The Birmingham age-herald., 1904-06-19
Business in the Stock Market
 Not Heavy
SOUTHERN PACIFIC QUlEl
Fever Subsidies and General List Is Relieved of Saggine Tendency. Iron anu Steel Trade Con
 tnues Satisfactory.

New York June 1S.-The final transac- tions of the week In the stock market hardened prices a trifle but the dealings were small and without significance. The fever in Southern Pacific subsided and the freedom from pressure of that stock relieved the general list from the sym pathetic sagglng tendency, present since the preferred stock issue was announced. Weather in the crop region continued fa- vorable and the money supply is so am pie for all demands that there is little pressure on the market in the absence of any positively bad developments Southern Pacific made 8 languid recover and then lost practically all Of 1t Just al the close. An increase of $l1l,OoO Tn Ms souri Pacific gross earnings for the sec ond week in June may exjlain the re- cent advance in that stock but 1t hao ht- tie effect on today's movement. Anal gamated copper gained point on the strength of the reports of recent large sales of copper.
 Complications of railroad net earnings for April show the effects of trade in- activity, grain and cotton movements, the backward season, the Colorado labor trou- bles and the storms and wet weather in the southwest. But it is pointed out that the proportion of the average decrease. in net earnings is small compared with the successive increase for eight or ten yearsApast The increase in the bank sur plus conformed pretty closely to expecta- tions and revealed no change in condi- tions existing for some time past and was little noticed. The holiday in London add ed to the dullness of the trading.
 Total sales of bonds, par value, $SO5,O GOO.
 The divergent movement in Union Pa cfic and Southern Pacific became less marked after the first announcement of a plan for the Pacific adjustment of con- flictng interests. Special movements were noticed in the local fractions and gas stocks, and were. unexplained by news developments. The firm undertone of the market was attributed to the promising condition of the crops which had favor able weather conditions during the week. A favorable outcome of the years crops is universally considered the essential fac tor in the future of the market. Reports of railroad earnings for the week and official opinions on the prospects for im- provement did not offer much encourage ment to buy stocks.
 The passage of the dividend on Minne- apolis and St. Louis common, and the reduction of the dividend on Lake Erie and Western preferred, together with the poor showings of net earnings for the June quarter, partly estimated, of the Vanderbilt railroads, were leading incl dents in this field Their effect on the stock immediately affected was small. The settlement of the strike on the Lake Shore was gratifying The heavy falling off in the May trade balance in our favor was not largely felt. The abundance of money in foreign markets and the de- cline in exchange has put an end to the demand upon us for gold and greater assurance Is felt that any need that may grow out of the fall in the demand for money here may find a response in a re- turn flow of gold. For the present the money supply continues fairly redundant.
 Iron and steel trade conditions continue unsatisfactory, and offer no stimulation to the market A marked improvement In the investment demand for railroad bonds Is reported by various authori- ties, only partly reflected in the actual dealings on the stock exchange. Municipal bonds also share in this improvement which is partly due to the anticipation of July 1 profit disbursements
 The United States 2s, old 4s registered and new fs advanced 1S, and the old As coupon A per cent on call during the week.