The Birmingham age-herald., 1903-06-25
STOGK DEALINGS WERE VERY SMALL Market in the Hands of the
 Professional Set MOTIVES NOT DlSCERNED There Was Some Degree of Strength In the Morning Which Seemed to
 Be a Result of Tues-
 days Close.
MOTIVES NOT DlSCERNEO

New York, June 2l-Very little can be gathered of prevailing speculative senti- ment from the movement of prices in to- days stock market. For one reason deal- ings were too small to be of any eonse- quence and were still freely in the hands of professional traders. The movement of prices was so conflicting and so constant ly fluetuating as to leave no room for consistent differences as to the motives that prompted the operations. There was some degree of strength in the morning which seemed to be a continuation of yesterdays late rally. Last prices, how ever, are generally lower than last nights Probably the real reason for this Is that prices advanced yesterday. In the prevailing doubt and timidity of the board room operators they shrunk from carrying prices far in any direction. While one small party buys stocks, an- other party avails itself of this demand and go short, and an opportunity for fractional profit is sufficient to prompt closing out of contracts. For several years MT. Morgan's return from his an- nual vacation in Europe has been made the occasion for a bull demonstration in the stock market. Today the passage of the steamship bearing him was bulletined from various points after she was sight ed but the stock market failed to re- spond. Some of the questions regarding the formations connected with MT. Nor gan's name awaiting decision have been the subject of uneasy conJectures, which may account for the changed attitude to- wards his homecoming. The engag cement of $1,500,O0o of gold for shipment to Paris tomorrow was chilling influence on the market especially in view of the con- dition of the surplus reserve of the banks and the approach of the period Of the semi-annual settlements The require ments of this period are complicated this year by the falling due Of subscriptions for the 50 per cent installment on the new stock issue of the Pennsylvania. Pay ments of subscriptions for the stocks are being made in desultory manner, but the large holders of privileges are evil dently deferring their payments until the last moment The privilege expires on Saturday, June 27. The payments so far made have not disturbed the money mar ket, but 1t is estimated that upwards of 900 remains to be paid on this ae- count It has been expected that dis turbance in the money market would be prevented by the use of the proceeds of these subscriptions for prompt repay ment of the $40 100000 Pennsylvania loan taken out last January. It appears, how ever, that this loan, which was for six months, does not mature until near the middle of July. Money was higher in London today and discounts hardened in Paris and Berlin, while sterling fell away at both centers. This leaves the question of further gold exports from New York still open in spite of an casing in the sterling rate here today. The excited speculation in the cotton market today and the notable strength In wheat and corn are normal influences for contrary movement of prices in stocks.
 Enormous selling of United States Steel 2s and 5s carried the price down to S2 compared with previous low record of sS. There was sudden rally of X at the last, but the depression of these bonds had sympathetic influence in the stock list.
 The bond market was otherwise dull and irregular. Total sales, par value. $S0in 200. United States new As coupon advanced A per cent on the last call