The Saint Paul globe., 1904-06-18
STOCKS AT LOWEST EBB
SOUTHERN PACIFIC CONTINUES
MoNoPoLIZING ATTENTION
Early Advance Occurs in Union Pacific
Prices Cling Closely to Thursdays
Closing LeveE-consideabie Selling
in Southern Pacific

[ NEW YORK, June 17.-Interest in
the stock market today remained
largely centered in the Southern Pa
cifie preferred stock issues. This plan
was diligently canvassed from every
point of view. There was considera-
bic speculative activity in Union Pa
cific and Southern Pacific as a eonse-
quence. The early advance in Union
Pacific was due also in part to a ru-
NOR that a decision in favor of the
Union Pacific party was to be handed
down in the Northern Securities case,
upholding its contention for the re-
turn of the Northern Pacific stock as
originally deposited.
There was more or less divergence
in the course of the two stocks. az
was the case yesterday and the day
before, and this had the effect of re-
pressing operations in the general
market, owing to the confusion of SEN
timent. Dealings fell away to the dull
est of the week in the latter part of the
day, and prices clung closely TO the
last nights closing level. The nature
of the dealings on the curb in South
ern Pacific subscription rights and i'll
the new preferred stock when issued
had its part in upSetting sentiment.
Both the rights and the new stock
were heavily sold. The provision OF
privilege to redeem the proposed
=
was the cause. 1t was argued that this
woHld serve as a limit for the open
market price of the stock, as buyers
would be disinclined to pay more for
the stock than the price at which the
company was entitled to retire it. 1t
was urged also that the I15 limit would
tend to prevent the sale Of any addi-
tional issue of the stock by the COM
pany at a higher price.
Large Sales of Southern Pacific
The effect upon Union Pacific was
moderate, except as it diminished its
activity. The selling of Southern Pa
cific was large, including free offerings
for London account. The buying was
believed to be in the nature of sup
porting orders, but it served TO relieve
the anxiety lest new financial plan
should break the price of Southern Pa
cific and thus hurt the market.
Sharp declines in the Metropolitan
group of street railway stocks were a
depressing influence. Metropolitan
Street Railway declared the regular
quarterly dividend. but many rumors
were circulated of the inadequacy of
the company'S earnings to provide for
dividends as guaranteed. News of
crop conditions was very favorable, but
was diSregarded. So were the reports
of heavy sales Of Copper, both for do
meStic and export account. The time
money market was called weak, seven
month loans being made at 3A per
cent. Estimates of the currency move
ment indicate a further large influx Of
cash to New York. the weeks gain by
the banks being estimated at upwards
of $7000,0 ,000 Southern Pacific was
forced down liz late in the day, but
vigorous support was offered it, and
the market closed steady and generally
slightly lower than last night.
Bonds were less active than recently.
but prices were well sustained. Total
sales, par value, were $1,745,0 600.
United States bonds were unchanged
on call.
Closing List