The Birmingham age-herald., 1904-06-03
ONLY CHANGES ARE IN THE ESPECIALTIES Few of High Grade Stocks
 Were Affected GENERAL MARKET IS INERT News Was Not Important, But It Offered Little to Change the
 Opinion of Doubt and
 Uncertainty.

New York, June 2-Conditions of spec llation in stocks were unchanged today. The only conspicuous price movements were in specialties, mostly of the obscure class. Some of the high grade stocks were affected. The group of-iow grade non-dividend payers which suffered from liquidation yesterday. were neglected to- day. Such as were dealt in were inclined to recover. The general market was inert and the days small trading did not alter materially the level of prices. Within the narrow fluctuations of the day the tone differed from time to time' but the undertone was heavy.
 The news was not important, but IL offered little to change the opinion or doubt and uncertainty which overhangs the market The report of the April earn lngs of the Pennsylvania was depres- sing factor and had some special eHect on that stock. The large falling off in net returns both east and west of Pitts burg and Erie was accepted as conclusive of the condition of railroad traffic in the region affected. The effect was somewhat modified by published estimates of better results for May, owing to the operation of retrenchment plans which may con- serve a larger proportion of gross earn ines for the net. The additional an- nouncement that the P. c. c. & St. L. had discharged men to the extent of HOO to reduce expenses, was an influence in the same direction
 Wall street regards with equanimity the declining tendency in the cotton mar ket as promising a better adjustment to the needs of the cotton industry. But
 # fn1a and the presumed speculative losses involved by the throwing over of long holdings by the uncovering of stop-loss orders, had a somewhat disturbing effect on spec ulative sentiment The news of grain crop progress was not so favorable today and unofficial estimates of its condition were given some attention. The figures of the national bank circulation TOT May were discussed.
 As pointed out by the circulation by the national city bank, the additional circulation taken out for the month of May of $11,5c9000 was greater with one exception than any month in three years. At the same time the current redemp- tion of notes through the redemption fund in the treasury was $26,000,0Oo, but s12S2000 measured the retirement of notes by deposits of lawful money. The heavy current redemptions are a symp- 
 congest In the reserve center, the bank notes included in this movement finding their way quickly into the treasury and so back to their issue source.
 But the small retirement of outstanding notes effected and the large additional circulation taken out is the result of the profit on circulation by reason of the fall in government bonds by the large amount released by the govern ments withdrawal of deposits with tional banks. It Is feared that some re- dundency Is being injected into the circu- lation by these conditions with the effect of facilitating if not forcing the outgo of gold. The closing tone of the market was rather irregular and the days changes were again insignificant.
 Bonds were irregular. Total sales par value 1225.000 omitted States 2s declin- ed h per cent on call.