The San Francisco call., 1904-04-17
'STOCK MARKET
IS VERY QUIET.
Prices Vary Occasionally and
Movements of Brokers At
tract but Little Interest
WEATHER A DRAWBACK
Halt in Union Pacific Deal
Is Supposed to Be One of
' the Causes of Depression
WEATHER A DRAWBACK

NEW YORK April 16-There was
only q sluggish drift in the days
stock market and the trading was
without interest The day ended with
prices generally fraction lower, after
having been at one time higher The
only considerable movements were IN
specteafaes n individual cases
The bank statement showed a smaller
loan expansion than expected, so that
the cash increase went further to en-
hance the surplus OF reserves: but the
market sold on after the publication
o. the bank statement and closed easy
at the lowest The unreasonable wealth
er was regarded as unfavoraole.
the more SO as the mercantile agencies
reviews dwell uDon the deterrent effect
sf the cool weather upon business The
Kansas State report on wheat conoi-
tions weakened the market by indicat-
ing q more favorable condition than
that reported by the Government A
published report Of a determination to
stop Improvement work on the Penn
sylvania system attracted attention.
as aid statement that steel rail orders
booked by the United States Steel Cor
poration for 1904 amounted to but
million tons The bond market WAS
relatively frmer than stocks, but was
dull Total bond sales ss750oo
OPERATORS WITHDRAW.
The impression conveyed by the
weeks stock market has been one OF
depression, but the irregular move
ment OF prices carried the level OF the
market but q small distance from last
weeks closing level, either above or
below, and the volume Of dealings has
been much contracted rrom that recent
ly prevailing. Many Of the large op-
orators and traders who made the re-
cent activity apparently withdrew from
. The market. and there have been none
- the exciting events in individual
stocks which gave tone TO the previous
market and which stimulated specula-
ton by keeping alive conjecture as 10
their origin and causes. The most con-
spicuous OF such movements was that
IN Union Pacific. The general public
has obtained no satisfactory clew to
the recent enormous accumulation OF
that stock. and insiders profess to be
equally in the dark. The recent ad-
vance in the stock market has hinged
almost entirely upon the Union Pacific
movement, and the halt in that move
ment this week has had a dominant
sympathetic effect on the whole mar
ket. Suspicion OF its purely speculative
origin was aroused by the action OF the
stock in face OF the supposition late
Monday that the Attorney General had
intervened in the suit at St Paul 10
oppose the demand Of the Union Pacific
interests 70 secure the return Of the
Northern Pacific stock entered in the
Northern Securities merger
A better understanding OF the Gov
ernment's step changed this impress
sion, but not the belief that the ac-
emulation OF Union Pacific was based
D. the chance of winning the contest
1or control Of Northern Pacific. Pub
lie utterances by President Hill of the
Great Northern have confirmed the
belief that the Union Pacific has en-
tered upon a determined contest for
control OF the Northern Pacific and OF
the Burlington. II is perceived that
other legal steps lie open to continue
the contest TO this end, even In the
event OF the throwing out Of court
OF the petition at st. Paul. The un-
certainty which has been kept hanging
over the market a long time by such
q procedure. 1t is feared, would re-
new the conditions preceding the deci-
sion by the Supreme Court in the
Northern Securities case itself. This
prospect has chilled speculative en-
thGsiasm. \
FRENCH GOLD.
The outflow Of gold TO Paris has
been more than Offset by the inflow
OF japanese gold to San Francisco.
The movment to Europe is expected
20 extend a good deal further. The
vpresent heavy contraction in the value
OF cotton and grain exports and the
future requirements for the Panama
canal payments are to be considered
in the outcome. Crop prospects have
a growing influence and the condition
OF the winter wheat crop is not re-
garded as satisfactory. A cheering ef-
feet is caused by the increased pro-
duction OF iron, while the stocks on
hand continue TO decline, but the
failure of United States Steel TO re-
spond modifes these effects. Rail-
roads report traffic running at a lower
average than last year. but traffic Of
fcials speak hopefully of the future
prospects.
Activity IN bonds has decreased and
prices have moved irregularly in sym
pathy with stocks. United States twos
have advanced Il and the new fours
u per cent on call during the week.