The daily morning journal and courier., 1904-05-17
Ffitattcfa1.
 KESTERDAY'S STOCK MARKET

Again Under Pressure and Prices Gray.
 itate to Lower Level.
 New York, May 16.-The stock market was under pressure again to-day and prices gravitated to a lower level in an irregular way without much resistance. The depressing causes were the quite general distrust and hesitation reflected in the business world and the rapid changes taking place in the resources of the money market by reason of the heavy gold outgo. A special aggravat- ling cause was the renewal of the liqui- dation in the Erie stocks with acute weakness resulting. The severe decline in the earnings reported by that sys- tenn gives rise to expressed fears for the maintenance of the dividend on the | first preferred stock. Some sympathet- ic effect was produced on other stocks l in the coaler group. Delaware and Hld- son had to contend with poor quarter ly statement of earnings. Persistent lrumors of governmental proceedings against the coal combination in con- temptation are an influence on the group. It is probable also that the in terruption to coal traffic on the lakes by the strike of vessel men enters into cal culations on the outlook for the an- thracite. This special weakness rather more than offset the sustaining infiu- ence of the firmer tone for United States Steel pf. The support of this stock car riea it up large fraction early and had cheering effect upon the general market, The weakness became fairly general in the midday session trading, the grain and cotton carriers being es- peoially affected. The selling of these stocks was based apparently on the weather conditions in the crop regions. The Saturday bank statement and the money outlook were much discussed and nothing was found in the subject to stimulate any advance in stock prices. The engagements of gold al- ready made for export were added to by only $75000O of which $5000O0 was for Thursday. But this limitation was due to the exhaustion of the sub- treasury's supply of gold bars and the postpone ment of s2,500,00O of the shipment in- tended for Tuesday until Thursday was due to the same cause. The tone of the foreign exchange market showed no signs of relaxation of the pressure upon this center for gold London, however. reported such a pletheric condition of money that funds were practically un- lendable. with the call loan rate down to l per cent. and two and three months discounts at per cent. Call loans in this market advanced and the time money market was firmer This course of events would lead shortly to borrow ing on sterling bills in New York with a resulting deferment of gold remit tances. The foreign trade statement for April shows check to the call in our exports of merchandise and a de- crease in the value of imports which tends to restore somewhat the trade balance in our favor, thus relieving the excessive pressure for exports of gold. Railroad earnings reports of traffic off, Ecials and a reduction in the price of copper failed to offer any help to the stock market and banking failure in Macon had disturbing effect upon sentiment. United States Steel of. again asserted it's influence on the market by it's late advance of q point with rally in the general list. The closing, however, was irregular.
 Bonds were easy. Total sales par value. .$1,S40.0OO.
 
 United States 2s. the Ss coupon and the old As declined 1-4 per cent. on call.