The Birmingham age-herald., 1903-04-28
IGENERAL TONE OF STOCKS DULL Even the Professionals Were
 Greatly Discouraged. BONDS PROFOUNDLY DULL Trust coEs95 5nles Withdrawing From the Clearing House Has Induced
 an Unsettled Feeling and
 Pbzzleo conIectures.
BONDS PROFOUNDLY DULL

New York. April g7.-The somnolent conditionT of today.s stock market was Tignihcatt of the continued indifference of the /general speculative and invest ment pEblic. Even the professional trad CTS fou Ind Encouragement in thels efforts to moive prices by trading with each other and the general tone of the market in cofnsequence was the dullest thus far this Iyear. Special movements in few lndikidual stocks were all that offered anyl feature. A report by expert account ants on behalf of the Metropolitan Street railway tended to refute the charges of lirEegular accounting against that conn 5pkny. which arc the subject of present sshquiry by the authorities, and was made the occasion for marking up that stock fq1h
 A hostile purpose towards the bear party in the stock was apparent and the gain was practically lost before the end of the day. rather languid attempt was made to induce general rise in the market in company with the Metropoli- tan Street railway movement, and Mis- souri Pacific and Baltimore and Ohio seemed to be chosen as the leaders; but this movement did not reach far. The weakness of Amalgamated Copper caused by the fall in the metal was an adverse influence. Then there developed re- markedly strong tone in foreign exchange which narrowed the gap between the gold export point materially. Discounts and money hardened in London and the advance in British consols was checked This had a somewhat chilling effect on Bank of England discount rate this week would mark the easing tone of money all over the world. Money here continued to decline and there were in- creasing offers for periods extending be- yond six months, from which no conces- sions from the per cent rate are yet re- ported. The increasing supply of money does not show any inclination to take up securities.
 The tone of the bond market is relative ly better than that for stocks, but the actual business in that department is 3Astill profoundly dull.
 The approach of the May 1 period with the skies in the labor world comparative Ny serene is accepted as favorable fac Tor, but is not a positive factor in this market. There Is a feeling in the stock HldTket ClTcleS that the quiet III the ldDOI world has been secured at the expense of concessions, which are constantly raising the operating cost and making inroads upon earnings. The increase in gross earnings for March of Atchison was wiped out and a decrease in net earnings of $24Q,S ,S17 established by the large growth in optTating expenses The weekly sta tisticS1of railroad traffic showed a con siderable falling in the movement, espe- ciall,l in the grain movement eastward, and large outlays are reported in pros- pect for Improvements and for belated repairs of overworked equipment. The fairly general movement which has de- veloped among the trust companies to withdraw from the clearing house priv lleges rather than conform to that instl- tution's reserve requirements has induced an unsettled feeling and a good deal of puzzled conjecture as to the effect on the money situation, and there is dispos- lion to await the final adjustment of the controversy.
 { The bond market was extremely duh ind irregular. Total sales par value, $1- i55,00O United States new 4s advanced 15 per cent on the last call.