The Birmingham age-herald., 1904-04-11
STOCKS SLUGGISH WITH No TRADING Prices Went Off in the Early
 Market RECOVERED NEAR CLOSE During the Past Week the Market Has Maintained Considerable De
 gree of Activity and
 Variety.

New York, April 9.-The movement or stocks was desultory and sluggish today and trading was dull. Prices went or In the early market owing to the impress sion created by yesterdays trading that reaction was due and traders were lh- clined to take profits. Near the close the market recovered rather more than US oe- cline and closed strong at small net gaihs' The rise in the local fractions was at- tributed to the new rapid transit leg1sla- tion at Albany. The decline in the casn holdings of the banks aroused no mis- sivings owing to the belief that yester- days receipts of Japanese gold did not figure in the statement. Although the loan account carried to a new high record py the amount of the weeks increase ana a considerable inroad is made on the sur plus items, the extreme ease in the money market makes the growth of the loan Item look healthy.
 The present condition of money in New York is fairly plethoric and arouses some discomfort amongst bankers who are quite satisfied to see further exports of gold. The weeks bank clearances throughout lllc iOIileu OldltS SHOW an OitdSC WI the corresponding week of last year. The growth is found in the five largest cities outside of New York and Boston and generally is in the great cotton centers. otaf sales of bonds, par value, $940000.
 The stock market has maintained a considerable degree of activity and variety this week. Occasional reactions and constant irregularity have not de- traeted from the appearance of strength. The action of the market in face of the heavy realizing sales has been an in- centive to a more cheerful speculative sentiment, rather than an obstacle.
 The profit taking has been achieved with small expense to values. Much of the dealings were supposed to be on be- half of professional operators of a large class, and the occasional large selling by the same interests aregues consid- erable distribution of securities. The be- lief that there has been important ab- sorption of stocks this week by inside in- terests in various properties and of the investment character has been a strong Influence in maintaining firm undertone of the market.
 The improvement in the speculative tone was due in the first place to the small effect produced by various incl dents that semeed to be unfavorabe to values. The successive advance follow Ing these developments caused a belief that the bad news had been already dis counted. leaving no prospect of further dedlines The strength which followed the decision of the supreme court decis- ion in the Northern Securities case was the first striking demonstration of this tendency of the market This was fol lowed this week by the reception accord ed to the announcement from the appeal to the courts by the Union Pacific in terests to enforce the return to them of the Northern Pacific holdings, which they had placed in the Northern Securities merger. The first impression suggested hy this action was a reopening of the whole conflict for control of Northern Pacific with the threat of hostile move ments between the two most powerful groups of capitalists in the country.
 The bond market has improved in spite of the congestion of dealings in United States steel second 5s. Union Pa cific controvertibles and other semi