Show iALL STIET IS DOLL Stock Market an Unusually Quiet One PRICES WERE UNSETTLED Reading Dropped Two Points Before Support Cam Belling of Stock Was on Supposition Anthracite Coal Combine Would 23e Next Trust Attacked Silver and Drafts New York April iBar silver 50c Mexican dollars I > c San JiYunclfico April IS Silver bars tOo Mexican dollars SSfc Drafts Sight 13 telegraph ITs Money and Exchange New York April ISTimc money easier sixty days 5 per cent ninety dan 5 per cent six 1 months 44t 5 per cent Call money nominal no loans Prime mercantile paper 51J5U < per cent Sterling exchange linn at SIS7 for de tnnml and at SI375 for sixty days Posted rates 3141 nnd 487 > Commercial bills 183vilBl New York Metals New York April iThe bent metal markets today were dull with llttlo feature fea-ture and In nomo oases prices were nom nnl Tin was reported quiet and ilrm unchanged un-changed ut S2000f72025 4 1 Copper was nominal Standard unquoted 4 un-quoted Lake 1300M52fi electrolytic I500fil525 casting S14ii01fll7V 1 Lead was in tiulot demand and steady at s Wj for bjiot 4 Spelter quiet spot SJRJ i Iron inlet and nominal but steady quotation unchanged I Stocks and Bonds 1 Now York April IS Today stock I f markot was hut 11 dull and narrow affulr it und the net changes are generally small A violent rebound at the opening of lolropolltan Street railway helped the ii tone for a while as the unsollllng effect of such weakness as was shown toy this stock yesterday IH dreaded The spasrao die rise In this stock proved to bo duo to bear orders to covnr at the market and the high price was maintained for only an instant The renewed Weakness of the mock and the sharp selling movement In Reading unsettled prices and turned the trend downward 1 Heading dropped about 2 points before support was forthcoming The selling of tile stock was based upon a supposition thai lie anthracite coal combine would 31 1u the next object of local process under thONantltruht law by the Government 1 Other members of tho anthracite group lul were not notably affected COVER SHORT CONTRACTS The professional tradeia who made up the market commenced to cover their 6 hhort contracts before the bank state jttl ment appeared but the soiling was rc Ull newcd on the bulletin of this statement The disappointment was that oC the aver Thl ngc loans which showed an Increase of U4I 42I2700 whereas the t severe liquidation t 9 of the week had given rise to hopes of JqJ a large loan reduction The showing Is gtS I complicated by the merger of two banks Mil i and an Increase In capital of another 4 91 1 which made requests for loans without I SB any corresponding effect on deposits The J each incicase is about as expected and J tho surplus reserve was correspondingly J bcnelltcd IL CLOSE WAS STEADY i The market rallied and closed steady ill cncl very dull Canadian Pacific and Mis i51 f sour Pacific enjoyed some special benefit 141 l l from good reports of gross earnings for Pi V the pocond week In April The decision HBI l expected on Monday on the application ija 1 for a stay pending the appeal of the l I Northern Securities case Is somewhat WI I e dreaded and caused a pause In operations S ia f for the advance Foreign exchange vas t i dull under a continued demand for remittance remit-tance but money was reported easier In London REVIEW OP Tim WEEIC Tills weeks stock markot hal a lurbii j Itnt and demoralized beginning and deVeloped de-Veloped a strong recovery hy midweek Jj It became quickly manifest on Monday J that the last half of Thursdays session ulnco which time the stock exchange had SVl