| Show STOGK MARKET DULL Trouble of Railroad Factions Stops Speculation SPECULATORS ARE ALARMED Fear That Resort Will Ba Had to Drastic Methods Jloney Market Has Been Disturbed by April Settlement but Confidence Con-fidence Felt in Future Silver and Drafts 7 York April 4l3ar silver 19c Mexican dollars 3S1C 5an Francisco April iStIver I liars 2c Mexican dollars 29e Drafts Bight lliJAc telegraph J5c Money and Exchange New York April lTlrne money steady IxLy anti nIncty t1ny 5J per cent 51 months 15 pr cint rnonc oil call steay 1I 1LflS Lt per cent prime mnircantiic puer 51I 11pm cent nterlimmg exchange mteady ior demand and j tL37Mi4S38O ior sixty days imosted rates stzlSS comnmercimLi bills 1SJfll5i New York Metals New York April 1All I metals wore qnlot today anti nominally unchanged Prices were disposed to ease on In the case of copper und tin other metals held utcnd Coppor 132 for standard 31150 for elcctrolytic and lake and 1125 for cast lag Spot tin 952 if2972 i Ixwl steady unchanged spot lGf Spelter quiet at 5570 nominal Iron reported quiet though more or Icj Unsettled Stocks and Bonds New York April Todays stock mar tct was too narrow to have any great significance sig-nificance The opening decline expressed the disappointment of those who bought yesterday on the rmuor that I time pool holdings of Southern Pacific had been taken off limo market by private agreement agree-ment Yesterdays Hurry among time uhorts on account of this rumor conveyed an Impressive Intimation of tho possible effect of such a settlement should it suddenly sud-denly develop and awakened a spirit of caution on the part of the bears There was HOIHO support offered the market when It was seen that the selling pressure pres-sure was light Vvabash preferred espcoi ully was lifted a point on the strength of riporlH that there was a good prospect at an adjustment of the labor dispute en that system A lively selling movement followed the nppearrnce of the bank statement showing show-ing a decrease In surplus reserve of 1 oO07o bringing that Item down to S2i0 K3 This showing was wholly dim to the fell in cash the loan Hum iihowlng a nominal nom-inal decrease of less luau 1JOO000 under tile avcrajM system in spile of the I very largo aggregate changes In loans known to have taken place during the week in the April 1st settlements As compared with an estimated decrease In cash of 1500000 the statement shows that the hanks have lost during the week Ji52l50 < There la indubitable evidence that this result was due to the fact that the trust companies are withdrawing or withholding deposits from the banks to build up the reserves in their own vaults S to oomorm with the clearinghouse rule that they shall bo able to allow a cash ronTve amounting to 10 per cent of theirS their-S deposits on June 1st There seems also to have been an outgo of gold lo Canada luring the week more nearly equal to IS JlOWMIO titan to ihe 2V100 reported The selling Induced by the t bank statement state-ment was again met by support based on a confidfiicii that factors are working toward Improvement of the local monoy situation in spito of tho I weak hank re tuniH The rally seemed to have spent its I force before the close which was about steady Tim most notable fact regarding this weeks stock market has been Its progressive progres-sive dultaffax kadinj to the I low level of dally transactions for the year toward the end of the week The general tone has bicn one of depression although thero was temporarily nllot on Tuesday by a brief upward reaction This was partly duo to the expectation that April dis bursement of dividends and interest would i relieve the tightness of the money market nnd risuit In somo buying of stocks