The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-01
STOCK OPERATIONS
SIMPLY DEFERRED
No Recuperative Power Was
Noted at Any Place
EFFORT TO TAKE PROFIT
Finding Prices Restricted, the Trading
and Commission House Elements
Were Greatly Discouraged.
Bonds Remain Irregular.

New York, April 30.-Some hopes were
entertained that yesterdays stock mar
ket was a preliminary to better move
ment of prices today owing to the fact
that the professional traders had refrain
ed from taking their profits on the day s
rise before going home. But the first
half hour of today's market demonstrat.
ed that that operation had been simply
deferred The effort of the professionals
to take their profits made manifest that
there was no absorbent power In the
market so that prices fell weakly, back
ed and showed no recuperative power for
the rest of the day. The conditions which
prompted the buying of yesterday were
not changed in any essential particular
today. but the traders found that the
buying prompted by the favorable factor
was strictly limited to themselves. The
net result was that prices today practi-
cally retraced the course of yesterday
and left the trading and commission
house element in the street more dis
couraged than ever. The excellent show
Ing of earnings by the coalers embodied
thus far in the New Jersey Central, Erie
and Lehigh Valley reports, which was
supplemented today by the March report
for the Reading was even more convinc-
Ing of the present prosperity of the an
thracite trade, owing both to its large
share in the trade and the larger proper
tional increase in its earnings.
Profit taking made an early impression
on the Erie stocks and later upon Reading
itself The March report for 81 r'srf
showed an increase saved for neHearnings
of $l11.O26 out of an increase in the gross
of s255,4OO, while for U1jop Pacific the
increase in net earnings WAS $261 67s left
from an increase in gro9s of s622,173 These
roads and those in similar territory were
as little affected. 10Y this favorable show
ing as the cQaders.
Missouri PAcihc made some resistance,
although INSPIRED statements were cur
rent which were obviously intended as
preparation for showing of decrease
in Hhe net earnings dn March by that sys-
tenn The reaction in copper and In sill
Eer had a special influence In weakening
Amalgamated Copper and the Mexican
railroad stocks. The wintry weather pre-
vailing in the west and northwest caused
some apprehension of crop damage that
might be construed as q depressing fac
tor
The weekly review of the iron trade
was not regarded as convincing on the
prospect in that trade and especially the
somewhat ominous conclusion that 'busi-
ness is too good to fight" But that does
not mean that concessions are to go on
endlessly, and there will have to be a
tremendous readjustment when the mar
ket turns The notable strength of the
foreign exchange market indicated the
possibility of further gold exports and the
retention of the Bank of England rate at
per cent This was once more dsap-
pointment
The weekly statement of the Bank of
France showing an expansion in note
circulation OF nearly 1873, 100000 and a
loan increase of over $3S, OOO, 900 shows an
other motive for the retention of the
English bank rate, considering the large
amount of French capital at present
placed in the London market.
The bond market continued Irregular
Total sales, par value, S1,650.Oo0 United
States rs declined u per cent on the last
call.