The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-05-13
SELLING PRESSURE
WAS INCREASED
Causes Further Expansion in
Volume of Trading
IMPOSING GOLD MOVEMENT
Current outgo Evidently Is to Meet
Other Requirements Than the
Panama Payment-Part
For War Loan.
IMPOSING GOLD MOVEM ENT

New York May 12-There was further
expansion in the volume of dealings In
the stock market today due TO the in
creased pressure to sell stocks. the weak
ness being more distributed than was
the case yesterday. Much influence upon
sentiment was produced by the impos-
Ing dimensions of the gold movement
The May shipments and engagements LOT
Saturday aggregate more than szo'VVo'VoV'
The largest amount of gold ever before
exported In a full month from New YORK
was in May. 1894. when s27, $4,000 went out
The sustained level of the foreign ex-
change makes it evident that the move
ment has not lost it's force and estimates
vary widely as to its limits which mas
already reached over $4OO00,ooo since its
inception in April.
A large portion of the Panama canal
payment remains to be provided for and
the current outgo evidently is to meet
other requirements than the Panama
payment For one thing it is admitted
that today's engagement is in part against
a subscription to the Russian loan which
was taken yesterday. The steady inflow
of japanese gold to our Pacific coast has
been an important offset to New York
exports The point is made, however,
that the subscriptions to the Japanese
loan here will check the inflow of gold
at San Francisco by providing funds here
for Japan to draw upon, while drafts
may be made also upon that fund Tor
payments in England thus adding to the
demand for gold export.
Meantime the treasury department has
sent notice of the withdrawal of the final
10 per cent installment of 40 per cent of
government deposits with banks on May
25 These Withdrawals, when completed,
will have taken something like $4,000, 900
from the banks.
AS is we'll known these deposits had
been accumulated in New York in prepa-
ration of the Panama payment and have
contributed to the p1ethorgic condition
of the money market which in return
was an Indictment to the enormous ex-
pansion of the loan item. Heavy de-
mands for corporation purposes are still
ahead of the money market.
1t is not strange that the rate at which
the cash depletion and loan expansion
are carrying the surplus item towards
the vanishing point should have disturb
ed the assurance which has been mani
tested over the money market. The state
ment of domestic exports for April pub
Iished today contained a gratifying sur
prise in the heavy increase in value Of
cotton exports over last April just serv-
ing to offset largely the shrinkage in val
ues of food stuffs and relieve the scar
city of commercial bills in the exchange
market The gold movement shared in
the influence with the continuing effect
of the crop condition and declining ten
dency of the iron and steel trade.
United States Steel common made a
new low record today and the preferred
stock suffered acutely from the discus
sion of its prospects for maintained divi-
dends. Further reports were received of
decreased railway earnings The feeling
of general distrust over the stability over
the market led to free overthrowing OF
stocks and the sharp break In prices on
the day. Late covering by room shorts
steadied the closing. The rebound in
Consolidated Gas on the veto of the Rem
sen gas bill looked like squeeze of
shorts.
Bonds were irregular. Total sales, par
value, $1,S90,0O0. United States bonds
were unchanged on call.