The Birmingham age-herald., 1904-04-26
WEAKNESS STILL
 RULES SUPREME More Decided Than Stagnation
 of Last Week BIG SHIPMENT OF GOLD Is Over s6,ooo,oOo, Which Is Largest Consignment Since the Record
 Broken In the Fall
 of 1901.
BIG SHIPMENT OF GOLD

New York, April 25.-Whiie the stock market of today continued extremely dull. there were evidences of more posi- tive weakness than in the stagnant and dropping market of last week. The weakness seems to spring from United States Steel preferred which was very freely sold from the outset, with marked sympathetic effect on the whole market. The sources of the selling were not clearly understood but was attribu- ted to Pittsburg account and was sup posed for that reason to be based upon unfayorable developments in the trade.
 The unfayorable developments were not divulged, although there were re- ports of another proposed large purchase of pig iron from outside producers by the United States Steel corporation It was rumored also that the affairs of the syndicate for converting preferred stock Into second mortgage bonds, were about to be finally closed. Some large indi- viduaI blocks of the second mortgage bonds changed hands on a declining scale and sharp declines In the stocks of some of the minor steel companies added to the depressing effect of the movement on the general market.
 The engagements of gold for shipment by tomorrow's steamer reached an aggre- Rdt6 Ol WillOll IS SAO9S hO eiAS record of about $7,3OO000 for single shipment which went out in the fall of 1901 Paris also bought some S2,000,000 of gold in the London market today, thus strengthening the expectation of an early Russian loan issue at that center. Mean time, the bank week has started with another payment by the sub-treasury of about $1, ,500000 on account of Japanese gold at San Francisco, and further large receipts on that account are expected to continue. Monday continues almost a drug, except for an active demand for commercial paper and for corporation notes.
 The plethora of money. the huge figure attained by the deposit item of the banks. and tho nominal interest rate on call and short time loans, Is giving rise to discussion of the rates now paid on de- posits by some of the trust companies and banks which seem to involve mar gin of loss. Railroad traffic officials continue to explain the lower level of current earnings by the deferred spring weather and to express confidence that arrears of traffic will come, followed with seasonable weather. But the mercantile world reports the same backward spirit, with no signs of disposition to antici- pate a revival by provision ahead by output or by laying in supplies.
 The acceptance by the wheat market today of the report of successive rains in the southwest gave renewed cause for uneasiness over crop prospects and the ' memory of last years severe flood losses i in that region gave additional weight to the weather news. The London copper market was strong but without benefit tc Amalgamated copper. The active stocks ended the day point below last week { final prices. and the tone was easy with prices at the lowest of the day.
 Bonds were irregular, but the active is- sues were heavy. Total sales, par value s2,550.oO0.
 United States bonds were unchanged on call.