The Birmingham age-herald., 1904-05-04
MOVEMENT FOR THE DAY WAS DOWNWARD Stocks Has Same Tendency as
 on Monday BUSINESS WAS SLUGGISH Decrease In Earnings Reported By Pennsylvania Were a Heavy
 Weight Upon the Whole
 Market.

New York. May S.-The early stock mar ket today showed some disposition to con- tinue the downward movement which was in force yesterday. The check to the de- cline had the appearance of a contest waged between opposing factors in the market, and the upward movement was discontinued as soon as the selling was checked The operators for decline seemed to center their selling on United States Steel preferred while the support CTS of the market rallied their efforts upon Union Pacific.
 Neither movement was explained by any news of the day, and so far as regaros those two stocks, it seemed to be prompt ed wholly by the purpose to influence the general market The general move ment was extremely sluggish and narrow. The resumption of trading in London after the holiday with no evidence of weakness by reason of the military events In Asla was a reassuring factor, and there was some buying here for London account On the other hand, the heavy decrease Tn net earnings for March reported by the Pennsylvania system was weight upon the whole market owing to the represen- tative character of the Pacific traffic.
 The showing had a strong reflex effect on United States Steel preferred. Penn sylvania stock was little affected. The weather map showed very favorable con- ditions for the crop, and the weather bureaus weekly summary of conditions gave a better account of the seeding or spring wheat, and some betterment Of unfavorable conditions for winter.
 The denials of yes 5erday's rumors of intended proceedings against the anthra- cite combination relieved the coalers from some pressure and helped the recovery. The early market was in consequence of these conflicting factors was very mixed and irregular, and rather more active than the recent average.
 Call money showed a firmer tone early for the first time in many days and the minimum rate was 1A per cent with loans made above that This was attributed to the growing influence of the gold exports and to the eXigencies of the bidders for the SAT, 900, 900 New York city bond issue. After the bids were announced call money broke to half of one per cent. The time money market was not affected The statement by J. P. Morgan in Paris clari- fled the understanding of the method of the Panema canal payment and made clear the position his firm as the fiscal agent of this government and the med- ary by contract with the canal company. This disclosure gave the impression that previous reticence had been due to the necessary steps to be taken in the mar ket and in the exchange market, reopen ed the supposition that gold exports, oth- CT than that of the Morgan, have been connected with the Panama debt, de- ducting fyom the fut ture requirement.. The demand disclosed for the city bond issue was regarded as striking evidence of the abundance of capital resources. Mar ket closed dull and irregular.
 Bonds were irregular Total sales. par value, $1,S25,000. United States 2s, the 3s coupon and the old As declined A and the new As k per cent on call.