupon declined u per cent
on the last call.