The Birmingham age-herald., 1904-04-15
STOCK TRADING Is OF SMALL VOLUME Departure of Many Large Oper-
 ators the Cause PRlCESWE WORKED DOWN Decline Was Due, However, More to lnanimation Than to Any Posi-
 tive Element of
 Weakness.
PRICESWER WORKED DOWN

New York, April 14-There can be but small importance attached to a market of the small volume of that of today. The dullness is attributed in part to the de- parture from the street Of many of the large operators whose trading had been an important element in the activity Tor some time past. The outcome of the effort of Union Pacific interests to intervene in the Northern Securities suit Tor the pur- pose of preventing the pro-rate distrlou- ton of Northern Securities assets, seems to have been pitched upon by the small remainder of active traders as the domi- nant feature in the outlook.
 Early today, while 1t was expected that a decision would be announced in St. Paul today, there were irregular fluctuations III the market. After it became known that the decision had been postponed, the trad ing lapsed into profound dulness. Inc few offerings of stock were sufficient 'n the stagnant demand to weigh prices gradually down. The decline was que more to inanimation than to any posltiVe element of weakness London was not ii'- olined to assume any decided attitude m this market. The reduction In the Baiik VI England rate has been discounted III .naI market, and the Russian naval disaster Induced some SelllHB lOi The price of gold was marked down ln London, thus showing a disposition 10 fe- uay the London markets obligations 10 Paris especially as New fork IS apic to supply gold to help out the process.
 London financial operation has viewed the heavy obligation of that market to Paris capital which has persisted Tor sev- eral vears The March statement or our foreign trade in full somewhat moalhes the unfavorable impression of the state ment of exports, by an increase III the value of manufactured exports Whlch OIL sets in part the large loss in the eXpofts of domestic products The value or iiii- ports also has fallen, thus helplne to ease the excessive reduction in the pal onoa of trade in our favor, which Is threatened, In view of the requirements to be met in the exchange market, ths showing is satisfactory, although the eN- tre,ne ease of money leaves nttle room for disouiet over the outward movement of gold. ,
 Attention was attracted to the lnter- view in Germany with J. Il. SchlI' anu anu as1,aoioI1v on account of the assertion that the Pennsylvania $5O'O0O,ooo note IS sue will be offered at maturity Cor con version into stock) It is the propaplhty of this ultimate disposition or the rali- road new issues that has to do Wlth the fiisproportionately high interest ra'es' which they carry, and WHICH mas cause of some distrust on the part oa III vestors. Assertions and opinions rom various sources of crop damage accom- pained the desultory decline Ill prices .'s which reached Ia point in some or the leading railroad stocks and lnuustriais' Amala laeamated copper and Aanaconda were sold on doubts of an increase on this coming dividend. The market closed at about the lowest.
 The bond market turned heavy in sym nathv with stocks. Total sales par Value' p.115OO0. United States Zs oeciineo 4 per cent on call.