The Birmingham age-herald., 1904-03-25
TRADING IN STOCKS WAS RESTRICTED Last Two Days Activity Shows
 Its Effect SOURCESOF BEWIL OERMENT No Evidence Was Shown Yesterday of the Large Operations By Power fuI Forces That Have
 Been So Busy.
SOURCESOF BEWlL OERMENT

New York March A.-A much smaller amount of business was transacted in the stock market today than on the two pre- ceding days, and the market showed the effect of the extensive realizing which had been effected on those days, and the elim- ination of a large portion of the short in terest from the market. There was no evidence of the large operations by power ful forces which kept the market stimu- lated yesterday and the day before. The source and the purpose of those opera tloes have been cause of bewilderment even to the professional traders who have followed them eagerly to secure profit In the resulting price movement
 Emphatic denials from official sources that any large interest in Union Pacific was being accumulated by Northern Pa cifc or Great Northern interests have BoAewhat shaken the speculative hypoth- esis which has received most credence as to the cause of the enormous absorption Of that stock on Tuesday. This doubt is em- phasized by the sudden subsistence of the demand, indicating that it has been satis- fled from whatever source it may have come, leaving no apparent solicitude to sustain the market price of the stock The Northern Securities plan of redistr1bu- ton offers no reason on It's race TOT the sudden and conclusive advance or more than points in Union Pacific and Tor the sweeping up of 100000 shares Of the stock in a single day. Neither does the exclamation of an uncovered short inter est serve to explain satisfactorily the sud den buying of various stocks in such vol rrne as has been seen this week.
 Yet the buying was indubitable and the speculative world is considerably bewil- dered by 1t. Today's nervous and lrreg- ular market was the fair reflection of this perplexity. Several stocks were pushed I'D at different times as though to Sus- tain the market. Among these were Amalgamated Copper, Brooklyn Transit and Erie. At the same time there was an important demand for London ac- count showing the uneasiness of uncov- cred bears on Americans in that market. But this was not sufficient to offset the continued ruling stocks related to the Northern Securities merger.
 The continued activity in the curb market for Northern Pacific and Great Northern preferred carried them sharply downward and confirmed the suspicion with which the previous rise is regarded. Great Northern preferred on the ex- change dropped over 2 points, leaving a wide breach in the valuation placed on the stock for purposes of distribution of Northern Securities assets. Further rains in the winter wheat belt were of no help to stocks in face of the rise in the price of wheat futures.
 Conditions still further approached the gold export point without affecting the money market. The decline in London withdraw French capital from there and it is this demand dehected in New York which is expected to draw gold from here. The continued ease of money here with this prospect, offers some induce ment to the holding of securities with borrowed funds, and is one of the req sons offered for the improved demand for stocks. Southern railways funding of s15O00,000 of obligations into flve-year bonds hurt the stock. The weight of re- alizing upon the whole market gained force and carried it down to the lowest at the closing, which was weak.
 The bond market was irregular and not so active. Total sales, par value, $1- 9l0,o00.
 United statse 2s, coupon, advanced Ns per cent on call.