The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-05-10
NO RELIEF WAS IN
SIGHT YESTERDAY
Saturdays Low Ebb in Stocks
Was Maintained
& N. SHOWS AN ADVANCE
Anniversary of Panic of 1901 Was oo-
caslon for Many Striking Compare
sons With Speculative In
ests at That Time.
|. g. N. SHOWS AN ADVANCE

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 on Saturday. Dealings for full
days trading have not yet fallen to re-
cord level of March before the Northern
Securities decision was handed down.
but the neglect of the market now Is
even more prolonged than then. Inc an
niversary today of the panic of 1901 was
the occasion of much discussion ana NOR
alfzing, and of many striking compar'-
sons between the speculative interests OF
that period and of the present. the tact
was not lost sight of that excuses such
as those of the spring of 1901 may De
counted on with certainty to bring action
TO such lethargy as now prevails al
though it may be deferred by manipula
tive devices such as caused the abortiVe
blooms which have occurred In the mar
ket since May 9, 1901. The discussion OF
the present time has to do entirely with
ability to maintain present rates of div
idend distribution, rather than with rose
ate prospects of increased disbursements
and strict attention is given 10 actual re-
turns of earnings, and traffic movement.
The weeks expressions from traffic Of
ficiais reported the expected effect of de-
layed spring weather is rev1ving the traf-
fic movement to some extent. But there
is a common note of conservatism IN all
the expressions going with the acknowl-
edgement that the volume or business
lacked a restoration to last years level.
There is a rather general admission also
: that much of the spring traffic winch II
was hoped was but delayed, has been
lost. Reports of earnings continue the
showing of declining level from last
year with a high level OF operating eA-
penses remaining In force
Reports of coming retrenchments on
more than one important system Were
current, and some hope was felt that
benefit will result to the net returns. the
slight upward tendency of prices seemed
due rather to the intermittency OF the
market following the decline of last week
than to any change of sentiment.
The decline in the bank surplus last
week and the continuing factors whleh
caused it. give ground for reflection over
the future of the money market, al
though its Immediate ease Is unrefiected
The passing of the $40,000,O00 warrant for
the Panama canal payment marks the
high tide of benefit on the operation to
this market. The counter operation OF
withdrawal of government deposits with
the banks is to. be followed at once by
an additional withdrawal of 10 per cent
of deposits and 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-
tiate effect 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 to some
difficulty in affording any treasury as
sistance to the fall money markets, such
as has been given during the crop NOV
ing period every year for several years
back.
The advance of Louisville and Nashville
was based on published comparisons OF
earning power with other railroad stocks,
and higher prices. Consolidated Gas
weakened on the belief that the Remsen
gas bill would be vetoed. There were no
movements of general Importance.
A recovery of a point in United States
Steel second IS was the feature in the
bond market. Total sales, par value,
81 100000. United States IS registered de-
clned 4 per cent on call