The Birmingham age-herald., 1903-04-20
STOCK MARKET IS
 DULL AND MARROW
Violent Rebound at Opening in Metropolitan Helped Some
WAS DUE TO BEAR ORDERS
Renewed Weakness of the Stock and Sharp Selling Movement In Read- ing Unsettled the Prices and
 Turned Trend Downward.

New York, April 1S-Todays stock market was but dull and narrow aIldlr and the net changes were generahy lh- significant A violent rebound at the opening in Metropolitan Street railway helped the tone for while, as the un- settled effect of such weakness as was shown by this stock yesterday is dreaded. The spasmodic rise in this stock proved to be due to bear orders to cover and the higher price was maintained only for an instant.
 The renewed weakness of the stock and the sharp selling movement in Read ing unsettled prices and turned the trend downward. Reading dropped about 2 points, but support was forthcoming. The selling of the stock was based upon a supposition that an anthracite coal combination will be the next object or legal process under the antitrust law of the government. Other members of the anthracite group were not notably affected. The professional traders who made up the market commenced to cover their short contracts before the bank statement appeared, but the selling was renewed on the publication of the state ment. The disappointing thing was that of the average loans, which showed an increase of $2427,s00 whereas the severe liquidation of the week had given rise 10 hopes of a largs loan reduction, The showing is compl eated by the merger of two banks and an increase in capital or another, which made requirements Tor loans without a corresponding enect on deposits. The cash increase is about as expected and the surplus reserve was correspondingly benefited.
 The market rallied and closed steady and very dull. Southern Pacific and Mis- souri Pacific enjoyed some benfits from good reports from earnings for the sec ond week in April. The decision expected on Monday on the application for stay pending an appeal of the Northern Se- curities case is somewhat dreaded ana caused a pause in operations for the ad- vance. Foreign exchange was firm under a continued demand for remittance, but money was reported easier in London. The weekly statement of the Imperial Bank of Germany and the over-subscrip- tions reported for the German loan were regarded as gratifying evidences or abundance of funds at that center.
 The growing ease of money sup plies facilities for speculation, and the extensive liquidation of Monday has add ed to the relief of the money market. The first government report on the winter crop made such an encouraging showing of condition and acreage as to warrant a presumption of large yielding, and rail road earnings reported during the week have shown remarkable increases over the last years report. The March for eign trade report shows notable expan- sion of exports and the outgo of grain continued to furnish -ood supply Of exchange. With the growing ease of mon- ey here there Is a good demand how ever, for exchange, which is obviously due to a resumption of the repayments of fonsign obligations which is an insurance against further pressure from foreign sources upon the New York money sup ply. The upward course of prices has been pursued with some caution, and with watchfui attention for symptoms of attempts to realize on the advance.
 Bonds have moved in sympathy with stocks, and have not been notably active.
 United States old As declined A per cent, the new Is, registered, A. and the 5s. registered. 1 per cent. The new Is coupon, and the 5s, coupon, advanced II per cent compared with the closing call last week.