The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-11
UPWARD TREND
WAS THE FEATURE
More Cheerful View Taken of
Business Outlook
GRAIN REPORT FAV0RABL {
Dealers In Wheat Seemed to Be Dis
quleted BY Reports of EXCESS
i've Rains in the
Southwest.
GRAIN REPORT FAVORABLE

New York. June 1O.-Prices Of stocks
moved upward today rather more decid-
edy aSd comprehensively than In any of
the movements which have developed dur
Ing the week. The movement was rather
obstreperous In professional hands, but
the operations of the day were Of vol
unss, and of a concerted character which
made an impression that they were IN
skilled hands, and backed by resources
that promised greater efforts than the
tentative and timid operations to which
ihe recent market had been restricted.
The movement seemed to be the result OF
crystallized sentiment which has been
forming for several days of a more cheer
Ing kind over the general business out
look The greater breadth and strength
of the movement was effective In driving
in some shorts who have not been I'M
pressed with the smaller movements, ana
their buying to cover was factor IN ex-
tending the advance.
1t was the common opinion that the
buying was based largely on the expecta-
ton of a favorable report by the agricul-
tural department on the condition of the
grain crops on June l. The report was
not published until after the closing of the
markets, and its actual tenor is no guar
antee of what movement or stock prices
may follow, however closely that tenor
may conform to the expectation of those
who bought stocks. The test of the market
will be it's ability to absorb the stocks
thus bought when the effort Is made to
take profits on them.
The belief that the expected favorable
OnVinR OF
securities had to contend with the APP
parent Indifference of the early grain mar
ket to the supposed complexion OF the
coming report. The dealers In wheat
seemed to be disquieted by reports OF ex-
Aessive rains in the southwest. The weak
ness of the cotton market was OF a sus-
tanning Influence ir the stocks.
The special demand for Pennsylvania
made another radiating center Of strength
in the market. Some of the current gos-
sip published today bearing on political
affairs in Pennsylvania seemed to be
made the basis for some of the specula-
ton In this stock A favorable impress
sion was produced in the evidence OF
confidence in the market shown by the
OFFER for subscription of New York Cen
trail debentures, and by published reports
of the profits resulting from some of the
bond syndicates recently wound up.
The special strength of the electrics was
attributed to the probable electrical con-
tracts for terminal work to result from
the disbursement of the proceeds OF THESE
debentures There was a recall also OF
the suggestion of new control OF On
tario and Western to neutralize possible
competition by that company in a manner
Ffmilar to the leading and the Hooking
Valley control The official figures OF
sub-treasury operations have not yet re-
fected the full payment of yesterday 5
transfer of $2,697,000 on account of the
Japanese gold but 1t is expected that TO-
morrow's bank statement will have the
henefit of that in its cash items. The
currency movement in favor of New York
during the week including this transfer
appears to be upwards of $7oOO'OOO. Late
renewal of buying made the closing STEADY
at about the top level of the day.
Ronds were we'll maintained on a rising
scale. Total sales par value, 2'4lO'oOO.
United States Is advanced 4 and the
bid As declined 4 per cent on the call