but a published Interview with J 1 P Morgan was of oven greater effect with the pro fessional trading element Mr Morgans tone of deprecation of prevalent passim sm regarding financial affair was cv pecteit to have farreaching inllucncn with tho JnvoHtment classes but beyond the professional buying Intended to anticipate such Investment demand on Tuesday there was no upptcclable effect In the stick market Kvn the short interest veined to be anon satisfied disappointing Ui hopis of those who have looked for Mihsiumiai aid for a rally from this ole mint when prices finally turned umvard ilr Morgans expressed faith in Die soundness of the recent capital issues vhlch lisivo glutted the market and proved Itratticilly unmarketable has had some rjagsurlntc cfiVct beyond question al though his conclusions have not betui ac ci pt < Hl without reservation In banking and financial circles Inilh in tho oundnoss of tile rcw sc curitio on the part of thosic holding them niay ho Inferred from their being with S held for sale on a weak market while othrr Mtimlurd Hrcurlties arc iUiuldaled to provide resources for holding the new Is aua Home of the recent persistent selling of iitghgridt railroad stocks Is attributed by common consent to thin t purpose to con i STVC holding of new brrid and l stock Is i me V3 This nroces howvi r amounts to a dcinoiiHtratlon that tho I holding of the railroad stocks on iiivjBimont basis of jroin 1 to lt I ur conl Is nut an attractionS attraction-S to iope with the nioncv market on an In wrst baMs of over o per cinl and no colhlt < > projpert of an Improvement In tfS njonoy facilities Stocks which have JS ken lulj lush en u ccount of iiromisfs of rj iits to stockholdors to stibiicrlbo to new Iutc s i iHlow market prlcia are parlicu lr afTictfnl by the prevailing tendency tt Itiizt all ivnch rlsjlus as promptly aa IGtIbl lIt hotit dpending on the doubt tml facilltUs of the monev market for I tkiimg up tliosj future subairlptiora The louIng of not enrnlngti by thu railroads llu aii iroiiEOR time siiBnlclon lint some of jjjc relent Haling highgrade stunts hna ifii for liiKliIr account and based upon hnnwirtu of timu couHn of earnings Time Ptniihylvaula report of carnliiKS for 1brmmury allowing a decrease made an MUI 8lon the on market iTio expense Cd Operating llls > latf umu In l February was icor In than twloj as much as ho imreafio S tPon returns from traffic in view of 9u ertiteciutiuug incrcase In outstanding S Ii diviur nfl rctiulromontH by oiKtlilro the S 1 Inliurt Vi ° of this Hhowlni on aontlment nov difficult to understand Thy mar + SILVER + + New York 4 0c + f San Kranelsco IHc i + + London 22d + + LhTAD + + New YcMk ccliange IG71 + f COlIKIl + + New York exchange Jllii + f + STOCKS AND BONDS + f Stock market continues dull + + GUAJN AND PROVISIONS f + J Wheat again weaker + + There was small trade In corn + + and the undertone weak f f Oats were weaker with consider + J + able liquidation > + + Provision dull + 4 LIvE STOCK + > Cattle Nominal I + + j Jlogs Sluuly S + f Sheep Steady + ket for the stock shows no Indication that this discouragement Is allayed by the ar umcnt that the Intended outlay of near I y 100000WK in proceeds of the new stock sauc Is calculated to increase the eainlng ower of that property In proportion to the Increased dividend requirements The importance attached to the rising course of labor cost la evidenced by the Hilck response In the stock market to re orts > of demands for increased wages on different railroad I systems The dlssolu lon of the strike injunction Issued against Cite employees of tho Wabash was greeted with a fall In prices although the efficacy of the injunction In preventing the strike was