The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-12
CLOSES At TOP
LEVEL FOR WEEK
Satisfaction Felt at Color of
Crop Report
NO STRIKING GAINS MADE
The Bond Market for the Day Was
Broader and More Active
Than That for
Stocks.
NO STRIKING GAINS MADE

New York. June 1.-THE short session
of the stock exchange today showed
good support for prices and the market
closed firm at the top level of the week.
There was considerable realizing but 1t
was evident that sufficient satisfaction
was felt over the color of the monthly
crop report to prompt good absorption
of this realizing. The days gains were
not striking. but the steadiness of prices
In view of the activity of the trading
made the tone good. The bank statement
showed about the expected gain in cash
reserves and sufficiently to meet the add
I'd reserve requirement by reason of the
rise in deposits with margin of $3S01, 525,
which went to enhance the surplus re-
serve of the banks. A report from
Washington asserted that permission had
been given for the deposits of $2,l0O0OO
at the New York sub-treasury for trans
fer by telegraph to San Francisco which
Is a reversal of the recent current be-
tween the two centers without explana-
ton.
Today's bond market was broader and
more active than that for stocks 1t was
pointed out also that a large business Is
being done. in high grade bonds oyer the
counters OF bond houses which does not
figure In the stock exchange transactions.
The financial chronicle estimates that the
municipal bond sales for May reached
$54, 404, 338. This includes the $37 900
New York city bond issue but the ag-
gregate figures reached to one-third the
total sales of municipal bonds for the full
calendar year of 1903.
Prices of stocks have been slightly
higher this week than last and there has
been occasional stirring of something
.I,t4 t,.4--
been spasmodic, and in the intervals the
market has relapsed into the intense apa-
thy which has characterized 1t for a long
time past. The market seemed to be free
from pressures and the gains made on
occasional spurts have been fairly well
maintained. The movement was largely
due to professional operations within the
exchange. The sudden heavy absorption
of Ontario and Western was the prin-
cipal special movement of the week and
this was commonly supposed to be caused
by the evidence of powerful interest In
the market. The most direct sympathetic
effort of the Ontario and Western move
ment was on the coalers group and this
group had other influences In Its face so
that 1t formed the backbone Of the up
ward movement.
The official report of the anthracite rail-
roads showed a tonnage in excess of the
very large output of May last year, and
the reports from the trade were also
of a large current traffic. OF influences
to which might be attributed an Inn
provement in sentiment the progress Of
the crops must be accorded an important
place. High hopes are entertained of the
cotton crop and the weeks conditions In
the wheat area were considered favor
able. The less favorable news of the
corn crop was of less influence, owing to
the remote maturity of that crop, and
the opportunity for its recuperation. The
anticipation of the government report of
June condition of the grain crops played
part In the speculative market of wheat
'or the week, although time for its APP
pearance was fixed for Friday afternoon,
after the weeks trading was practically
concluded. The belief was general, how
ever. that the report would prove ia
sorable, especially as to the condition of
winter wheat.
There has been some improvement In
The demand for railroad mortgages but
fluctuations in more speculative bonds
have kept the price movement irregular.
United States new AS have declined u
and the twos have advanced u per cent
on call during the week