The St. Louis Republic., 1904-05-10
NO RELIEF FROM APATHY
OF THE STOCK MARKET
NEARING LEVEL BEFORE
SECURITIES DEVISION.
Neglect of Issues More Persistent
and Prolonged Than During
Record Period.

New York, May e.-There was no relief
to-day from the apathy of the stock mar
ket, which was at about as low an ebb
as on Saturday. Dealings for a full day
tarding have not yet fallen TO the record
level Of March before the Northern Sc
curities decision was handed down, but
the neglect Of the market now is even
more persistent and prolonged than
then.
Anniversary day OF the panic of 1901
was the occasion OF much discussion and
moralfzing and of many striking compari-
sons between the speculative interest of
that period and OF the present The fact
was not lost sight OF that exeesses such
as those Of the spring OF 1901 may be
counted on with certainty TO bring reac-
ton to such lethargy as now prevails. al
tive devices such as caused the aborptive
booms" which have occurred in the mar
ket since May g. 1901
RETURNS
The discussion of the present time has
TO do entirely with the ability TO MAIN
tain present rates of dividend distribu-
tion rather than with roseate prospects of
increased disbursements, and strict at
tention Is given to actual returns of
earnings and traffic movement
The weeks expressions from traffic Of
fcfafs report the expected effect of de-
layed spring weather in reviving the traf-
ne movement 10 some extent. But there
was common note of conservatism in
nouncement that the volume of business
lacked a restoration of last years level.
There is a rather general admission. al
so, that much of the spring trarfic, which
IL was hoped was but delayed. has been
lost
RETRENCHNENTs.
Reports Of earnings continue the show
ing OF q declining level from. last year,
IVAN high level of Operating expenses
remaining IN force. Repor.S Of coming re-
system were current, and some hope was
felt that benefit would result to the net
returns. This slight upward tendency
,nItpeEcv @ Of the market folloWine S the de-
cline of last week, than to any cnange OF
sentiment The decline in the bank sur
pius last week and the continuing factors
its immediate ease is unruffed.
The passing Of the $4,000 warrant ran for for
high tide Of benefit on the operation to
thii market
The counter operation OF withdrawal OF
Government deposits with the banks is
TO be followed at once by an additional
withdrawal of 10 per cent of deposits and
in June OF 10 per cent more. The gold
purchases must also 60 to Paris from
New York
MONEY LfARKET.
While nc immediate effect on the market
IS expected. the course Of the autumn
money market receives some discussion.
The fact that Government revenues are
cunning behind expenditures points to
some difficulty In afrording any Treasury
assistance to the fall money market, such
as has been given during the crop-moving
Se6k rs absence In Loussie and Nash
willie was based on published comparisons
of earning power with other railroad
stocks at higher prices. Consolidated Gas
weakened on the belief that the Remsen
gas bill would be vetoed. There were no
movements Of general Importance.
A recovery of a point In, United States
Steel second 6s was the feature IN the
bond market Total sales, par value, 81
$4,000. United States IS, registered, de-
!clined X per cent on call