greatly doubted and the prospects for a settlement considered better after the llssolutlon of the Injunction than after its issuance The outcome oC time contest over the voting power of the Jnioti Pacific control of Southern Pacific IK awaited with anxiety anxi-ety more on account of the speculative position In time stock than on account of ho questions Involved In the suit itself The surmises regarding the position of the pool in Southern Pacific showed to bo ipward of 2000M shares amid to face an early maturity of large loans for a decidedly decid-edly disturbing factor The bitterness of the personal quarrel developed awakens a fear that resort will be had to drastic stock nmrkct methods the boldness and hiring of which have been exemplified In last operations by the parties to the quarrel quar-rel Tim possibility of a stock market duel with other participants Is not calculated cal-culated to exercise a soothing influence In a depressed period of speculation The money market has been disturbed > y time April 1st settlement but confidence confi-dence is felt In a betterment for time Immediate Im-mediate future There Is however re ucved consideration of the long outlook In the money market and of lie various factors threatening stringency Time high Icgroe of business activity In nl lines Booms lo insure large requirements which extend to the collection of Government revenues both customs and Internal Much discussed problems of the Panama canal payments the accumulation of reserves re-serves by New York trust companies the floating of Government loans In foreign makets and the volume of debts lo foreign for-eign money look largely In the perspective perspect-ive with tliclr nearer approach Tho bond market has been under pressure pres-sure in the same way ari stocks but In much less degrjp There was a decrease of over 23 per esnt of tIme par value In the Lionds dealt In on time stock exchange in February compared with February of last year United States coupon fours and the threes registered advanced 4 t and tIme fours coupon The new fours declined 31 and the threcu registered as compared com-pared with the closing call of last week NKW YORK BOND LIST U S ref 2s reg IOG Mex Cent is Coupon io Is lute ti S ls reg 107 Mimmn St L Is 9 ComipomI IOWL Mo K T is 1J S mm Is rcg 131L 2S Coupon 18Gi N C gemm siO2 13 S old Is reg11Oi N 3 C geum 5s 103 Coupon IlOI Nor Poe is 102 15 S s reg lOtj ms Coupon lO3 N comm n Atehison geui 4s1OD fleaiiiumg gen Is Otfl adJst Is S9 L I M e 13slIWj 13 0 Is St L S F Is 311m3 93 St L S W Is Can So 2s IO54J 2s con is 101 S A A P Is S3 C of Ceougla 5s107 So Pac IsIs Is-Is inc 7G So Ry as C 0 lAs 1O3 Tex Iac is 115 C A lIS 74 ½ 9 St 1 W Is 71 C 1 Q ii is U P lm i0 C It S 1 g lsul0 cons Is 1OI C L N W C 7s8i Tnbash is I15 C It I P 1s105 2s C C C S 1 g Is10tP4 Deb 1 Chic Lerni IS 2uii 3 Shore is 1O3 Coio So Is 9 W 1 s 1 It G 4s 9S ls Cent is Erie p lIen Is 97 Coat IoIu Is germ s Si Cole Ii I F W D C slO Rock Island Hod Vmtl 7i Maumhattan 101 L N Un la 0 Peumrmsyivxtnla CLOSING STOCK LIST Sales UKIK I Low Close Atchlson 17200 SFI ROJ 80 preferred 100 tri1 A J7t D7 Bait Ohio C700 1 UO 90J preferred 1C Canadian Pac 0300 i21 12 < 1M Canada Southern T3 Chca Ohio 200 IH l 4ll Chi t Alton 3CO MYi Wi 20 preferred CS Chi it Great Vcst 500 ri iA Wi A preferred 7S TJ proferrod JOt 011 30 iWi UW it Northwest 3 2 Chi Term it T JC preferred iDO mo no ni c c c it st L loo oo iiovA soy Colo Southern too LiV j yfl 1st jiroforred 100 CCXs CC1 Ci 2nd preferred MO 30 30 rOA Dl IIuilHOti 1200 1C5 IWOi 103 Del L West 20 Den it Rio G 100 r 3 mmi preferred 100 SfiVfc S S5i > Erie 1100 3Tiifc 3J SI9rt 1st preferred ISO 5i5 CM I r V 2nd preferred ltCO r3 i KVi F z