The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-06-06
STOCK MARKET
DEALINGS NARROW
Some OF Losses oil Previous
Day Are Regained
LITTLE INTEREST TAKEN
Sellers Are Not So Busy as Usual,
Which Encourages Trading On the
Long Side of Market and
Causes an Upturn.
LITTLE INTEREST TAKEN

New York, June 5.-There was but
eoanty matter of interest in today s
stock market. The total of the days
dealings discloses a violent shrinkage in
the volume of trading, the days sales
falling to a smaller total than for sew
eral months and during the latter part of
the day there was almost entire stagna-
ton. There was some reduction of the
usual dealings on account of the dull
ness of the London stock market, where
there will be holiday tomorrow and
Monday. Aside from this there was no
apparent explanation of the sudden lapse
of interest in the dealings.
The demand for stocks was exceedingly
which flooded the market yesterday was
even more remarkable. 1t was this fea-
ture which opened the way to a slow
movement of prices. Union Pacific Goa
tinued to hold it's dominant place in the
dealings and except for some supplement
tary interest in Reading, there was really
nothing else calling for notice in the day s
proceedings. The postponement of the
public offering of the Union Pacific bond
issue subscribed for by bankers, was
given some influence as a deterrent from
active operations. The conclusion of that
financial transaction, however, is ascribed
as the principal reason for the sudden
cessation of the aggressive operations to
hold and advance prices of stocks
The engagement of another lot of gold
to Germany tomorrow aroused only n
L nguid interest, although it had been sup
posed that the course of the international
exchange had brought the outward move
.nent of gold to an end. Yesterdays re-
tiuetion in the discount rate of the Inn
perial German bank and the fail In for-
eign exchange here was believed to nave
wiped out the profit on gold shipments.
The downward course of interest rates
was uninterrupted today, private discount
rates being quoted lower both IN LONDON
and Berlin. Forecasts of the currency
movement to and from New York during
the week promised gain of balance for
this center OF s10,00o000 to $12,O0OOOO, the
ub-treasury's contribution OF So, 42sooo De-
ing included. The gain on sub-treasury
onerations is due to the heavy current
feficit in the government revenues ana
the resulting excess of payments made u.
New York. This course OF the govern
roent revenues is expected to prompt an
early additional call on the banks by
the treasury for return or government
deposits. Tne present TSuuSeioh " 49,
money market makes an opportune occd-
sion for such a recall.
The maturity of the Spanish war loan on
August |, must be prepared for also by
the treasury. The new provision or the
law required banks to pay l per ceht
interest on the government loans, a
small special class of deposits, issued 70
,nerate as an incentive to the return OIL
the deposits by the banks. The prospects
of price changes in the steel tsade con-
time under active discussion, put niue
Inflammation on the subject was forthcom-
ing and its influence on prices was not
apparent. -, .oro o,d If
4 rise in the price of lead here ana Oh
conner in London was of some lnluence
IN the Industrial stocks in those trades.
The DAVIS rise at the stock exchange As
a whole was trivial Announcement OF the
omission of the semi-annual dlvldeno VI
fine missouri Pacific Railway company was
made after the close of the market. STOCK
ot that company was weak IN the la'e
dealings. ,os no,
ponds were steady. Total sales, par
value, 50, ZOO
Tinted states bonds were unchanged
or call.