The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-04-08
STOCK MARKET
SOMEWHAT STALE
Action of Prices Became De-
cidedIy irregular During Day
STEEL PRICES GO UPWARD
Most Representative Stocks, However,
Were Inclined to Hold Back and
Showed the Effects of Real
izing on Recent Advance.

New York, April There were signs
of staleness in the markets upward move
ment today. and the action of prices be-
came decidedly irregular during this day.
This might have been even more marked,
had 1t not been for the strong sustaining
influence of the persistent upward move
ment of United States Steel preferred and
the enormous absorption of the second
mortgage bonds which made the back
bone of the whole market The auxiliary
points of strength were few and were
not amongst the stocks of the first inn
portance. The most representative stocks
were inclined to hang back and showed
the effects of realizing on their recent
advance in spite of some items of news
that might have helped their advance.
Amongst these were good statements of
February net earnings by all the railroads
in the so-called Hartman group, includ-
ing Union Pacific and Southern Pacific.
The weather map and crop news con-
tinued favorable to the southwestern
grain carriers, but Missouri Pacific, Wa
bash preferred, Rock Island and Atch-
ison preferred were the only stocks to
respond to an appreciable extent. The
strength of the United States Securities
was attributed to consideration Of the
quarterly report The indications given
by 1t of Improvement helped some of the
independent iron and steel companies as
well.
Amalgamated copper shared moderate-
ly in the strength of the metal stocks.
The settlement of the building trades
: labor dispute in New York helped United
States Steel, Notwithstanding the prom
ised requirements for structural market
and was also the direct cause of a squirt
In the United States realty and construc-
ton stocks
The meetings of the steel pools in pro-
gress In this city to fix prices seemed to
be stimulating influence as WELL The
takings of the United States steel second
mortgage bonds were alleged to be of an
investment character, and improvement
was reported in the bond market gem
orally, and In demand for some high
grade investment railroad stocks, prefer
red stocks included. The extreme ease
of money is natural incentive to this
kind of buying. Money was loaned over
the end of the year today at low as
Ava per cent per annum, which makes
the holding of many wel-secured railroad
stocks and bonds attractive. The out
ward movement of gold in these circum-
days arrival at San Francisco of $780,
900 in Japanese gold, indicates how the
outward drain Is made up at other points.
The heavy contraction In loans by the
banks of England and France reported
today indicate the reflux tendency in
those money markets following the quar-
terly settlements and gives small promise
of any immediate demand for money. Lon
don was a buyer of stocks here this
morning. and helped the early advance.
Only in scattered instances did the rise
in stocks reach as much point, and
the activity of the market was much cur
tailed in the latter part OF the day. The
closing was quite active again, but ire
gular The bond market was active and
firm. Total sales, par value, S4,920 900.
United States rs advanced Hs, the IS
registered and old As and the As coupon
Va, and the new As registered ga per
cent on call