The Birmingham age-herald., 1904-04-17
SLUGGISH DRIFT IN STOCK MARKET  Unreasonable Weather Was Re- garded as UnfavorabIe WAS WEEK OF DEPRESSION Railroads Report Traffic Running at a Lower Average Than Last Year.
 Decreased Activity In
 Speculative Banks.
WAS WEEK OF DEPRESSION

New York, April 16.-There was only sluggish drift in today's stock market md the trading was without interest. The lay ended with prices generally frac- lion lower after having been at one time higher. The only considerable movements were In specialtes on individual cases. rhe local stocks were affected by the surmises regarding the fate of legislation ! From which they would benefit. The weakness of the Virginia Carolina chemi- 1ral stocks was caused by proposition to issue preferred stock for repayment of large floating debt The bank statement showed smaller loan expansion than ex- pected, so that the cash increase went further to enchance the surplus of re- servesi but the market sold off after the publication of the bank statement and Blosed easy at the lowest.
 The unreasonable weather was regard ed as unfavorable, the more so as the mercantile agencies reviews dwelt upon deterrent effect of the cool weather upon business. A published report of a de- termination to stop improvement work on fhe Pennsylvania system by the United States steel corporation for 1904 amount ed to million tons.
 The bond market relatively firmer than stocks. but still dull. Total sales of bonds, par value, $97l,000.
 The impression conveyed by the action of the weeks stock market has been one of depression but the irregular move ment of prices carried the level of the market only small distance from last weeks closing level, and the volume Of dealings has been much contracted.
 Many of the large operators and trad CTS who made the recent activity ap parently withdrew from the market, and there have been none of the decided movements in individual stocks which gave tone to the previous market, and which stimulated speculation by keeping alive conjecture as to their original causes.
 cause of disappointment was the fur ther issue during the week of short-time notes by railroads and the American Ter ephone company at high interest rates The hope has been aroused that the mar ket was improving for railroad bonds, and the sale of a s15000,O00 bond issue by the Burlington helped to inspire this hope But the renewed note issues dashed this hope and revived the unravoraple impress sion due to this condition with the ap- parent abundance and cheapness ot money The inference is drawn that the accumulation of capital in reserve cen terS is to be attributed 10 a uecfedseu mercantile and trade demand, while capi- tai still lacks the requisite confidence to embark in fixed forms except on terms that are unacceptable to great corpora .tions
 The contrasting easy money market for call loans and ordinary time loans Is ex- plained as being due to the fact that the proceeds of the great railroad note issues are kept on deposit in the banks pending xl md ora for use in the money market.
 The progressive expansion in the loan Item of the banks above the billion dol- lar mark, and the new high record hg' ures, week after week, Is due to the railroad note issues. The present heavy contraction In the value of cotton and grain exports ard the future requirements for the Panama canal payments are to be considered in the outcome Foreign money markets are easy. The influences cf domestic conditions have been mixed. Crop prospects have a growing influence and the condition of the winter wheat crop is not regarded s satisfactory. A cheering effect is caused by the increased