The Birmingham age-herald., 1904-04-21
STOCK DEALING
 WAS UNCERTAIN Indicated Operation of Room Traders of Small Class. SECURITIES THE CAUSE Reports of Rains in Western Portion of Winter Wheat Belt Low
 CTS the Price of
 Wheat.

New York, April 2O-The volume of Dealings in stocks dropped off again to- day and the price movement became very uncertain and sluggish. These characteristics gained In force as the plane of the market got away from last nights level, either above or below, until the movement came to a standstill, and then turned feebly in the other direc- tion.
 The action of the market thus plainly Indicated the operation of room traders of small class and of timid convic- tions. The new direction to be taken by the contest of the control of Northern Pacific is the subject most largely dis cussed by speculators, and the opinion is quite universal that this overhanging is the cause of the stagnation in the market This feeling finds expression in London as well as here and diverts all interest from American securities On the occasional upturns on the course of prices today, 1t was however quite mo- ticeable that the Pacifics were inclined to take the lead of the movement.
 The reports of rains In the westerly portion of the winter wheat belt may have had some influence upon on the ground as they did in lowering the price of wheat. But these stocks yielded gain as steadily as the rest of the list. The further depression in United States Steel preferred had an undoubted sym pathetic effect on the whole market The more so as its source and motive were not clearly understood. The proposed purchase of the Clarion Steel company, and the assumption of additional fixed charges was one cause assigned and the threat of an open market for Iron ore was another.
 The unreasonable weather and actual in- terruption to traffic by snow in the northwest were unfavorable influences up- on values. The heavy losses by the Toron- to fire made a minor influence towards reaction. The appearance of advertise ments inviting bids for thirty-seven mil lion dollars of New York City bonds was of mixed influence. This Is the largest block of city bonds ever offered in one lot and this is accepted as indicating growing confidence in the investment de- mand for securities.
 On the other hand for taking up so con- siderable a mass are calculated to af- feet the absorptive power for other se eurities as the railroad note issues have done. The export of sl,5Oo.OOO in gold was little noticed, since the amount is little more than half of yesterdays receipts of Japanese gold. The reserves of foreign banks are growing In common with our own, with the effect of increasing conf dence against a possible strain. The pos sible source of such a strain, which Is iloSJ dtttutlNely Wdicieu py thS hieiiiSaoi world, Is the large quantity of Russian bonds held by French investors.
 The investors have hitherto held with apparent confidence. but common move ment amongst them to liqu1date would constitute a strain on the worlds f1nan- cial fabric. Today's reports of railroad gross earnings were poor, and the publi- cation of the Iron Ages trade review in- creased the weakness In the iron and steel stocks The local fractions made some recovery from yesterdays decline and Consolidated Gas was affected by the withhold action on legislation affecting It. The market closed dull and weak
 Bonds were dull and heavy. Total sales par value, s1.700,000.
 United States 2s. common, and the old Is declined Ac; while the Ss, coupon, ad- vanced A, and the new As, 5s per cent on the call.