The Birmingham age-herald., 1904-04-23
|STOCK TRADERS |> NOT DISCOURAGED
 Dealings Approach Still Nearer to Stagnation ESPECIAL TIES ARE QUOTED Revival of Dormant Stocks Is Feature of Present Market and Cannot Be Explained By Pres M ent Conditions.

New York, April 22.--No incident in the
 days news today proved an incentive
 to operations in stocks and the volume
 of dealings declined successively to a
 point nearer stagnation. Neither was 1t clear that any positive Encouragement to
 speculation was offered by the days knews. The trading public was, however, Indifferent and almost idle. Some of. the | unusually active stocks did not move at | all while others did not open until late in the day. On the other hand, there were B number of specialties quoted which may remain dormant for months at a l Mime. This revival of long dormant spe- | rialtles is a feature of the present mar
 ket.
 There Is no general condition to explain
 these movements which must be traced
 to an individual cause in each case. The
 advancing tendency of Union Pacific | proved a sustaining influence on the whole general list against the contrary Influence of the rather marked depres- Y5ion in United States Steel preferred. The Xkelling of the latter was attributed to
 Ipittsburg account and had influence ow-
 Ing to the common assumption that sell
 ing from that source is likely to come
 from sources well informed on the steel
 trade. However, nothing was disclosed . of any specific developments in the trade | No prompt the selling, conflicting reports ' Pf the terms of the proposed Charlton Steel purchase causing an impression
 that the transaction Is still pending Some discussion was heard of the small
 buying by railroads of steel products. Fhe expectation of decision during the I fiay on gas legislation kept consolidated gas rather feverish. The local fractions Iedvanced in an irregular manner. Bids I Ror Commercial Cable were advanced r I9oints before bringing out an offer and a | 1povement in Mckay companies on the | 9urb accompanied this rise with rumors of an utilization with telephone inter- i csts.
 iThe decline in United States rubber, pre-
 serred, on realizing on yesterdays rise ' gas explained by the declaration of a divi-
 tend The weather conditions were more favorable both for the opening of belated spring business and for the crops and the weakness in the wheat market which gave emphasis to this condition.
 Neither one nor all of these develop ments caused any appreciable move- ment of prices in the market. Neither did the extraordinary ease of the money mar . ixet affect the stock market Several mil | lion dollars were reported loaned on call at per cent, and the demand for time | loans was practically stagnant. Some corporations are reported to be still bor- rowing at rates higher than the market, but no important note issues have been reported during the week.
 | The extent of the weeks loan expansion is therefore in doubt but the forecast of the weeks currency movement shows a | further enormous accession of cash by the banks, the estimates of the weeh' s movement to this center running as high as s12,OOO,O00. including me express move ment with the interior and the sub-treas- ury operations in which the gold ex- ported is comprehended. Sterling exchange Twas easier but this was pIausibly sup posed to be on account of bills sold against further gold exports. The stag nation of stocks became almost complete late in the day
 Bonds were neglected and about steady.