The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-09
GOOD GAINS MADE
IN STOCK MARKET
Trading Became Very Languid
at the Higher Level.
GRAIN OFFERS SOME HOPE
Nothing In the Tone of the Market to
indicate That the Day of Small
Things Has Passed
Away.
GRAIN OFFERS SOME HOPE

New York, June s.-Tuesday's upward
movement of prices was carried over into
today's market, and there was a show
of energy on the part of the professional
operators a respectable and quite repre-
sentative showing of gains being estab-
lished during the course of the trading.
There was nothing in the tone of the mar
ket, however, nor in the volume Of deal
lngs and width of the fluctuations to
warrant the superstition that the day OF
small things in the stock market had
passed away. The trading became ex-
tremely languid at the higher level and
the buying movement gave evidence of
quick exhaustion.
1t Is not very important to discover the
causes for so insignificant a movement,
but so far as general causes operated
distinctly hopeful feeling over the
progress in the making of crops was per-
ceptible. The days weather news fos-
tered this feeling, and prepared the specu-
latve mind to discount to a small extent
any unfavorable features of the govern
ments monthly report of grain conditions
of June / to be given out on Friday.
trade made no new contrast with unfavor-
able general conditions. but they were
given more consideration today. In fact,
the strength in the coalers was the back
bone to the whole market.
The recent speculative advance in On
tario and Western was an influence on
that group although the movement in
that stock itself halted on proft-taking.
Official reports place the output Oh an
thracite for May at 5,2S5,079 TONS an In
crease of 12S $50 tons over the very faVor-
able business of May last year. Trade
authorities also reported a large current
traffic. Some effect was produced by re
ports of an unexpectedly large volume OF
passenger traffic as a result OF traNel 10
the ST. L ouis exposition and extended 10
the east Some attention was also para
to a published story that plan for the
settlement out of court of the "Hlil-Har-
riman dispute over the distribution Oh
Northern securities assets was under
discussion, although TINS story was "
ficially denied.
Expressed belief that the vesselmen's
strike on the great lakes was approach
ing a settlement. was helpful FACTOR IN
the market. The softness of the Lonooh
discount market which yielded to below
per cent for open market discount, gave
ground LOT all cAptSioeAOH Ntte~N
of England would reduce Its minimum
rate of discount tomorrow below per
cent. This would tend to avert any mo-
ment of gold from New York to London
and would Indicate that the supply or
capital has reached repletion at London
as well as Paris. The Western Union
statement of net earnings for the June
quarter was studied with interest, all
though the current months earnings are
estimated only. The decline of several
per cent in the earnings indicated, com
pared with the1corresponding quarter OF
last year. is regarded as throwing lignt
on the relative volume of general ousi-
ness activity.
Recoveries in a number OF low-prlced
railroad stocks which have been under
pressure recently, presumably due TO COW
erfng by shorts, made up an important
showing in the days advances. The rise
In national lead was on rumors o1ten re-
yived of a combination In the trade. Inc
large experimental character attached TO
the advance was pretty clearly indicated
nv the easy yielding of the latter mar
,xet on the regular professional profit TAX
ing The Iron Ages discouraging views
of the trade outlook, aggravated the reac-
tion which left little of the days ad-
vance.
Bonds irregular. Total sales, par value
s2,33500o.
tinted states IS and the old As adj
yanced u and the new As decline Is per
sent on call.