The Birmingham age-herald., 1904-05-22
CLOSING HOUR Is ] MOST ANIMATED Bank Statement Proved an
 Agreeable Surprise CLOSE WAS AT TOP LEVEL The Export of Gold Is Evidently No Longer Profitable as a Simple
 Exchange Opera
 ton.

New York, May 21.-The last hour of the weeks trading in stocks proved to be the most animated and strongest of the whole week. The days moderate gains was sufficient to decide the average for the weeks movement on the scare of gains. The bank statement proved an agreeable surprise and impelled the live g buying movement which lifted prices smartly. The movement was sudden and had not spread far in the list when the and of the session put an end to it.
 The closing was strong and at the top level, the rather spasmodic movements n one or two stocks indicated some dis tress on the part of the surprised shorts. An inkling of the neavy reduction In the loan item got abroad before the pulp hcation of the bank statement. and start ed the buying movement. The loan reduc- ton Is pretty clearly due to the selling of long bulls, the proceeds of which have been lent here, presumably displacing loans with the English banks. Tie press involves borrowing in London to meet the sterling bills when they mature there.
 It Is evident therefore that the export of gold is no longer profitable as sim rle exchange operation and the early ter imitation of the outward movement of gold is believed to be thus forshadowed. The limitation of the cash decrease of the banks to $70S5, 200 in the week of the record exports of s15,5O0,0O0 in gold Is confirming evidence of the effective off, setting factors to that drain which are in operation. The net result is to leave the surplus reserves of the banks unim- paired. Total sales of bonds, par value, SaSe, ,00e
 The listless drift of prices of stocks is in the index of the formless state of speculative sentiment over the outlook for values. Very few stocks have moved a point away from last weeks closing level either way, and the dealings have fallen to volume not exceeding the average market for the days before the great multiplication of issus now listed on the stock exchange.
 The uncertainties of the future cloud the judgment and paralyize activity in dealing in securities. Decreasing trade activity. declining railroad earnings, the impaired prospects for the wheat crop, the languid course of the iron and steel trade and the conservatism normal to a presidential election year are all clements in the halt. The unprecedented outflow of gold also is prime factor in the hes itation of the markets. although no decis- i've effect has yet been produced in the money market through which the results from the depletion of the gold reserves would first operate.
 Reports of railroad earnings as they come to hand fully bear out the opinions expressed of the declining tendency of earnings and the effect has been depres- sing on railroad stocks especially those whose dividends seem to have their in- tegrity threatened by the heavy declines in earnings. Advices from the iron and steel trade agree in anticipating a quiet season in the trade. The United States Steel stocks have received some support but discouraging reports from the trade and rumors of future projects of opposi- ton by former interests thrown out by the combination keep the undertone un- settled. The tie up of the lake-carrying industry by the. strike is an unfavorable factor in business, and the traffic thus diverted has aroused disputes amongst the lower rates that are evidence of the pressure for traffic. The crop news of the week has failed to afford any support for stocks
 The bond market has been almost equal ly dull and sluggish with stocks
 United States 2s, the 3s coupon and the old As have declined A per cent on call.