The Birmingham age-herald., 1904-05-05
GENERAL MARKET WAS HELD STEADY Was More Neglected, However, Than for Many Days. UNION PACIFIC WAS STR0N 6 Collector of Port Estimates That Ja- pan and Russia Have Spent $4o,-
 100000 In the U. ;. since
 War Began.
UNION PACIFIC WAS STRON 6

New York. May 4.-The counterpoise of weakness in the United States Steel skocks against strength in Union Pacific bad the effect of holding the general market In state of practical steadiness today. The general movement was mar rover and the market mere neglected than at any time since the present period of dullness set in. Both cf the United States Steel stocks touched the lowest prices on the present reaction. the com mon getting below 10 and the preferred 65. The second mortgage bonds were also reactionary. The disruption of the Bes- semer Ore association was the assigned cause of the selling and there were large transactions in the preferred stock at 'iif- ferent times
 The obvious cause of the advance in Union Pacific was the giving out of statement by the head of the system of pressing and hopeful view of the business outlook, especially through the west. This statement was regarded by hopeful traders as an intimation of a purpose to offer material support to the market and was of not a little influence on sentiment, owing to the wide connections of the author in the financial world.
 The attitude of the market, however, was strictly a waiting one. The large subscriptions to the New York city bond issue created a favorable impression, be- ing accepted as an index of genuine abundance of capital resources. But the withholding of investment from the rail- road bond market argues distrust on the part of capital that leaves little hope for improvement in the market for stocks before the bond market revives. The pro- gress of the gold movement was viewed with equilibrium, the days engagement of $1.750 900 for export to Paris bringing the weeks total up to $4 750,0O0, while the sub-treasury paid out today s3,275,0O0 on account of Japanese gold deposited at San Francisco. The hardening of exchange, which usually follows the receipt of Japanese gold colors the supposition that remittances to Europe are drawn against part of these receipts.
 But interest attaches to the estimate of the collector of the port of San Fran cisco that Japan and Russia have spent some $40 100000 In this country for war materials since the present war began. The large increase in the number and the liabilities of bankruptcies of April, compared with April of last year. had a chilling effect, and the market in- crease in bank failures was not liked, although the failures are confined to a small class of these institutions. The days weather map was a favorable one for crops, but the Missouri state report modified it's effect. Southern railway was not helped by it's good showing of March net earnings and Rock Island preferred rose vigorously, in spite of the falling off of about one-third in the net earnings of that system for the same period The days changes in prices were insignif- cant
 Bonds were irregular. Total sales, par value, $2,110,0O0. United States old As cou- pon advanced 3s per cent on call.