The Birmingham age-herald., 1904-04-27
TRADERS WANT SOME KIND OF MOVEMENT StockS Were Even More List less Than on Monday STEEL WAS MOST AC1lVE Attorney General Quoted as Saying Formal Transfer of Panama Pay
 ment Will Be Made In
 Two or Three Days.
STEEL WAS MOST ACTIVE

New York April 26.-Today's stock mar 1Set was even more istless and apathetic than that of yesterday The free declin- ing tendency of yesterday was arrested, but this discouraged rather than fostered activity. What the traders require IS a movement of prices whether up or down.
 The arrest of the decline. therefore, prompted the retirement of the light con- tracts that had been put out on the short side. The movement had no news to account for it, and there was no symp- tom of any large demand in any quarter United States Steel, preferred, was the most active stock, and its recovery was in face of the practical confirmation of the report prevalent yesterday of the early dissolution of the preferred stock con- version syndicate on which this stock de- clined then. The second mortgage bonds were sold down in the early market to the extent of a point.
 The selling was attributed to members of the syndicate to provide cash to meet the expected call to complete the payment for that portion of bonds for which the syndicate agreed to pay cash, or agalnst the expected delivery of bonds for which the syndicate is still to receive. The point was made that the light buylng Of steei for account of the railroads is due 10 their inability to place bond issues as de- sired But this view conflicts with the ar gument that the large temporary borrow ing by the railroads are to continue lm- movements to which they were already committed before the blockade in the bond market
 Another note issue announced today by a subsidiary company of the Metropoh- tan Street railway was explained to be for the reimbursement of the parent company for Improvements already made and for which the bonds provided could not be marketed. The initial engagement
 Slsa today and bills sold in the exchange market were supposed to be against oth- CT shipments in contemplation. The at torney general was quoted as saying that formal transfers of the payment for the Panama canal payment would be made in two or three days, which strength ened the belief that the gold outgo is provision against the coming remittance to Paris. The money market was entire ly unaffected, the demand for time loans being little more than nominal
 Weekly gross earnings of railroads re- porting were lower than last year and the net increase for March reported for the Atchison was without effect on that stock. The weekly bulletin of the weath- CT bureau on the crops was not helpful factor in spite of the improved condition reported in the western part of the win ter wheat belt, the large producing sec tion. The continued delay in the spring wheat planting, and the prospect or It's prolongation, was regarded with solici- Itude over the dangers thus implied for he coming crop. The appearance of bets on the nomination and election of presidential candidates on the curb, Is a reminder of a oppressive influence on the market destined to gain fin influence. The recovery of a large fraction in United States Steel preferred was the only movement of any significance in the days market
 The closing was heavy and stagnant.
 Bonds were irregular. Total sales, par value, $2,03O,O00
 United States 2's declined Is per cent on call.