The Saint Paul globe., 1904-05-10
STOCKS ARE NEGLECTED.
CUSTOMARY APATHY or LATE
SHOWS NO VARIATION
Brokers Have Little to Do but Discuss the
Panic OF Three Years Ago and Com
pare Conditions Then With the Status
Now.

NEW YORK, May 9.-There was no re-
lief today from the apathy of the stock
market, which was at about as low an
epb as ON Saturday. Dealings for full
days trading have not yet fallen to the
record level of March before the Northern
securities decision was handed down, but
the neglect of the market now is even
more persistent and prolonged than then.
Ihe anniversary today Of the panic of
1901 was the occasion of much discussion
and morallzing and of many striking
comparisons between the speculative in
terest of that period and of the present.
Ihe TACT was not lost sight of that ex-
ceSSeS such as those of the spring Of
1901 may be counted ON with certainty to
bring reaction to such lethargy as now
prevails, although it may be deferred by
manipulatiVe devices such as caused the
abortive ''booms'' which have occurred in
the market since May 8, 1901.
The discussion of the present time has
to DO entirely with the ability to main
tain present rates of dividend distribution
rather than with roSeate prospects of in
creased disbursements and strict atten-
tion is given to actual returns of. earn
lngS and traffic movement. The weeks
expressions from traffic officials reported
the expected effect of delayed
frafPg fpffRg DTaert weather in Teviying the
But there was a common note of
CONSERVATION in all the expressions going
with the acknowledgment that the volume
years level. There is a rather general
admission also that much of the spring
traffic, which it was hoped was but de-
layed, has been lost. Reports of earnings
continue the showing of declining level
from last year, with high level of oper-
atlng expenses remaining in force. Re
ports of coming retrenchmentS on more
than one important system Were current,
and some hope was felt that benefit will
result to the net returns
Due to lntermittence.
The slight upward tendency of prices
seemed due rather to the intermittency of
inSr 81 -I.,,
week than to any change of sentiment
The decline in the bank surplus last week
and the continuing factors which caused
IL give ground for reflection over the fu-
ture of the money market, although it's
immediate ease is unruff1ed
The passing of the 40,000,0 600 warrant
for the Panama canal payment marks the
high tide of benefit on the operation to
this market The counter-operation of
Withdrawals of government deposits with
the banks is to be followed at once by
an additional withdrawal of 10 per cent
or 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 inn
mediate effect on the money market is
expected, the course of the autumn money
market receives some discussion. The
TACT that government revenues are run
ming behind expenditures points to some
difficulty in affording any treasury as
slstance to the fall money market, such
as has been given during the crop moving
period every year for several years back,
The absence in Louisville & Nashville was
based on published comparisons of earn
higher prices. Consolidated Gas weak
ened on the belief that the Remsen gas
bill would be vetoed. There were no move
ments Of general Importance.
A recovery of a point in United States
Steel second 5s was the feature in the
bond market. Total sales par value, ST.,
$50 900. United States IS registered de-
ciined II per cent on call.
CIoSinn is+