The Birmingham age-herald., 1904-04-03
STOCK TRADING IS INSIGNIFICANT Pacific Stock Recedes from Re-
 cent Prominence RIFT OF PRICES SLUGGISH Movement During the Week Has Been Somewhat Irregular, But There
 Has Been Strong Unoertone.
RIFT OF PRICES SLUGGISH

New York, April 2.-Today's stock mar ket was an insignificant affair, as was to be expected of two hours session be- London market was closed today, was an additional incentive to absentees on tho part of the stock exchange members The drift of prices was sluggish through out The Pacific stocks especially re- ceded from their recent prominence in the stock market. Peoples Gas suffered from a movement to take profits on the recent considerable rise and was depressing influence on the general list.
 The weather bureaus crop bulletin and the weekly reviews of the commercial agencies was not sufficiently cheerful to induce any buying of stock, but there was no urgent pressure to sell. The bank statement revealed the large transactions which has been going on in the money market but the maintenance of last weeks full surplus by the offsetting of other items, and the extreme case now ruling In the money market prevented any anxiety over the banking situation. The cash item reflected the receipts of government deposits from interior banks coming over from last weeks operations.
 The governments deposits, included In the deposit item, amount to S56,107, 100. compared with S45, ,94S 100 last week. The Expansion of nearly Sl5, ,000 in the loan fem is considered corroborative of the 1'umors of large loans contracted during the week in connection with stock market operations. Yesterdays payment of sub scriptions to the 0,000,000 Pennsylvania note issue probably figures in this item also. The market closed easy on late selling movement Total sales of bonds, par value, $1,540.000.
 Prices of stocks have moved In an ir- regular way during the week with numer- ous reactions, but the undertone has been strong and there has been a considerable broadening of interest in the market. The principal market influence was the disso- lution of the Northern Securities company and It's supposed consequences, but it is probable that revival of speculative in- terest would have occurred anyhow as an outcome of the factors usually operative in the spring of the year. The check to the late furious speculation in cotton and grain has also released some speculative forces which have returned to the stock market. The volume and character of the transactions of the great Pacific and trans s-continental railroad stock gave am- pie warrant for the prevalent assumption that important operations are working cut in that field designed to establish financial policies onathe part of the great forces of railroad capital. What the poll icies are has not been established, and conjecture on the subject has afforded material for speculation and the hotation of rurnors It is manifest that many of these rumors have had their origin on the history of the events leading up to the formation of the Northern Securities company and the projects which were af- terwards discussed to meet the discus sion of the merger. The feeling has crys- talized in Wall street that the dissolu, ton of the Northern Securities compahy has had the effect of re-establishing the conditions of the Northern Pacific settle ment as they were before the formation of the Northern Securities combination 1t will be remembered that a compromise of the board of directors has been named for the Northern Pacific which includes Union Pacific representatives and by this effect an actual community of interests in that company This is accepted as a demonstration of c way for actual com