The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-04-04
STOCK TRADING
is INSIGNIFICANT
Pacific Stock Recedes from Re-
cent Prominence
DRIFT OF PRICES SLUGGISH
Movement During the Week Has Been
Somewhat Irregular, But There
- Has Been a Strong
Unoertone.
DRIFT OF PRICES SLUGGISH

New York, April 2.-Today's stock mar
ket was an insignificant affair, as was
to be expected of two hours session be-
tween two holidays. The fact that the
London market was closed today. was
an additional incentive to absentees on
the part of the stock exchange members.
The drift of prices was sluggish through
out. The Pacific stocks especially re-
ceded from their recent prominence in the
stock market. Peoples Gas suffered from
a. movement to take profits on the recent
considerable rise and was a depressing
influence on the general list.
The weather bureaus crop bulletin and
the weekly reviews of the commercial
agencies was not sufficiently cheerful to
induce any buying of stock, but there was
no urgent pressure to sell. The bank
statement revealed the large transactions
which has been going on in the money
market, but the maintenance of last
weeks full surplus by the offsetting OF
other items, and the extreme case now
ruling in the money market, prevented
any anxiety over the banking situation.
The cash item reflected the receipts OF
government deposits from interior banks
coming over from last weeks operations.
The governments deposits included In
the deposit item, amount to 500, 107 400,
compared with $45, 94S, 100 last week. The
expansion of nearly $1,000, 900 in the loan
item is considered corroborative of the
rumors of large loans contracted during
the week in connection with stock market
operations. Yesterdays payment of sub
scriptions to the $50, 100000 Pennsylvania
note issue probably figures in this item
also. The market closed easy late
selling movement. Total sales of bonds,
par value, $1,540,000.
Prices of stocks have moved in an ir-
regular way during the week with numer-
GUS reactions, but the undertone has been
strong and there has been a considerable
broadening of interest in the market The
principal market influence was the disso-
luton of the Northern Securities company
and its supposed consequences, but it is
probable that a revival of speculative in
terest would have occurred anyhow as an
outcome of the factors usually operative
in the spring of the year. The check to
the late furious speculation in cotton and
grain has also released some speculative
forces which have returned to the stock
market. The volume and character of
the transactions of the great Pacific and
trans-continental railroad stock gave am
pie warrant for the prevalent assumption
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 pol
icies are has not been established, and
conjecture on the subject has afforded
material for speculation and the f1otation
of rumors. 1t is manifest that many of
these rumors have had their origin on
the history of the events leading up to
the formation of the Northern Securities
company and the projects which were af-
forwards discussed to meet the discus
sion of the merger. The feeling has crys-
talized in Wall street that the dissolu,
ton of the Northern Securities company
has had the effect of re-estabishing the
conditions of the Northern Pacific settle
ment as they were before the formation
of the Northern Securities combination
1t will be remembered that compromise
of the board of directors has been named
for the Northern Pacific which includes