had no session and failed to show U > c full effect of tho Northern Securities dc clslon Tho market was subjected to vlo ibi lent liquidation till day Monday Inllti jL cnccd by a drop of over 0 3 points In thin 4k price of Northern Securities on the curb 4 market d GREAT ALARM EXPRESSED Great alarm wrs expi eased on Monday l4I1 ns to hue farreaclilng conscquencca of 1I this decision on existing anangemcnln 4i nnd relations In the railroad would hui > hides the immediate consequences to flow d ibt from the dlsBGlutkm of the Northern So curltlcs corporation itself Itwas feared that dividends would haver to be sus J penclcd on Northern Securities In any bI nvent and any action to be taken bv tcn tftus drre of money where Northern Secultltyj Idc1 stock llgured as collateral was dreaded re BROAD FIELD FOR CONJECTURE to Another ground for alarm ias the ItJlfr question of whuL balance of control of the constituent compnnlo might result from an exchange of old stock for lie I occt 4 present Securities stock In view of the considerable distribution of the Northern Securities stocks supposed to have oern effected But beyond this special application applica-tion of the decision lay a bioail field for conjecture its to Its po 3l bk bnurJnn on tha wholo ancfilion of holdings of railroad slookH by comootlng y 4i railroad compnnlea The Union Pacillo holdings of Southern Paclilc the New York Central holdings of the subsidiary Vindcrbllt companies the Pcnnnylvanla tt t holdings of Baltimore Ohio and Norfolk Nor-folk and Western and the Baltimore Ohio holding Jointly with the LakeShore ie Lake-Shore of Reading as well as the cintll thou of ccnlralixAil control In hun anthracite anthra-cite JwUBiry and the snppoicd Rock 1 f land control of St Louln San Fran fli olrco vcro the couspIruouK concrete dx amplr of arrangcinonls which It was retired would bo directly Interfered with Mnn > other projcctn of onmblnntlon tiiid cenirall atlon have been understood to bo awaiting a favorable decision In tho Northern SccuiIUcH cauotto be punhcd to u coiiHiimmation The first Impression or I the decisIon therefore was of danger that the ground was cut from under to a a very large extent of existing ilnanclal NOTABLE RECOVERY The notable recovery of the stock mar ket during the latter pan of the week I undoubtedly duo to the perception that the long previous decline In priccn baa l been dun In part to an apprehension that 5 the Northern Securities organization 1tI Would nototand tile teat of Judicial pro + + + + + + + + + + + + + + + SIJVBR + t + New York uOc f + San Francisco iCOc + + London 201lCd + f LEAD + 4 New York exchange 5 < 67Vi + + f COPPER + 4 New York exchange H50S147u f 4 STOCKS AND BONDS + + f Stock market was a very dull and 4 4 narrow affair 4 4 GRAIN AND PROVISIONS 4 4 Opening prices on wheat barely 4 4 steady 4 4 Trading In corn was lightowing 4 4 to a scarcity in offerings 4 4 Oats orccoptlonally strong 4 4 Provisions market active + 4 LIVE STOCK + + Cattle Steady 4 4 Hogs About steady 4 4 Sheep and Lambs Nominal + + + + + + + ± + + + + + + + + + + ccedlngf There has been perceptible a growing Impipshlon in the financial world that the community of Interest policy has been responsible In port for the multiplication mul-tiplication I of new securities market which s regarded as the leading unfavorable unfavor-able factor In the present situation The condition of the money market which has resulted has operated In Itself as an automatic au-tomatic check upon tlnanclal projects and some sense of relief IB felt over iho promise TulurecorporaTlon nnd syndicate