The Birmingham age-herald., 1904-06-21
STOCK MARKET HAS UN|MP0RTANT DAY. Tone Was Plainly Firm and
 Confidential SOUTHERN PACIFIC LEADS Bankers Bought Freely of That Stock Based on the Circular Issued By
 the President to the
 Stockholders.
SOUTHERN PACIFIC LEADS

New York, June 9.-An unimportant volume of business was done in the stock market today, but the tone was plainly firm, and confidence over the prospect for values was thereby rostered News bearing upon values was slight. but in the absence of threatening developments, and with protection afforded to Southern Pa ciflc, there was no urgent pressure to Eell. Bankers usually intrusted with finan- eal operations for the company were large buyers of Southern Pacific, and the offerings, including several thousand shares for London account, were readily absorbed. The circular Issued by the pres ident to the stockholders on legislation Of the proposed preferred stock issue seemed to make a favorable impression upon sentiment, and was followed by the rise in the stock to 46ss. This was a sensible relief to the general market, where the effect on a decline In Southern Pacific had been decided. The possible un- settling effect of the sharp drop in Metro politan Street Railway also seemed neu- iralized by the strength on Manhattan Rnd in Brooklyn Transit, the latter on reports of the marketing of additional bonds by the company. The movements in Metropolitan and Manhattan were tased upon the assumed results of the business of the two systems of the com ing opening of the subway systems There was also rumors of further bond issues by the Metropolitan company. An advance in United States Steel preferred was help full to the market at large, and was con- rected with an agreement on wage sched- ules with portion of its employees and re- ports of a decision to maintain prices for steel rails.
 Weekly estimates by railroad officials over traffic was little changed from the recently previous tenor, but they showed conditions no worse. Good earnings for the second week in June coming to hand, make better comparisons with last year 8 figures than for some time past Mis- souri Pacific reports for April showing net earnings of less than half those for last year did not affect the firmness of that stock. Confidence in the condition of crops was unimpaired, although there was some complaint of rains in the har- vest section which made an impression on the wheat market. With no fears for the favorable progress of the crops and with the extraordinary strength of the banking position shown by Saturday, s bank statement, there Is opportunity to await the progress of the movement with hopes for a favorable outcome. Cash reserves and especially gold holdings, are now we'll above any previous record. The satisfaction over this showing has its reservations as to It's index of idle trade conditions and as to the responsibility for high interest rates on deposits paid by the New York banks in effecting the re- suit but 1t insures freedom from all pres sure of securities in the market from the , necessity of realizing ready cash. None of the best prices of the day was main tained. The market became lifeless at the slight reaction and closed stagnant
 Except for liquidation in consolidation tobacco As, prices for bonds were firm. Total sales par value $2,060.000 United States As registered declined B on call.