The Montgomery advertiser., 1904-04-03
WALL STREET. REVIEW
THE MARKET IS AN INs1GNIFI-
 CANT AFFAIR.
Two Hour Session Between Two Holt- days Not Conducive to the Transaction of Large
 Amount of Business.

NEW YORK, April 2.-Today's stock mar ket was an insignificant anair as was 10 DC pe ss sapected of two hour sess'oh ,hs London marNet closed today was an additional incentive to absenteeism on the part Of the stock EA
 ssh Tbs The arci pacae stocks especially receded from their recent prominence Tn tns stock market. Peoples Gas suffered rom to take S pIoi, depressns Ga on the general list The weather bureaus crop bulletin and the weekly reviews ot the com, merciai agencies wero not sufncientiy cheeitui to induct any buying of stocks, but there was no urgent pressure to sell The oahh sa.e
 ment revealed the large transacttons wnien nss s been going on in tho money market but the maintenance of last weeks full surplus by tho onsetting of other items and the extreme eass now ruling in tho money mafset preVen.eu , any anxiety over tho banking situation. Ihe cash item renected the receipts of Govern ment deposits from interior banks coming over rom last weeks operations. Ihc 1oVernHsn. deposits included in the deposit item amount to s56. l0S, ,soe compared with $45,siS.109 last week. Tho expansion of nearly sio.co',sW ln the loan item Is considered corroooralvo s.. .. the rumors of large loans contracted durine tho week in connection with stock market operations Yesterdays payment or suoscrip- tions to the Sc, 900 Pennsylvania note note issue ket closed easy a late selling movement. Total sales oi bonds. par value. si,54o. ooo Prices of stocks have moved In an irregular way during tho week with numerous reactions but the undertone has been strong, and there has been considerable broadening of interest was the dissolution of the Northern Securities Company and It's supposed consequences but IL Is probable that revival of speculative inter est would have occurred anyhow as an out come of the factors usually operative in the spring of the year. The check to the late fu- rious speculation in cotton and grain has also released some speculative forces which have returned to tho stock market. The volume and character of the transactions in the great Pacific and transcontinental railroad stocks srtKY l~r.N tion 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 tho policies are has not been established. and conjecture on the subject han afforded ample material for spec ulation and the Notation of rumors It Is man ifest that many of these rumors have had their origin from traversal of the history of the events leading up to the formation of tho Northern Securities Company and the projects which were afterwards discussed to meet the conditions of the merger. The feeling has crystalized fin Wall Street that the disso- lution of the Northern Securities Company has the effect of re-establishing tho conditions or tho Northedn Securities settlement as they wero before the formation of the Northern Securities combine. It will be remembered named for tho Northern Pacific which include Union Pacific interests and effecting an actual community of interests ir that company. This Is accepted @ demonstration of a way out for actual community Of interest without con- ficting with the Supreme Court decision. The present speculation seems based upon the as- sumption that with a way open for securing community of interest In the railroad world, there will be renewal of the projects which were nipped in the Lsd by the judicial dos approval of the Northern Pacific Company. The one substantial basis for the assumption that such policies arc working out is tho continued large absorption of Union Pacific stock. Last weeks surmisc that the Morgan-Hil interests wero taking the stock to balance the Harri- man. -Kuhn-Loeb holdings in Northern Pacific and Great Northern was supplemented thIs week by circumstantial assertions that St. Paul and Standard oil interests were acquiring Union Pacific control to assure Pacific coast outlet for St. Paul. It would be useless to sum up all the rumors and assertions of the week. but this has been tho motive power of the market. Money Is abundant, and rates have declined. Tho transfer of Government de- positS to New York In preparation for the Panama Canal payment has increased the sup plies in this market. The expected outflow of gold was delayed. Railroad earnings have made a somewhat better comparison with last year. Improving conditions show in the mar ket, but the prospect of 8, poor quarterly fe- port by the United States Steel Corporation and the doubts over the piaintaeance of the preferred dividend have modified that infu- ence. Tho crop outlook continues uncertain. Renewed labor troubles in the building trades in New York arc disquleting.
 Bonds have moved irregular on a moderate volume of business. United States S. the old 4s. the new As, coupon, and tho 3s. registered. nave advanced h. and the 3s, coupon. F on call during the week.
 Ne-9 York Stock List.