syn-dicate demands on the money market will be curtailed MARKETING NEW SECURITIES The policy of purchase of control of railroad properties at extraordinary prices wllhissue of new securities on the collateral uecurllles of the purchased stocks Is felt to have a limit a safety and wisdom which titer was danger of overstepping In the course which the process was taking before the check was applied Futhermore the growing difficulty I diffi-culty of marketing new securities has taken the edge off the formerly prevailing appetite for buying up the control of railroad systems The security for rnll roads left out over night In the pie tureaaue phiase of a prominent capitalist during the Burlington purchases It Is no longer a matter of such solicitude and even minority holdings of a compact nature na-ture are felt secure of control In i existing conditions These arc some of the revised re-vised views of the Northern Securities decision which have come to the public opinion of Wall street In Its quieter moods SLUMP ON MONDAY The culminating slump of Monday following fol-lowing hue preceding long decline was felt to prepare the market technically for a recovery so that professional operators have largely covered their short contracts con-tracts and In sonic cases have gone long of the market The owing ease of the money supplies facilities for speculation and the extensive liquidation of Monday has added to the relief of Iho money market mar-ket The first Government report on the winter wheat crop made such an encouraging encour-aging showing as lo warrant a presumption presump-tion of large yield and railroad earnings reported during the week have shown remarkable re-markable increases over last year The March foreign trade report shows a notable nota-ble expansion of exports and the outgo of grain continued to furnish a good supply sup-ply of everything GROWING EASE OF MONEY With thin growing ease of money here there la a good demand however for exchange ex-change which Is obviously due to a resumption re-sumption of the repayments of foreign obligations which Is an aasuranco against future pressure from foreign sources upon thcNcw York money supply sup-ply Bonds have moved In sympathy with stocks and have not been notably active ac-tive United States old 4s declined Vi j the new 4s registered and the 5s registered 1 The new 4s coupon and the 5s coupon advanced 1A compared with the closing call of last week BOND LIST ij S ref 2 regiO Mex Cent fu 78 do coupon OfP let Inc 13 Su M St L is 9S ho coupon iO3i L iC T Is U S 71ev Is reg 1213 do 2nd do coupon 135 N Y Ccn 2C S9 T S old ls reg11li N 3 Cen Zs120 do coupon Ill Northi Pac Is l02 17 S is do 3s 7lA 10 coupon ioi Norf it iS con is S A tohison gnu 4s1O0 BeadIng ien 4s do adjt StIj I L cIsiIl4 St L S F do 3s do ists do cony Is 1O3 S A A P Is 12 Can South 2nduu i05i South Pac 4i Con of Ga S6utliRy ho iltiuiC 75 T Pac Cites 0 4c 10 P S L IV 4s 7i A Union Poe 4s 1O2it C I3 Q new 4s iii ho cony CM Et P 4sllO Wuuiah1ss dli C N con do 2nils 1Ci C ItI i4s15 ulodeb 13 C C C S 45 91 West Shore Is100 Club Terminzil45 81 V L F flh Cob South 45 S ½ Wig Cent it G 4s tS Coo TOl4i1 Erie prior ltEn is tSV C F I 8 ErIed3d11 4s SW Ienn FL IV D C IstICS1t Manhattan li iXock Va ic 105 ½ I4Nis 101 CLOSING STOCK LJST Sales ign AtcWHOii 13WO 1 > 2A Slz in preferred MO OTJp gifc 074 92II 0ii oa n toiuo 50oo jjg Jgt preferred 100 92t fr2 Canadian Pac 2300 130i ilOu6 W Carada South > Qt dies Ohio 1O0 44h 4 Hi t 44 Us Chic Alton oOO Jf O preferred 100 CPv CJvi J Chic O West 1000 22I 224 22 A preferred ii U preferred 1 < 