The Birmingham age-herald., 1903-05-04
MONEY AND PUBLIC HAVE ND CONCERN Almost LifeIess Condition of the
 Stock Market HOPE PLACED IN FUTURE Demand for New York Public Utilities Seemed Due to Covering of Short
 Contracts By the Bear
 contingent-Bonds.
HOPE PLACED IN FUTURE

New York, May 2.-The almost lifeless condition of today's stock market reflect ed the continued indifference of all classes The demand for the New York public utilities seemed due to covering of short contracts by bears with no hope for a decline as a result of the establishment of the franchise tax. The renewed rise in the silver market started the National Railroad of Mexico stocks upward again, and smelling stocks were slightly bene- fited from the same cause. Pennsylva- mia net earnings for March were disap- pointment, the gain in the gross for the lines east of Pittsburg and Erie being wiped out by the operating expenses while for the lines west of Pittsburg a substantial net decrease was shown. Of- ficia1 expressions of a hope that future statements would make better showing induced some buying of the stock. The improved weather conditions served to relieve apprehension over the effect on the crops. although the news from the west was of considerable damage by frost. Some profit taking was in evidence before the appearance of the bank statement, and the level of prices fell below last night all around when the statement was published. The unexpectedly large loan expansion kept even pace with the ln- . crease in resources by reason of cash re- ceipts, so that the change in the surplus reserve item was merely nominal The large demand for loans is believed to be due to the weeks payment of the excise taxes in New York, to yesterdays pay ment of subscriptions for the new Erie convertible bond issue, and to transfer of loan obligations from foreign leaders to the local market. The selling movement was not pursued and the market steadied before the close, which was, however, partly stagnant.
 The movement of prices in the stock market this week has been wavering and uncertain and the dealings have been confined to professional operations. The attitude of one day has been quickly re- versed, usually before the day was over, or that of one day has been counteracted on the next. This is the distinguishing characteristic of market in which the large money powers and the great out side public have no concern.
 The pushing and pulling of the small element of the room traders does not avail to move prices far in either direc- tion. They direct theIr operations to agree with the news developments bear Ing OH NdluSS dIQ pIOSpeClS run udy u day, but when they find that the real owners of securities and the investment element do not respond they retrace their steps. During the month just past the aggregate of shares of stocks sold on the Stock Exchange amounted to 12,24257S. IL is necessary to go back to April of 1895 to find smaller volume of dealings for that month. In April of last year there were sold 26, ,510 shares. In that month the Louisville and Nashville deal and the coal miners strike excited the stock market In April of 1901 there were sold 41,6SS,S97 shares.
 The loan market seems to have the greater attraction at lower rates. The yielding in the rate has been for short periods and loans for periods that mature over the crop season are held at 5 per cent. Increases in net earnings for March strengthened the coalers, Union Pacific and St. Paul, while Atchison suffered slightly from It's reported decrease.
 United States 4s advanced % per cent as compared with the closing call of last week.
 The increased supply of money has de- veloped some demand for number of railroad mortgages, but prices at other points have receded