The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-09
IN STOCK
MARKET FAILED
Attempt TO Stir Up Activity
Had Little Effect
STEEL STOCKS ARE INERT
No Indications of Renewed Activity
In the Iron Markets, Which Has
Effect on the Whole
STEEL STOCKS ARE INERT

New York, June S.-There was an abor-
market during the first hours of today's
session, which resulted in lifting a few
stocks to considerably higher level
than yesterdays closing. The movement
fiattened out completely and the subse-
quent settling of prices to a lower basis
was due as much to hamilton in the
market to any active pressure to sell.
The opening advance had it's incentive
In the higher level for London prices
based upon the belief in hopeful out
look for peace.
Although the prospect for peace is at
tributed to the initiative of the Amer
lean government, the interest manifest
ed in the matter by the stock market
is of the most languid character. The
uplifting of prices was purely sympa-
thetic with London and the actual trans
actions for foreign account here were
insignificant in amount. The small
swing attracted by the higher range of
prices, however. invited some additional
attempt to move the market upwards.
The efforts centered on a handful of
stocks amongst the coalers and south
ern railways, and including Amalgamated
Copper. The operations in the southern
group was attributed to a new formal
pool or revival of an old pool Very
favorable showings of gross earnings
being made by railroads in that section
were made the basis of the movement
The large production of anthracite is
favorable factor for the coalers. These
mn MI Cd M p1nOrfqpf fol-
lowing. Very favorable weather condi-
lions for the growing crops were re-
ported, but a sufficient period of uncer-
tainty remains before the harvest to
prompt delay in forming definite con-
illusions on the outcome.
The inertia of the United Steel stocks
was almost complete, influenced by the
absence of any indications of revived
activity in the iron markets. This proved
a burden on sentiment towards the whole
market. The features being dragged out
in the Equitable Life affairs still has a
repressive influence on the stock market
and causes of dread of possibly unfa-
vorable results of a far-reaching charac-
ter in the investment demand for Sc
curities in the future. The rise in call
money rates was attributed to the re-
distribution of funds on deposit which
are the proceeds of japanese loan sub
scription among various financial in
stitutions and the intimation conveyed
that these funds are likely to be left on
deposits here for an indefinite period
Discount rates declined in London and
foreign banking houses were reported as
placing loans in this market Stock COM
mission houses also have funds to lend
owing to the extreme dizziness of the
stock market.
The hardening of the call money rate
was regarded as purely temporarily. But
q somewhat firmer tone was reported
for time funds, and the likelihood of
higher money rates in the fall is not
without influence in causing the almost
stagnation of the stock market Only
a remnant of the days gain was pre-
served and the average level of prices
was insignificantly changed from last
night.
The peace rumors made the Japanese
bonds strong. The bond market gener-