59rXf IS iciir Chic A N Weal lCOO Ib2r > 182 2ij Chic T Trans Ia preferred tj Cor c CT 5v JJ > vi2 Cob Smith TJXI 21 > nil IV Ml i2 1st preferred tW Cu Cji Cwi 2nd prefurrCt 2r 3l l Del a < fe Hud 100 l 5flli 3G4U 1C Del Lock t W D i R O r U prefcr oil Eric 34 rij let preferred < 1 6u3 3 Cot C5 > fi 2nd preferred 21W uo4 i2 jjilj G Nor pfd 1 Hocking Val 200 9i Ous 00 preferred < J Illinois Cent TW IMjb lSuU 130 Iowa Cent l jircferred j L Erie Went preferred Jlj Loul Nash 3f00 11f t 117 II7 Manhattan L 3hOO 180 1W I3S Met Bt Ry 15COOV132 A 130 = 132 Mexican Cent 1700 2J3 S4 2fi jiij Mexican Nut 1100 lOli lOli 10VI Minn tt St L 100 Wit psi l 01 IMo I-Mo Pac HSOO lOSji 107ji 10S Mo Kan 1 x IO0 2i preferred 100 51 1 MA New Jertcy Cent l5 New York Cent 1W > l C 131i 131 ½ Ncrf Wcst 2 8J 0 71J6 7lfc 71 preferred WOnt W-Ont West 2300 2M 2S 23Ts Pennsylvania 1U7CO 13CI llSoi 135ifi Reading 1SOO K t fi3 4 53 R let piefrrreij S2 2nd prcferrcd Wt St L S F 700 72Vi 71 7oZ < i 1st j > referred 7fi A 2nd preferred 100 Gi CSVS CS St L S W 2 preferred 200 52 62 02li 8t Paul 13000 16 1G1 jrjd jircfcrrcd t > 12 Sou thorn Pac 4700 tli EftW U6 Southern Ry 1900 Slid COvi SOTi preferred fHi Tex Pac 21500 u ½ 3l i Btfg TolStLW S 200 251i 3i ½ 24fc referred 24 Union Pac 15SOO PI M WJ preferred 8Vi Wabash 100 27 ½ 27ft 27 pieferrcd 15200 46 40 4fiifc W Lake Erie 200 22 22 22 2nd preferred 100 3 i S3 S2 Wisconsin Cent 700 21 = 1 21U 2if preferred Hi Express Companies Adams 22i American 200 United Sttes 121 Wells Fnrgo 200 Miscellaneous Ainulg Copper 1COO G Ai C116 tAm r t-Am Cur F COO ilis COls 0 preferred 200 I < 0 i flOs Wi Amcr Lin Oil 100 1C 16 IKi preferred lilt Am s R ncoo ni 50 roii preferred 2CO 9Jyi 511 Jt Anaconda M Co COO 110 100 110 Brooklyn R Trari 4000 fT7 GGVi CG1 Coin P Iron 7SOO 64 G3 G3JA Con Gas M5 20U 2CGVa 20t1 Coot Tob pfd 111 Gen Electric 400 192 ¼ 100V5 1W llccklng Coal < 20 Interna Paper 100 1G 1C 1C preferred 7015 Irlcrna Power COO 31 iiOvi IOTh Laclede Gnu OS Nat Biscuit 100 i3k mi 43 Nat Load 100 2j4 2S4 2r North Amcr 7 Pac Coast Pac Mall CO Peoples Ga3 COO Irtl lfli 101 PSlccl Car COO ClS Cl Cl5 preferred OSJ Pullman Pal Car 2S Rep Steel 400 if I 19 19A Preferred TOO 7S 7S 78fe Sugar JOO 12V 12T 1251 < i Tcnn C itIron 2SOO Goi Gti Coli UBagPCo ilLs prdfcrred 300 7lli 71 71 U S Leather 3400 1Vi II U ptcfnrred 2ti0 l 01 M 04 U S Rubber 200 in 15 33 preferred 100 i0 FI 0 10 U S Steel 2SOO 3VJi 2YH KJi preferred 3SCO Sryt s sCi WesfUnlon 000 S5 > i 83 Amor Loco 700 27Vi 27i 27 > i preferred 200 OTA IIij 03 t Kan City So TOli preferred 100 f24 52 by Rock Island 13000 W J2T < 1 n > v preferred 2 < X 73l TBli 73 Total sales for the day 270bOO shares Weekly Bank Statement New York April 18Tite statement of averages of thy clearinghouse banks of this city for tho week aliens Loans J905207SOO Increase 2I27SOO Deposits720200 increase 2Ah94O0 CiieuIathoni3iJOCO lncicase CS600 Legal tenders CLS577G0 increase 33 408 Specie nco002 300 Increnao I J2017SOO Ttcserve 3227SiO2uO Increase i 42SSl2fA Reserve retiulrcd J221822530 Increase C14S50 Surplus CC07CTiO Increase 2CCGS30 Ex U S Deposits 515321230 increase S2eO 173 Tho Financier this wcok says Tho striking feature of the official statement of the New York Associated banks last wcok was the Increase In lotins whereas an Important reduction as the result of the heavy liquidations In the stock mar ket early In the week was quite confi dently expected It seems probable that there were only small amounts of loans called by the banks while the market was no sharply declining and that hub sequenlly the loans