The Birmingham age-herald., 1904-01-18
ROOM TRADERS
 WERE EVEN SCARCE Stock Prices and Volume Keep
 in Narrow Limits
UNDERT0Nt WAS STRONG
Reports of increased Demand for Some Grades of stee. Arc Encouraging; and the Same Interest
 Prevails Abroad.

New York, January 16.-Within narrow limits, both as to price movement and volume of dealings, today's stock market was ragged and uncertain. The handful of room traders who made up the market had difficulty in moving prices at all. The undertone was on the whole hrm, although there was some yielding in spots. The further advances in minor specialties were not impressive. The downward course of prices in foreign markets on the war situation was not followed here, but the semi-stagnation was attributed to uncertainty over the matter A rumor gained some currency also that an early decision will be forth coming on the Northern Securities case, probably on Monday There was no op- eration in the market sufficient to afford any features. The gain of upwards of $17OO0,0 GOO in the cash reserve IS shown by the bank statement proved to be largely in excess of even the most san guine preliminary estimates, which were more than usually at variance. But the stock market was disposed to look a little askanee at the loan expansion of SIS, 403,- 400. Another week of expansion at that rate would bring the loan item of the banks to above any figure on record. Re ports were current of the repayment of large loans of long standing to one of the trust companies which may cover loan obligations to the clearing house banks.
 Reports of increased command for some grades of steel products are encouraging, o,,d of q pn1 md believed to be good especially in the field of foreign trade There is clearly much ab- sorption going on in United States Steel preferred, and the second bonds were affected in like manner, believed to he due to better trade prospects. Tn statis- tics of production and consumption so far received fail to bear out the idea of any substantial improvement in condi- tions as yet The weekly rate of produc- tion of pig iron on December 31 has fallen to the lowest figure for six years and tendency towards the working off of ac- cumulated stocks was yet In evidence. These figures, however, are for the same period covered by the quarterly state ment of earnings of the United States Steel corporations which may be sup posed to have had it's due influence upon the speculative markets already. Reduc- tions in wages and other economies are looked to for effect on future earnings. The correct estimate for the cotton crop continued to be the subject of furious speculation and violent controversy, and it's final decision will be needed to confirm opinion on an important element of the country's prosperity. The feature of rail road earnings is by no means clear. Net earnings for the fourth week of Decem- Der showed a gratifying rise over the corresponding period last year But the roads so far reporting for the first week in January fail to sustain the good rec ord.
 The bond market has suffered through out the week from the same oppressive in- huences as that for stocks, and has shown no important movement
 United States 2s have declined E and the 3s have advancer 14 per cent on call during the week.