The Birmingham age-herald., 1904-06-16
UNION PACIFIC
 IS IN EVIDENCE Movement in These Stocks Dominated Whole Market COVERED A WIDE RANGE finite Formulation of Reports Damp ened the Speculative Ardor, EsPe-
 claIIy That of Southern
 Pacific Holders.

New York, June 15,-The heavy demand for Union Pacific which developed yes terday before the market closed was con- spicuously in evidence again this morn ing, and was supplemented by sympathe- tic strength in Southern Pacific. The movements in these stocks dominated the whole market and the new developments regarding them was taken to explain the recent movement of the market in gen eral, so that some realizing in the gen eral list followed the days news. Ihe early surmise over the ground of the heavy dealings in the Pacifcs covered wide range including a Southern Pacihc refunding scheme and an incidental set clement of the whole controversy over the trans-continental field of railroading'
 The more definite formulation of the re- ports dampened the speculative order es- pecially that of Southern Pacific holders. The reports were without explicit official sanction, but credence was given to those pointing to a determination to provide for an issue of $100, coo of Southern Pa cific preferred stock with per cent divi- dend privileges, the proceeds to be used for retiring the floating indebtedness of the Southern Pacific company and for other purposes. With the publication of this plan Southern Pacific promptly ran off sharply under offerings of very heavy blocks of stocks. Its weakness and the intermittent strength of Union Pacific kept the market unsettled and confused for the rest of the day.
 There was large shrinkage in the volume of dealings as another conse- uuence Union Pacifcs strength followed from the fact that large part of South ern Pacitics floating Indebtedness is to Union Pacific, for which the plan provides reimbursement Southern Pacifics weak ness was due to the unpleasant impress sion caused by large issue of preferred stock ahead of the present stock. The termination of the strike of vessel men on the lakes helped on the early firmness of the market.
 There was some heaviness in the coalers from the outset and they were rather prominent in the latter weakness with the repitition of rumors of federal pro ceedings against the coal combination The foreign statement for May showed the large falling off in exports of domes- tic products partly mitgated by the total export figures but an accompanying in crease in the imports reduced the trade balance in our favor for the month to k9, 293, SAT. A transfer through the sub treasury by telegraph of S2. .130,000 to San Francico is believed to represent the pro- ceeds of the Japanese loan to pay for Japanese government purchases on the Pacific coast. Bankers connected with the loan are emphatic in the assertion that not one dollar of the proceeds of the loan Is destined to find it's way back to Japan. Fhe selling to realize in the latter part of the day left the days exchanges on the side of losses
 Bonds, prices showed irregular. but good absorbative demand continued; total sales, par value, $1910,0OO.
 United States bonds were unchanged on call