upon collateral put In at the lower prices wore sufficiently large to more than offsettho reduction In this Item early In the week Moreover tho adjustment of averages In the statement may have had much to do with the unexpected un-expected Increase In loans The cosh was Increased J2881200 of which 2017800 con stated of specie Tills gain corresponds very closely wllh that shown by the preliminary pre-liminary estimates after making allowances allow-ances for the fact that the latter were calculated for seven Instead of for six days of the bank week hue deposits Increased loOIOO which sum Is 28iyGOO below that called for by the Increases of S2127SOO In loans and of J2SSlaX in cash the statement is therefore there-fore far from being harmonious The required reserve was reduced by 5US50 which amount deducted from the gain in cash leaves 22WXO as the Increase In surplus reserve this Item now stands at JGOU7G50 Computed upon the basis of dc poMts less those of 7T251GOO of the Government Gov-ernment the surplus reserve Is 15321120 Tim loans of tho banks were In excess ex-cess of the deposits lost week by 17 017100 against 17018700 In tim previous week The Increased business resulting from stock Exchange operations was reflected re-flected in tho bank clearings these averaging aver-aging 212000000 daily against 513000000 In thin previous wfeek Among the Important Impor-tant chnnges reported bv individual banks wore gains of 3ir 0QQO In specie and of 1900001 In loans by four ol the largest downtown Institutions Losses In the latter Item wero not important Live Stock CHICAGO Chicago April 18Cattie1teeljuts 400 good to prIme steer 103u1I Poor 0 rutechliuiti 125ii300 stociccrs tiriti fceders t0uJfjlS5 cows LG0i17b iueifeis t20j 5po caun rs l60b 2Tb bulls b0ilrA calves oOS373 Texasfed steers 400Tl 310 Hogs Receipts today OCOO tomorrow 20000 Iqft over 2000 about steady inlxei and butchers CTOSflTUO gout lo choice heavy S7Ci < I752J rough heavy 71W 7IO light 55005720 bulk of sales J70o C750 Sheep Rccclpls 3000 sheep and lanbs nominal good choice wethers i70Tu Zi23 fair to choico nuixed 4007j17G Western sheep LT0ija5 native lambs 41ii5co resteru lambs 4C0Zi7M0 ST JOSE1JI St Joseph MoApril 18CattleRn celpts JO steady I logs Receipts 3275 2G > n lower jugs 1lnn light and light mixed J700471D medium and heavy S712L2r bulk 7 l24722 Sheep Receipts 20 steady OMAHA South Ouuuahtu Airhh 18CattleReceipts 100 market steady muntivo strud i15i 323 titockora nutd feeders 801J485 ciulvesZ3rOIti7h jjogs Rccilpts 0000 market steady heavy 7IMz723 mixed 7iU > fi7ir > r liltt LIOii617 ½ pigs CGO7W > bulk of sales 710117 17 < t Sheop Receipts 100 market sluody fed muttonH Kynt62 > Westerns JLOi32T wlhurs J30WJM commun and stockers iWiS i23 i Itlmbs 4r > Otf7W 1ZANIAS CITY Kansas City Mo April 8CattlcRc cclpts ISO nominal unchanged 1bogmBcceip5 15001 unaricet steady buikof tunics 710j720 henty716W727 uiuickers 70bij77lA indluiu 7lOf 722 ½ lithut 6107l2 yorIeri 70ij1I2 pigs J5W7jGfcO Shcej lJeielplaSM market weak taut toiiu 3SO TOK Jajubf 5Wfj7M range wcathcra 110 050 owes 1155390 DENVER Denver Cob April 38Ca tIeRe cclpts 1SO mnrkot Hrm beef ulcers SCOf 450cows J3C > Oiy4COHiockois and feeders freight paid to river S300ffl33 bulls stags etc SUOtroO UgH Itowlpis CoO market steady Iigl1 packer S70Vft710 mixed 710 720 heavy 372Cfi725 Sheep Receipts 200market steady good fat muttons JI00275W lambs WGOQ5CO St Louis Wool Market SL Louis April 18WoolEasy will nw clip coining on tho marhot mcdlun rraclps and combings ISfllSc light line 145117c heavy fine 107M3c tub washed iSd23c |