The Birmingham age-herald., 1903-04-06
STOCK MARKET
 WAS TOO NARROW Lively Selling Followed Appear ance oi oank Statement CANADIAN GOLD SHIPMENT There Was Some Support Offered the Market, When It Was Seen the
 Selling Pressure Was Light.
 Bonds Were Irregular.
CANADIAN GOLD SHlPMENT I

New York, April 4.-Today's stock mar ket was too narrow to have any great significance. The opening decline express ed the disappointment of those who bought yesterday on the rumor that the pool holdings of Southern Pacific had been taken off the market by private agree ment. Yesterdays furry among the shorts on account of this rumor convey ed an impressive intimation of the possi- ble effect of such a settlement, should it suddenly develop, and awakened spirit of caution on the part of the bears. There was some support offered the mar ket when it was seen that the selling pressure was light. Wabash preferred, es- pecially, was lifted point on the strength of reports that there was good prospect of an adjustment of the labor dispute on that system. A lively selling movement followed the appearance of the bank statement, showing a decrease in the sur plus reserve of SI150,075 bringing that item down to $2, S25. This showing was wholly due to the fall in cash, the loan item showing a nominal decrease of less than a million ,ollars under the average  gate changes in loans known to have taken place during the week in the April 1 settlements. As compared with an estimated decrease in cash of a million and a half, the statement shows that the banks have lost during the week $o,5Z4' oOO. There Is evidence that this result was due to the fact that the trust companies are withdrawing or withholding deposits he n reserves in their vaults to conform with the clear ing house rule that they shall be able to show a cash reserve amounting to lO per cent of their deposits on June l. There seems also to have been outgo Of gold to Canada during the week more nearly equal to a million dollars than to the $250000 reported.
 The selling induced by the bank state- ment was again met by support, based on a confidence that factors are working to- wards improvement of the local money situation in spite of the weak bank re- turns. The rally seemed to have spent it's force before the closing, which was about steady. The most notable fact re- garding this weeks stock market has been It's progressive dullness, leading to the low level of daily transactions for the year towards the end of the week.
 The general tone has been one of de- pression, although this was temporarily relieved on Tuesday by brief upward reaction. This was partly due to the expectation that the April disbursement of dividends and interest would relieve the tightness of the money market and result in some buying of stocks, but a published interview with J. P. Morgan was even of greater effect with the pro- fessional trade element. MT. Morgan's 8 tone of depreciation of prevalent pessim- ism regarding financial affairs, was ex- pected to have far reaching effect with the investment classes, but beyond the professional buying intended to anticipate such investment demand on Tuesday, there was no appreciable effect in the stock market. Even the short interest seemed to be soon satisfied. disappointing the hopes of those who had looked for substantial aid for a rally from this ele- ment when prices finally turned upwards.
 The money market has been under pres sure in the same way as stocks. but in much less degraa.' There was a decrease of over 9 per cant of the par value in the bonds dealt in on the stock exchange in February compared with February of last year.
 United States coupons, 5s and the 3s, registered, advanced A per cent and the 4s, coupon, F per cent. The new 4s de- cline A per cent and the 3s, registered, F per cent, as compared with the closing call of last week.