The Birmingham age-herald., 1904-05-24
ANOTHER HAPPY
 DAY FOR TRADERS Upward Movement in Stocks
 Continued ONLY LASTED FOR AN HOUR Time Money Market Was Reported Slightly Easier In Tone, But
 Actual Rates Were
 Not Changed.
ONLY LASTED FOR AN HOUR

New York, May 23.-wall street started the new week with a continuation of the brisk upward movement which started on Saturday as a result of a sense of re- lief over the turn in the seemingly end less extension of already huge expansion. The traders entered joyously into the movement in which they saw a promise of relief from the prolonged deadlock In the market and the paralysis of their usual means of livelihood. But by the end of the first hour there was an ab- rupt halt in the rising movement in the prices and a sudden relapse into the re- cent semi-stagnation.
 During the first hour 1600O0 shares changed hands. During the second hour the aggregate dealings reached only 20.- 900. The days speculative spirit was due to the realization of heavy requirements still ahead of the money market which might have necessitated last weeks loan contraction going on in the country and newly confirmed by the usual weekly summaries of conditions. It was general ly accepted that the heavy loan contrac- ton was due to some actual liquidation as well as to transfer of obligations to foreign lenders through the medium of the exchaneg market The rate of large amounts of the New York city bond is- sue, which had been hypothecated by the subscribers was pointed out as one obvious field for liquidation.
 The time mercy market was reported slightly easler in tone but actual rates were not quotably changed. The call loan rate relapsed to one per cent while the money market enjoyed the benefit of the eo <O ich, ant fn Of he Panama republic, made by .4e subtreas- ury last week. It was reco1lected that the call of the treasury for government depossts falling due on May 25 will call for the surrender of rather more than that amount by the banks. The offer ings of the Cuban loan in this market is also to be taken account of in the money market outlook. From Paris came ru- mors of a project for further Russian loan of $o00, oo0000, which. however. had TO confirmation. The usual Monday dis cussion of business affairs by the traffic officials of railroads contained the now familiar admissions of poor prospects for any improvement in the deteriorated earnings.
 "Business on the down grade" was the substance of the canvass of which the results make tEeir weekly appearance in Wall street news summaries. Reports of sn intention on the part of the attorney general to begin proceedings against these coal combinations made an addi- tional item. The threatened labor trouble beyond the Lorg Island sound carrying trade vas a depressing Influence The edge was taken off the demand in this way and prices made practically no pro- gress after the first hour, during which more than half the days total business was done. In the final dealings prices sagged off on offenlngs by disappointed holders and the closing was easy and dull
 Bonds were steady; total sales, par value, s1.67o,000.
 limited States 3's registered and new fs declined M per cent on call.