The Birmingham age-herald., 1904-05-17
STOCK MARKET
 VAS DEPRESSED Is Due to General DistruSt and
 UneasinesS
ERIE WAS A BIG FACTOR
Saturday Bank Statement and Money Outlook Were Much Discussed. Nothing Found to Stimulate
 Advance In Stocks.

New York, May 16-The stock market was again under pressure today and prices gravitated to a lower level in an irregu- lar way without much resistance. The de- pressing causes were the quite general distrust and uneasiness reflected in the business world and the rapid changes taking place in the resources of the money market by reason of the heavy gold out go special aggravating cause was the renewal of the liquidation in the Erie stocks with acute weakness resulting. Ihe severe decline in the earninings reported by that system gives rise to expresseu fears for the maintenance Of the oiVioenu on the first preferred stock
 Some sympathetic effect was proouceo on other stocks in the coal group. Dela- ware and Hudson had to contends with noor ouarterlv statement of earnings. Per sistent rumors of governmental proceed ings against the coal combination in con temptation are an influence on the group It Is probable also that the interruption to coal transfer on the lakes py ene seiine N of vesselmen enters into calculations on the outlook for the anthracite trafIic' This special weakness rather more than offset the sustaining influence or the firmer tone for United States steer pre- ferred The support of this .stoch cartieu 1t LID a large fraction early, ana hau a cheering effect upon the general nlarks'' The weakness became fairly general III .ne mid session trading, the grain and cotton carriers heinz especially affected. The selling of these stocks was based appar- entlv on the weather conditions Ill the crop regions 4,o
 Tbe Saturday bank statement and the ,nonev outlook were much discussed anu nothing was found in the sup]ect to stimulate any advance in stock prices' ,rba enpapement of gold already made Tor exnort was added to by only SfoVVVV, oi which, s5O0.000 was for Thursday. But this limitation was due to the exhaus- tIon of the sub-treasury's supply of gold hare and the postponement of S250O,000 or the shipment intended for Tuesday uh- til Thursday was due to the same cause The tone of the foreign exchange mar ket showed no signs of relaxation or the pressure upon this center for gold Lon don, however, reported such plethQrlc condition of money that funds were prac- ticalIy unlendable, with the call loan rates down to 1 per cent, and two and three months discounts at per cent. Call loans to this market advanvced and the time money market was frmer
 This course of events would lead short 1y to borrowing on sterling bills in New York with a resulting deferrment of go' remittances. The foreign trade state ment for April shows a check to the fall fin our exports of merchandise and de- crease in the value of imports which tends to restore somewhat the trade bal ance in our favor, thus relieving the ex- cessive pressure for the exports of gold. Railroad earnings, reports of traffic of- ficials and a reduction in the price of copper failed to offer any help to the stock market and a banking failure in Macon had disturbing effect upon senti- ment United States Steel preferred again asserted its influence on the market by it's late advance of point with rally in the general list. The closing, how ever, was irregular.
 Bonds were easy. Total sales, par value, s1,S40,000.
 United States 2s. the ss coupon and the old As declined A per cent on call