The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-10
No ENTHUSIASM
SHOWN IN STOCKS
Poor Market Serves to DiSCredit
Upward Movement
LONDON SHOWED ANXIETY
shrInkage in Consumption of Iron Is
Accepted as Significant of Rusl-
ness Conditions In
General.
LONDON SHOWED ANXIETY

New York, June s.-The light speculation
Tor an advance In prices which was In
evidence yesterday was somewhat dis
couraged today and gave little show of
enthusiasm. The poor market afforded
for taking profits yesterday served to
dscredit the upward movement. London
gave some upward impulse to prices early
In the day and took stocks here until
they reached the Londan parity, when
the foreigners turned sellers again. Lon
don was said to be somewhat disappoint-
ed over the failure to reduce the discount
rate of the Bank of England But the
statement of the bank left no room 1or
anxiety over the financial situation IN
London, the 3d. 100000 bullion increase be-.
ing accompanied by a loan contraction OF
over s14OOoo0O bringing the proportion OF
reserve to liability of over so per cent.
AT the same time the Bank of France
showed a further rise in it's gold holdings
of over 81, 100000 with a redl elton OF over
s2s,0Oo,O0O in its bills discounted. 1t was
not surprising, therefore that a violent
advance in the sterling rate at Paris
should reflect the turn in the current OF
the stream of capital away from the
French capital again. The sterling rate
eased here, although an additional con-
Segment of S2,697,000 in Japanese gold
arriving at San Francisco was made
available on the reserve by telegraph.
The result is something like redundancy
Of capital at the great financial eenters
of the world with a corresponding apathy
of speculative and even of investment de-
mand, which seems to point to world
wide cause.
Here in New York the halt in the adj
yancing tendency of prices throw the
market back into an apathetic condition.
There was further discussion of the sta
tistics of production and consumption OF
iron, which made their appearance yes
terday just before the close of the mar
ket The shrinkage of consumption of
iron is so generally accepted as highly
significant of business conditions in gem
,ral that the discussion was bound to
have some influence on speculative senti-
ment The New York Centrals state
ment of May gross earnings, showing
falling Off of $342.500 or more than per
cent from the previous year, was a re-
minder of an unpleasant fact In the sit
uation. An opinion was held that the
May statements of net earnings may
show the benefit of measures of retrench-
ment not yet reflected in any statement
published The coalers are especially
pointed to as beneficiaries from this de-
velopment. Grain crop estimates by
some of the unofficial authorities aroused
some apprehension thai the government
report due tomorrow afternoon might not
prove as favorable as has been hoped
The influence of the crop prospects on
speculative markets gains in force as
the~crops mature. The question of labor
troubles was kept in evidence by the
maintenance of the vesselmen's strike on
the lakes, the strike ordered of marine
hremen in the coastwisetrade and the
course of events in Colorado.
Bonds dull and steady
Total sales, par value, s10S0.O00
United States Is declined u per cent
On call.