The Birmingham age-herald., 1904-05-03
BUSINESS ABOVE
 RECENT AVERAGE Fluctuations in Stocks Wider
 Than Last Week PANAMA PAYMENT FACTOR Seems to Be General Desire to See the Operation of the Payment
 Terminated as Soon
 as Possible.
PANAMA PAYMENT FACTOR

New York May 2-Rather a larger vol ume of business was transacted on the stock exchange today than the average done last week and fluctuations were rather wider. The specific cause of the heaviness of the market was not easy to discern, but the desire to see the opera ton of the Panama canal payment termi- mated has an influence in keeping senti- ment unsettled. The reticense observed by the agents in this operation as to de- tails by which is to be carried out leaves little basis for accurate estimates ana the general assurances offered by these agents that every precaution has been taken to guard against disturbance Of the money market does not entirely ac- complish its purpose.
 It is realized that the device of the French syndicate which advanced the purchase price to the canal stockholders and the cooperation with New York bankers are designed to mitigate and dis tribute the effect of the large transaction but nothing has been offered to indicate that the ultimate results to the New York banking reserves will be altered by these devices The additional call by the sec retary of the treasury upon government Repositories makes evident also that the full amount of the Panama purchase will be withdrawn in effect from government uepos. IS with banks. Another result of 1ne additional call on government deposi- tories will be the release of government bonds held for the security of these de- posits
 . The effect was seen In the decline in government bonds today. How far this condition may induce the banks to take T ,1.tt f, ffAfa of interest. It is felt that the uncertain out come of these various factors may ac- count in no small part for the halt in the stock market. Todays market missed the sustaining effect of the recent advancing tendency in London, where the exchange was closed for holiday, while the more indirect effect of the Paris market was depressing, owing to the Russian reverse on the Yalu river. The weekly returns showed no decisive improvement in the railroad traffic situation and the net earn ings for March reported, continued the poor comparison with last year.
 The outlook of the Atchison machinists was an adverse factor, although that stock held better than some other Paci- fcs Expressed opinions by trade author ities that urgent Europe demand for cop per was probably satisfied, seemed to prompt the selling of Amalgamated cop per The coalers were hurt buy rumors which later were denied, that the attor- ney general had in contemplation an ac- ton against the anthracite commission. The local fractions made sharp reactions from recent speculative advances. Wealth CT news was in favor of the crop pros pects The money market was unaffect- ed by the additional gold engagements. The closing tone of the market was easy and prices were generally near the lowest of the day
 Bonds were heavy in sympathy with stocks Total sales par value $l,S3O,O00. United States bonds declined A per cent on call for all issues.