The Birmingham age-herald., 1904-07-31
NJ STIR NOTED IN
 STOCK MARKET Heayines8 of Missouri Pacific Determined General Tone WAS HOLIDAY IN LONDON ThIs Was Main Influence In Causing Extreme oullness During the Day.
 Crop Weather Was Un-
 favoraIe.
WAS HOLIDAY IN LONDON

New York July 30.-There was practi- cally no market for stocks today, and the body of the market scarcely stirred from the former level of prices. The heaviness of Union Pacific determined the general tone. This stock closed at the loves. of the day at net decline of Ac. IL may have been influenced by the refusal of the presiding judge to allow dividend distribution on Northern Securities pend ing the decision of the suit over the dis trihution of assets, but the dominant posi- tion held by Union Pacific all through the recent advances, makes 1t especially vulnerable to any reactionary tendency. The holiday in the London stock market with another In prospect for Monday oe- prived New York of it's usual initiative from that source, which is especially re- lied on just now on account of the ini- portance of the political situation in Flu rope as a factor in the securities mar ket This was of main influence in caus- ing the extreme dullness of today.
 IJnfavorable crop weather in the north west and already strong advances In the nrice of wheat, were not calculated to cheer speculative sentiment in stocks, and there was no amelioration reported in the strained labor situation. The expected large addition to the record bank reserves was viewed with indifference by bankers owing to the improbable rates prevailing for loans and with uneasiness by specula- tors as refecting continued stagnation Of business activity. Bankers are quoted as pickering to hold cheir reserves idle, rather than attempting to put them out in loans at the present unremuneratlYe rates, and the decrease of $25ll, ,00O in the loan item of the banks, bears out the sin- .erity of the assertion. The market closed lnanimate and heavy.
 Total sales of bonds par value $6SO OOO.
 Some active speculative liquidation has developed in this weeks stock market, and sharp reaction in prices resulted in marked contrast with the dull resistance to pressure which was the feature of the market last week, and since the recent advance in prices began to awaken sus- picion and intimidate further efforts to put up prices. The reaction was aggra- vAted by some of the happenings of the week in the world of affairs, but IL was inaugurated before these became an Influence, and began in the face of some very favorable news. Railroad officials In their published utterances on Monday showed a sudden revulsion in sentiment from the discouraged tone of the week before and spoke in a very cheerful tone of the short-lived effect of the wheat crop scare upon traffic offerings, and upon business sentiment in their re- spective territories
 The crop news of most of the week has also been good, the weather bureaus weekly bulletin on Tuesday serving to allay much of the anxiety over the dam age done to wheat, while reporting an extremely hopeful prospect for corn and cotton. But this did not avail to per suade the speculative holders who had bought stocks in the course of the ad- vance, of their ability to dispose of them Rt profit, and the unloading process had already begun With the position of the market thus made vulnerable the sud den and severe tension in the relations of Russia and Great Britain over the seizures sof merchant ships was of acute effect.
 Bonds have become dull and somewhat reactionary. United States 2s have de- elined 1s and the SIS registered and new rsA per cent on call since last week.