Great North pfd 1S locking Valley 100 preferred 9V Illinois Contnil SoOO 130 I3jit iSTi Iowa Central C preferred tilL til-L Erie it AVcst 10 preferred 100 110 110 105 LooP t NashCOO 117A 117 110 Manhattan L l lZW 13SI 13S 13SA Met Street Ry WJ 131 133 133 Mexican Central leO 20 2CA 2CU Mcx National ZOO 17vi 17vl 174 Mba St L 100 101 NO 00 Missouri Pac j 10fX > D 1O74 lOilX KWl Mo K Texas 200 23A fift at1 profonod > i N J CiMitral 171 N Y Central 100 132t 15l3 i 131V Norfolk it West IOOO 70 vi C jref rro < l K7j Ontario it West 30X DO 20 29i Ponnsylvanla 20100 13811 13VJi 135i nadlng SOO 5jfe ffiW 55 1st preferred 81i 2nd preferred 70 Si Louis t S F 700 W 1 7S14 79j i 1st proferred S2 2nd prufirrod ItO COVi SS4u COSt CO-St Li Southwimt 1W 23 23 23 preferred f > 00 fl l KI1 53r St Paul 19000 1I21 1CI 1U1 preferred 1S2 Soiithern Faa SffO f S tJ i 5 f > 7 Southern Ry lKO 31 31 TOTi preferred si Texas Pac K > 0 3Tit Xi S5V1 T St L t West 2 < 2 25i 26V preferred ISA Union Pac 2120 91Vi 90V 5X 0 ½ preferred > Vathmm4it jmt prcforrud 5000 17 1t AVheol L K I 22 2nd preferred ito 324 32A 32 WIs Central iro 2J < i 2J4 24 preferred iw ISHi ISVi 47 Eximmemis Companies Adams H > American 20S United Stale 12 Wells Fargo 210 Miscellaneous I Amalgd Copper PICO f36 GITn Amcr Car F 1000 4lV i lO i it preferred 200 SHyt HI1 A tijil Amcr LInHccd Oil 15M preferred I5 Amcr Sn it lIcE 200 19 1 4 19 ISl preferred 93 Anaconda M Co 110 Brooklyn R T 15100 Wt C7 67tfs Cob F it Iron 5200 554 5IVJ 5 > Cons Gas 00 20f < i 26 20t Cont Tob pfd 112 General Electric ISiiA Ilockhiff Coal 19 Inlernl Papur SOD Jil 10 1G jircfcrrcd ito 71 71 70 > Intern1 Power 51 Ui Clcdo Gas 97 Natl Rlscult Utt National Lead 100 2i 2Ti 25 North American 200 99 9HT 991A Pac Coast C2 Pac Mall M l > j Ti > nnlr K Gas KM 101S4 101 101L Pressed Steel Car BOO Gl C0 OOj preferred 92 = i Pullman Pal Car 215 Republic Steel 100 19 19VJ 19d preferred 200 rimm 77 77 Sugar 2500 121 120 3201A Tcnn C it Iron 90 01 C3 134m Union B P Co 1L preferred 73 U S Leather 100 12U 12 12 preferred 100 91H Siyt Uls U S Rubber ICO 1G 15 15 preferred so U S Steel 700 8 < 5 f CTi 31ft preferred 4700 SOi WJi SVi Western Union 20 Ki 83 S3 Amer Loco 1000 T71 714 J71 preferred 93A K C Southern 100 0 30 0 preferred MM Hock Island 8000 tl s Mk 43 preferred 500 77 < 7G > i 70i Weekly Bank Statement New York April 4The statement of averages of the clearinghouse banks of this city for the week sliows Decrease Loans 90387l900 GHHOO Deposit J5SS7C2300 5197700 Circulation 42970700 09900 Legal lenders ml752 209200 Spoelu 15SMC2M B315300 Reserve 2213211CO G521500 Reserve required 222109575 J371125 Surplus 2150S2o 4lC007u Ex U S deposits 12020375 J29S02o Increase The Financier this week says Time official of-ficial statement of the New York Associated Associ-ated banks last week showed as the most striking feature a ducreuio of 3521000 In cash though the estimates based on the traceable movrmonts of money of the week Indicated a loss of only 1290500 The loans were reduced J011300 a smaller contraction than lor any week since the movement began after the maximum of > the year and the record had been reached on February 21sL Tho reduction this week it may be noted makes the total contraction since the above dato SI0223SCO Deposits increased in-creased S5197700 or 041100 less than the amount called for by the loss of cash and the reduction of loans the decrease In deposits last week makes a total of S7I S57000 since February 21st The reserve requirements against deposits were lessened less-ened Sl374125 which sum deducted from tIme loss of cash leaves 1130075 as tin reduction in surplus reserve making this ifm 2100825 Computed upon the basis of deposits less those