The San Francisco call., 1904-06-16
Nc1U YORK Stock Market.

NEW YORK. June 15.-The heavy demand
Tor Union Pacific which developed yesterday
before the market closed. was conspicuousIy in
evidence again this morning and supple
mente9 by sympathetic strength in Southern
Pacific. The movement n the stocks domiu-
ated the whole market and the news devei-
orments regarding them were taken TO explain
the recent movement of the market in ge.-
eraL 50 that some realizing in the general
list followed the days news. The early sur
misses over the ground OF the heavy dealings
IN she Pacihc covered a wide range. including
a southern Pacific refunding scheme and
incidental settlement Of the whole controversy
over the transc0ntneutal Held OF railroading
The more definite formulation OF the reports
aasheo the speculative ardor. especially that
n Southern Pacific holders. The reports were
without explicit official sanction. but credence
was given q those pointing to determination
70 provide for an issue OF 500 900 600 ~
Southern Pacific preferred stocks with per
cent dividend privileges. the proceeds to be
used for retiring the floating Indebtedness OF
the Southern Pacific Company and for other
purposes or the total amount authorized the
immediate issue Of $50 O00. 900 Of the preferred
stock was said 10 be intended. On the pub
lication OF the plan the Southern Pacific ran
on sharply under very heavy offerings.
ltr weakness and the intermittent strength u
Union Pacific kept the market unsettled and
confused for tho rest Of the day There was
a large shrinkage in the volume of dealings
IS another consequence. Union Pacidc's
strength followed from the fact that large
part of Southern PHcinc's floating Indebtedness
Is TO Union Pacific for which the plan pro-
vides reimbursement Southern Pachc's weak
ness due TO the unpleasant impress on
caused BY a large issue OF preferred stock
ahead Of the present stock. The termination
Of the strike OF vessel on the Lakes helped
on the early hrmness in the market There
was some heaviness in the coalers from the
outset and they rather prominent In the
later TeakneEs with the repetition Of runors
Of Fedora proceedings against the coal COM
biaatson. The foreign trade statement for
May showed the large falling off in exports =
domestic products partly mir.gated by the to-
tai expert figures but az accompanying in
crease in the imports reduced the trade bal
ancetn our favor FOR the month to So 203 s47,
compared with s21 S94. 454 for May Of last
year. A transfer through the subtreasury by
telegraph or $1,000 900 70 San Francisco is be-
lievsd 20 represent the proceeds OF the jap
anese loan to pay for japanese Government
purchases en- the Pacific Coast. Bankers con
nected with the loan are emphatic in the as
serton that not one dollar Of the proceeds OF
the loan Is destined 10 find It's way back 10
JaTsn. The selling 10 realize IN the latter
part OF tho day left the days changes on the
side of the losses.
Pond prices showed irregular changes, but a
good absorption continued in evidence. Total
sales. 81 10000
United States bonds were unchanged on call.
owing 70 a mistake In the decrease OF the
Chleago private elevator stock the Bradstreet
visible supply OF corn shows an increase Of
$4,000 bushels. instead OF SIS, 900 bushels,
as Issued yesterday