The Birmingham age-herald., 1904-04-10
STOCKS SLUGGISH WITH NO TRADING  Prices Went Off in the Early
 Market RECOVERED NEAR CLOSE During the Past Week the Market Has Maintained Considerable De-
 gree of Activity and
 Variety.

New York, April 9.-The movement Of stocks was desultory and sluggish today and trading was dull. Prices went ofr in the early market owing to the impress sion created by yesterdays trading that reaction was due and traders were in- clined to take profits Near the close the ]. market recovered rather more than its de- cline and closed strong at small net gains. The rise in the local fractions was at trIbuted to the new rapid transit legisia- tion at Albany. The decline in the cash holdings of the banks aroused no mis- givings owing to the belief that yester- days receipts of Japanese gold did not figure in the statement. Although the loan account carried to new high record by the amount of the weeks increase and Il considerable inroad is made on the sur plus items the extreme ease in the money market makes the growth of the loan item look healthy.
 The present condition of money in New York is fairly plethoric and arouses some discontent amongst bankers who are quite satisfied to see further exports of gold. The weeks bank clearances throughout the United States show an increase over the corresponding week of last year. The growth Is found in the five largest cities outside of New York and Boston and generally Is In the great cotton centers. Total sales of bonds, par value, $940,000.
 The stock market has maintained considerable degree of activity and variety this week. Occasional reactions and constant irregularity have not de- tracted from the appearance of strength. The action of the market in face of the heavy realizing sales has been an in- centive to a. more cheerful speculative sentiment, rather than an obstacle.
 The profit taking has been achieved with small expense to values. Much of the dealings were supposed to be on be- half of professional operators of a large Acass, and the occasional large selling by the same interests aregues a consid- erable distribution of securities. The be- lief that there has been important ab- sorption of stocks this week by inside iin- terests in various properties and of the investment character has been strong influence in maintaining firm undertone of the market.
 The improvement in the speculative tone was due in the first place to the small effect produced by various inci- dents that semeed to be unfavorable to values The successive advance follow ing these developments caused belief that the bad news had been already dis counted, leaving no prospect of further declines. The strength which followed the decision of the supreme court decis- Ion in the Northern Securities case was the first striking demonstration of this tendency of the market This was fol- lowed this week by the reception accord- ed to the announcement from the appeal to the courts by the Union Pacific in- terests to enforce the return to them of the Northern Pacific holdings. which they had placed in the Northern Securities merger The first impression suggested by this action was a reopening of the whole conflict for control of Northern Pacific with the threat of hostile move ments between the two most powerful groups of capitalists in the country.
 The bond market has improved in spite of the congestion of dealings in United States steel second 5s. Union Pa cifc controvertibes and other semi speculative issues. United States 3's regu- lars and new regulars have advanced A and the 2s and old 4s F per cent on call during the week.