The Birmingham age-herald., 1904-05-25
PRICES DROP BACK
 ID THE OLD LEVEL London Market Showed De- clines Throughout MONEY IN PARIS ADVANCED  Reports of Plans for Large curtal- men: of Pig Iron Production
 Had Effect on United
 States Steel.
MONEY IN PARIS ADVANCED

New York May 24.-Prices dropped back easily and practically without opposition today to about the level of last Friday before the little stir in the market on that day, caused by last weeks great loan contractions by ths banks. The weakness was not due today so far as could be perceived to any news or any new element of weakness, rather it was simply a recognition of the abortion of an inclpient boom and the nasty getting out of small speculative holdings in con sequence. The traders who bought stocks on Saturday and early yesterday were troubled with doubt before yesterdays session ended.
 Their doubts were confiI med py the cavalier fashion in which London this morning ignored the labor!ous achieve ment of this market in lifting prices while London was enjoying the Whitsuntide holidays. London prices reported here before our market opened showed de- clines throughout. The throwing over of Saturdays and yester days accumulation was then pretty quickly accomplished and the market relapsed into the stag
 
 ized it during most of last week
 With the relapse in the money market, the bankers loan bills. which had weak ened thea exchange market disappeared and gold was engaged for export Thurs day to the amount of t2.OOO.OOO all that the assay office could furnish. The freedom of the outward gold movement is no more clearly recognized as follow ing from the extreme lassitude of the demand for securities here as against the supposition that the demand for se- curities was being paralyzed by the fears of the effects ot gold exports
 The Paris money market showed some symptom of repletion today by advanc- ing the rate of sterling exchange to 25 frances 111s centimes compared with last weeks low level of 101kc Speculative depression here was due rather to gen eral Encouragement than to specific de- velopments.
 The strike of the freight handlers in the New Haven service and fears of a spread of the difficulty were regarded, however, with disfavor. Published re- ports of plans for the large curtailment Of pig iron production were regarded as a bad augury for industry and business and had special effect on United States Steel preferred. Attention was given to the hearing before the interstate com merce commission of charges of discrim- ination by the local roads and the pres ence of the district attorney of the United States was used to give an impression that government action under the anti trust act was in contemplation.
 Some sympathetic effect was caused by the slump in the securities of the Chi cago Terminal Transfer company with accompanying rumors of financial diff tulties. The grain market movements in- dicated an Interpretation of the weather weeklys summary favorable to the hopes of the crops but the stock market failed to be influenced. The last prices of the day were near the lowest and the clos Ing tone was heavy and very dull.
 Bonds were easy. Total sales. par value, $1, ,705,000.
 United States bonds were unchanged on call.