of 53yWI3200 public funds time surplus reserve Is 12o0o75 One notable feature of the statement Js the large excess of 15222000 loans over deposits a greater sum by ISS3IOO than was shown in the previous week The return re-turn was doubtlesa made on rising averages aver-ages for cash there having been ln port ant payments to the banks by l the sub treasury at the clone of the week and a return movement of money from the interior in-terior The statement was chiefly disappointing disap-pointing In that It showed so slight a do crease in loans for it was confidently expected ex-pected that because of the heavy liquidation liquida-tion on the stock exchange during the week this item would show an Important contraction I Live Stock CHICAGO Chlcaso April I 1Cattl Receipts 200 nominal good to prime steers Zi50ij600 poor to medium 100JjiS5 stockers and feeders S275tJlSO cows lCOSl 00 heifers 2n05J300 canners Slcdfi223 bulls 2f0rt 125 calves SSOO tfGO Texas fed steers S 1 iX > J7500 Hogs Receipts t today 12000 tomorrow 20000 left over 3000 steady mixed and bulchors 5710ff733 good to choice heavy 7IOii755 rough heavy 710J7710 light and light nixed SO53 723 bulk of sales S715S7tO Sheep Receipts 1000 steady good to choice wethers SoBOJTOOo fair lo choice mixed SI5Gj550 Western sheep 500J 7CO nailvo iambs 3r > rj7GO Western 1iTTiliG S rfi77SV ST JOSEPH St Joseph Mb April I Cattle Receipts Re-ceipts 47 nominal J Jogs Receipts 1900 steady to weak pigs steady light and light mixed J725f 733 1 medium and heavy J732lf7 < S71 bulk 730 710 pigs SClOfi CO Sheep Receipts tsU nominal DENVER Denver April 1Cat I Receipts 50 firm beef steers 37JMfO cows SHOO i iOU feeders freight paid to river 3 50ti 133 stackers 30iffl 25 bulls stags etc SlSOfjaCO Hogs Receipts 500 weak light packers CT15 720 mixed 20f7 25 heavy 720ju 725 Sheep Receipts GOft firm good fat muttons mut-tons IOOfJ525 lambs 5f > 0jCOO OMA1rA South Omaha Neb April 4Cattle Receipts 1K market steady native steers Si107iii20 cows and heifers 3257jl 123 canncrs S2COjT00 stackers and feeders 309fl70 calves 3001 350 bulls stags etc 52COgl00 Hogs Receipts tSCu < > market shade stronger heavy S725fi733 mixed 3720ft 723 light S7lGifij725 pigs SiCOT70 bulk of sales 7201727l Sheep Receipts 100 market steady fed inuttoiiH SOCO075 wethers S57fifiO00 ewes SLOOSJOSO common and stockcrs 200ffl 100 lambs SOOOQ750 KANSAS CITY Kansas City April I Cattle Receipts 100 unchanged native steers 3GOii20 Texas and Indian steers 75trlf0 Texas cows 200fi3ir native cows and heifers J2OOtH70 stockers and feeders 3251I70 bulls 2S3JO calves r50t7C75 I logs Rectipli = 2000 market weak bulk of sales S7371WC740 heavy 7J217l2 A packers 5725 iT35 medium 730Ij7JO light S700fj727A yorkcra S723U727l < lI yorkers 725f j 727Vt pigs JGIOfJVTlD Sluop Receipts SOOO market steady muttons S385S < i5i lambs tz75j j lOdO range welhun Ju05VO80 ewes S17JCOO Butter and Eggs New York April Mutter Rccclptu 1COO packages steady State dairy lOJj 21c creamery extra 29c June creamery 19772SiC Kggs RocelptH 14500 packages strong State and Pennsylvania Q15ytc < Westcm uncardled 13lcle Now York Sugar Market > cw York April 1Sugarflaw steady fair refining 3y c centrifugal 9Ctest 3 710c molasses sugar 2c refined dull No 0 JinO No 7 f123 No S 5120 No 9 JI15 No 10 M10 No 11 1105 No 12 100 l No 13 J3t > 3 No II 300 confection era A 150 mould A 1193 cut loaf j30 rrushod J5SO powdered JISO granulated SI70 cubis 5J95 St Louis Wool Market St Louis April IWoolEasy J medium grades and combing 157 Ilk iiht line II 0n7c heavy flute I > ijl3c tubwashed ISfo c Coast Grain San Francisco April 1WheatSteady May Lr2 Dcaoiiber 121 spot steady 1353137SJ Parley Steady May 111 December Src cash SIlGVj |
