The Birmingham age-herald., 1904-07-26
MARKET DULL AND
 UNIN7EREST|NG Recent Notable FirmnesS in Un- dertone Was Lacking MOVEMENT DESUL TORY There Was a Direct Reversal of Tone of Railroad official Comment
 on Outlook From That
 Of Last Week.
MOVEMENT DE SUI TORY

New York, July 25.-Speculation in stocks today was dispirited and decidedly uninteresting. The market was dull and the undertone in spite of the declining &C., tcity in demand, was lacking today, and the market was inclined to sag. The movement was desultory and showed no sign of the precipitation which usually marks the continuation of an active spec ulative advance. The action of the mar ket was not clearly related to the news of the day, and the droop of prices was in spite of some happenings favorable to values in the same way that bad news had been ignored on the recent advance.
 There was a direct reversal of the tone of railroad official comment on the out look from that of last week which was apprehensive of renewed period Of nes- itation In business as a result of the crop scare This week railroad officials assert there has been sudden revival of cheer sful sentiment, and an increase of trairic offering in proportion. A seasonable in- crease in the grain movement is also re- ported, although of moderate dimensions
 Eastern railroads are not in entire har- mony with these views. The early mar ket was assisted besides by some buying for London account. Professional traders In stocks are inclined to argue that favor able developments of this kind are what was counted upon when prices began to advance, and while giving some warrant for the higher level of prices attained, there must be a limit to the advances warranted, and remaining uncertainties must be taken account of.
 Cheerful reports from the iron and steel trade were regarded In the same way There Is no great doubt remaining amongst the speculative contingent that the regular quarterly dividend on United States Steel preferred will be declared to- morrow, That stock was heavy neyerthe- less in common with the list.
 Some of the stock of the independent stocks made sharp advances. Domestic crop news was mostly favorable and the strength in the grain markets was gem erally attributed to the eagerness ot a foreign demand and to reports of renewed uneasiness over the political outlook abroad. Reports circulated that a re- duction was probable in the output in anthracite with the period of light de- mand approaching and some effect was manifest on the coalers. The labor trou- bles made the most positive influence on the side of reaction. The threatening as- pect assumed by the meat packers strike was the news from one direction while the determination of the cotton workers to go out on strike was reported from the New England side.
 A considerable retrenchment in the labor cost of railroad operation Is a recognized necessity for the conservation of net earnings. and the growing spirit of dis content in various circles of labor causes Bome anxiety. Sterling exchange made rather violent advance in response to the demands of the London money mar ket, and there was discussion of 8 pos sibility of gold exports in spite of near approach of the period of normal outgc for our principal merchandise exports. No effect was produced on our money market owing to the extraordinary level of the banking surplus. The market closed irregular at some slight recovery from the lowest
 Bonds were heavy and dull. Total sales, par value. s1,740,OO0. United States 2s and the old 4s declined 1s per cent on call.