The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-08
MARKET STARTS
OUT HOPELESSLY
Turned Out Better in Tone
Than on Monday
CROP REPORTS FAVORABLE
Personality of Brokers Employed In
Late Buying Enhanced the SEN
satlonal Effect of the
Buying.
CROP REPORTS FAVORABLE

New York, June THE professional
contingent In the stock market started
today with very discouraging views of
the hopes Of any activity In the market,
or of any movement of prices. The fail
ure of the market to show any response
to yesterdays decided movement In On
tario and Western was made the basis
for this hopelessness, and the reflection
of realizing sales in the early one-point
decline in that stock aggravated the de-
pressed sentiment. But the market turned
out better In tone and in distribution of
business than was the case under the
stimulating influence of yesterdays rise
in Ontario and western
It would be difficult to fix upon
specific cause for this development, as
the current news seemed to have little
influence on the market. The weekly
bulletin on the crops of the weather bu-
reau proved rather more favorable than
was expected on wheat for both the wiz
ter and spring crops, and the favorable
progress of the cotton crop went to ac-
centuate the effect of the government re-
port of the June first condition of that
crop.
The bulletin was less hopeful as to
the corn crop, but the maturity of that
crop is still so far distant, as to detract
from the Importance attached to its pres
t2t condition. Favorable progress for
Sc crop Is better calculated than any
eshsr development to settle the huctua-
ting opinions over the business prospects
10 n
engendered that the present lower plane
OF business and industry may be never
theless on firm basis with reasonable
assurance against a progressive decline
to level of prostration The rather
constant ratio of the decline in railroad
earnings goes to establish this feeling.
late recovery in Ontario and Western
today produced more effect elsewhere in
the market than did Yesterdays more
sensational advance, and the kindred
coalers were especially affected The
market was still far from being broad
one. and was almost wholly in profess
sional hands, so far as could be perceiv-
ed. The personality of the brokers en-
ployed in the late buying conveyed an i'm
preston that some of the larger interests
were taking stocks, and the sensational
effect of the buying was thus enhanced.
The money market was almost stagnant
and rates were inclined to droop, though
with little money offering at the present
unattractive rates.
The advance in the sterling rates at
Paris to % francs 17Ih centimes, was a
decisive indication that the course OF
capital was no longer drawing towards
that center. Incoming gold to the Lon
don market was also accordingly taken
by the Bank of England, with no demand
for Paris account. The discount market
was beth yielding. in Paris and London.
The market for sterling here, also yield
ed, thus deferring if not averting an out
go Of gold to London from here. Prices
eased off in the final dealings but the
closing was steady
The bond market was irregular. Total
sales. par value, $1,745,000
United States bonds were unchanged on
call