The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-04-03
PRICES
ARE SLUGGISH
Numerous Reactions Occur
During Week, but Interest
in the Market Broadens
MANY RUMORS ,AFLOAT
Dissolution of the North
ern Securities Company
PrOvOkes Much Discussion

NEW YORK, April 2.-To-day's stock
market was an insignificant affair, as
was expected Of a two hours session
between two holidays. The fact that
the London market was closed to-day
was an additional incentive to alb
senteeism on the part of the Stock Elk
change members. The drift of prices
was sluggish throughout The Pacific
, stocks especially receded from their re-
I cent prominence in the market Peo-
PIES Gas suffered from profit TAX
ing, and was depressing influence on
the general list The Weather Bureaus
crop bulletin and the weekly reviews of
the commercial agencies were not suffi-
GENTLY cheerful to induce any buying
of stocks, but there was no urgent
pressure to SELL The bank statement
revealed the large transactions which
have been going on in the money mar
ket, but the maintenance last week of
the full surplus by the offsetting of
other items, and the extreme ease
now ruling in the money market pre-
vented any anxiety over the banking
situation. The cash items reflected
the receipt of Government deposits
from interior banks coming over from
last weeks operations. The Govern
ment deposits included in the deposit
item amount to $50, 107, 400, compared
with $45, 94s, 100 last week. The expan-
sion OF nearly SIS, 1000, 900 in the loan
item is considered corroborative Of the
rumors Of large loans contracted dur
ing the week in connection with stock
market operations. Yesterdays pay
men of subscriptions to the $50, 900, 900
Pennsylvania issue probably figures in
this item also. The market closed easy
on late selling movement.
Total sales of bonds were par value)
s1,540.0OO.
PRICES ARE IRREGULAR.
Prices OF stocks have moved in an
irregular way during the week, with
numerous reactions, but the undertone
has been strong, and there has been a
considerable broadening of interest in
the market. The principal market in
fluence was the dissolution of the
Northern Securities Company and it's
supposed consequences, but it is prob
would have occurred anyhow as an
outcome of the factors usually oper-
ative in the spring of the year, when
the outlook for future business natural
ly begins to take form and money con-
ditions at the reserve centers are likely
to afford facilities for speculative op-
erations.
The volume and the character of the
transactions in the great Pacific and
transcontinental railroad stocks give
ample warrant for the prevalent as
sumption that important operations
are working out in that field designed
to establish financial policies on the
part Of the great forces of railroad
capital. What the policies are have not
been established, and conjecture on tie
subject has afforded ample material
for speculation and the fiotation of
rumors to further it, which have va
ried constantly and almost from day
to day. 1t is manifest that many of
these rumors have had their origin
from a traversal of the history of the
events leading UP to the formation of
the Northern Securities Company and
the. projects which were afterward dis
cussed to meet the conditions of the
merger.
UNION PACIFIC IN DEMAND.
Feeling has crystallized in Wall street
that the dissolution of the Northern
Securities Company has the effect of
re-establishing the conditions of the
Northern Pacific settlement as they
were before the formation of the
Northern Securities Company. 1t will
be remembered that a compromise
board of directors has been named by
]. p. Morgan for the Northern Pacific,
which Included Union Pacific repre-
sentatives and effected an actual COM
munity of interests in that company.
GRAPE-NIJTS