The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-05-19
RELAPSES AGAIN
INTO |DLENESS
Prices Were Held Almost Mo-
tionIess During Day
WAS PRACTICAL DEADLOCK
All of the Available Supplies of Gold
Bars for Future Are Bespoken
BY Prospective
shippers.

New York, May 1S-The stock market
fell into idleness and neglest again to-
day. So far as there was any sentiment
prevailing on the outlook for values, the
adherants of ones views was counter
balanced by those of the other. The con-
sequence was a deadlock in which prices
were held near motionless. Holders re-
Trained from selling, thus relieving the
market from the pressure to which 1t has
been subjected recently, but buyers were
entirely indisposed to follow prices up
wards The result was virtual stagnation.
London sent over high prices this morn
ing the extreme ease of money there
causing some strength for securities.
The response here was short lived, and
the resumption of gold engagements for
export put an end to the advance. The
ordering of S42, 100000 IN coin at the sub
treasury for shipment tomorrow showed
that the exhaustion of the supply of gold
bars left the shippers necessities still un-
covered and compelled the resort to coin.
The superstition that the easing of money
abroad and the stiffening of Inc rate here
consequent upon the transfer of gold had
proceeded far enough to prompt borrow
ing abroad on New York account, SO as
to check the outgo of gold proved Elusive
in spite of the dropping of London ais
counts below per cent and the likelihood
that the Bank of England Will reduce its
discount rates tomorrow
Beyond tomorrows shipment of gold,
which will reach about 100000, all avail
able supplies of gold bars for the future.
were bespoken by prospective shippers.
There was official expression of the opln-
Ion based on the informal intimation from
intending shtppes that probably $l500eeo0
additional in gold coin will go out The
aggregate of the outgo on the present
movement beginning early in April, and
counting only actual engagements up to
date, has reached over $55000,000
With the abandonment of the idea that
the gold movement was about to reach its
limits by the borrowing on sterling, there
was a revival of the uneasiness caused by
the apparently unbrdled outflow of gold,
with an influence In aggravating the dull
ness of the stock market. The quick sub
scription for the burlington bond issue
was favorably regarded, but the break IN
the new japanese bonds on the curb 10
within "a of the issue price was an OFFSET
ting influence.
The selling seemed to be of the newly
allotted holdings on which there seemed
to be eagerness to realize Immediately.
There was a subsequent recovery on buy
ing by bankers The weather was favor
able to the crops, but without any erect
on stocks. Attention was attracted by -
export demand for the new crop of wheat
as promising to better condition which
is one of the depressing factors In the
present situation. A reduction in the price
of copper was fatty reflected In the move
ment of Amalgamated. Unsuccess;ui ef-
forts to end the strike of Yes u on
the lakes made up depressira 'ar.
Railroad earnings reported were notsim-
portant, but offered no stimulation TO
values United States Steel, preferred, ran
off to " under last nights price on the
late publication of the report of the iron
outlook by the Iron Age The closing tone
was steady and the average Level OF prices
very close to that of last night
Bonds were dull and rather heaVy.
Total sales, par value, s1,Il0,ooO
United States bonds were unchanged on
call.