The Wichita daily eagle., 1904-05-10
STOCKS AND BONDS.

New York, May 9-There was no relief
today from the apathy of the stock mar
ket, which was at about as low an ebb
as Saturday. The neglect of the mar
ket now Is more persistent and pro-
lenged than before the Northern Securi-
ties decision was handed down. The an
niversary of the panic of 1901 was the
cause Of much discussion and making
striking comparison between the specu-
lative interest of that period and the
present the effect was, not lost sight of
that the panic Of thespring of 1891 may
be counted on to bring such lethargy as
now prevalent may be deferred by man
ipuated advices such as caused the abor-
tive ''booms' which have occurred in
the market since May 10, 1901 The de
cision of the present time has to do en-
tirely with the ability to maintain the
present rate of dividend distribution
rather than with roseate prospects of in
creased disbursements and strict atten-
tion is given to actual returns of earn
ingS and troffic movement The week
expressions from traffic officials are paid
the expected effect of delayed spring
weather in the reviving of the traffic
was a common note of conservatism in
all the expressions going with the ac-
acknowledgement that the volume of bust
ness lacked a restoration of last years
level. There is a rather general admis-
sion also that much of the spring traffic
which it was hoped was but delayed has
been lost Reports of earnings continue
the showing of a declining level from
last year, with high level Of operating
expenses remaining in force Reports
of coming retrenchments on more than
one important system were current and
some hope was felt that benefit would
result to the net returns. The slight
upward tendency of prices seemed rather
due TO the intermittency OF the market
following the decline of last week than
TO any change of sentiment. The de-
cline in the bank surplus last week and
the continuing factors which caused 1t to
give ground for reelection over the fu-
ture of the money market. although its
immediate ease is unrunled. The pass
ing of the s4o000.oO0 warrant for the
Panama canal payment marks the high
tide of benefit on the operation to this
market. The counter operation Of with
drawal of government deposits with the
banks is to be followed at once by addi-
ditional withdrawal of 10 per cent OF de-
posits ad in June with 10 per cent more.
The gold necessary to complete the
amount of the purchase must also go to
Paris from New York. While no imme-
date erect on the money market Is ex-
pected the course Of the autumn money
market receives some discussion. The
fact that government revenues are run
ming behind expenditures points 10 some
difficulty in aTording any treasury as-
sistance to the fall money market such
as has been given during the crop rnov-
ing period every year for several years
back The advance in Louisville and
Nashville was based on published com
parsons of earning power with other
railroad stocks at higher prices. There
were no movements of general import
ance.
\ recovery Of a point in United States
Steel second IS was the feature in the
bond market Total sales. par value,
s. $50 eoo United states 3 registered de-
clined /. per cent on call.
uotations were as follows: