The Birmingham age-herald., 1903-04-25
STOCKS NEARLY
 TOUCHLOW LEVEL  A Certain Class of Traders Banished from Room LONDON ACCOUNT SELLING Only Half Dozen Stocks of Any Prom. thence Got as Much as Point
 Away From Last Nights
 Level.
LONDON ACCOUNT SELLING

New York, April 4.--Dealings in stocks fell again today to near the LOW iesei of the year, partly as a result or eiie disappointment of the professional trad ing element over the failure of the re- moVal to the new exchange pulloihs u stimulate activity. The falling or Ill dealings was attributed in part 10 the banishment from the board room ol class of traders who formerly had the nriyilege of admission to the lobby of the exchange for the purpose or doing their trade over the railing It is evident, however. that the public Is entirely indif- ferent to the market at present. So long as this condition persists. purely profess sional operations are likely to prove fu- tile in effeeting any wide movement or prtces. The dullness of today's market was only equalled by it's Inertia Only half dozen stocks of any prominence got as much as point away from last nights level at any time. The sluggish course of the market was downward early In the day. largely through inanimation, Some depression of sentiment was caused by the disapproval of the newly inaugurated freight rates from Chicago to New fork by the present interstate commerce com mission Much importance is attaeheo to the advance in freight rates as an offset to the large increase in cost or operation which has produced the re- cent downward tendency in the net re- turns from the transportation industry The fact indicated by freight olocKaaes and embargoes on the freight, that the of ha country have all the business they can accommodate, gives little hope that lower rates would prove any advantage by attracting addltionai business.
 The rise in freight rates has been so general that it is feared that the decision of the commerce commission is prellln- mary to similar action towards other rail- roads, Some disappointment was caused also by the failure of the British budget proposals to help American stocks or the American grain market. The reduction of the income tax, it was argued, would increase the supply of capital stock in- vestment. The remission of the corn dhty failed to induce any large export demand for grain in this market There was selling of stocks for London account. There was also a strong tone In the ster- ling exchange market and an advance 10 within measurable limits of the gold ex-
  of the bank statement had a stiffening effect on stocks. The various estimates of the weeks gain in cash changed from S5 O00 900 to $7000,0 GOO, of which S2,9S5,0OO was from sllb-treasury operations. The pro- gressive ease of the money market con firms a promise that the position of the banks has been much strengthened. Reading was up point on account of the testimony of the president of the com tho nf farSfatp commerce com mission The notable advance in the sil- yer market was the basis of large buying of Mexican railroad stocks, owing to the increased value of the Mexican money which results. The market closed inten- sely dull but fairly steady at the late recovery.
 There was continued demand for the newer issues of railroad bonds. Other wise the bond market was irregular. To- tai sales, par value, $2,OS5000.
 United States bonds were all unchanged on the last call