The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-05-12
TRADING TAKES
LITTLE Squirt
Intervals, However, as Lethargic
as Ever
CROPS ARE UNFAVORABLE
Market Had plenty of News During
the Day, But Response Was
Slight-Bond Market
Irregular.

New York, May 11.-There were periods
of today's trading that were considera-
bly, more active than the recent aver
age, but In the interval the market
showed the same profound condition Of
lethargy that has characterized it for
some time. News developments were not
lackingI but the response to them was
very slight. The governments crop re-
port was regarded as decidedly unfavora-
BILE, in the amount of the probable yield
Indicated of winter wheat. But the snow
Ing had been discounted apparently both
In the stock market and the grain mar
ket neither Of which was appreciably af-
fected.
Another news development to which
general Importance is attached, although
1t has been long expected Is the pro-
posed issue Of debenture bonds by the
New York Central, reports of which were
generally credited although not official
ly confirmed before the market closed.
The issue of bonds FOR a moderate term,
and at a rate-0f interest above that re-
GENTLY paid by that company, was yari-
ously interpreted. With both stock and
bonds authorized and not issued 1t is
evidently an admission in effect of the
lmpossibility of issuing these on favor
able terms in the present market.
On the other hand, the placing of the
3ebenture issue with a syndicate is evil
4 Hence of some Improvement In the alb
sorptive power of the bond market. The
conspicuous feature of the days stock
market was the selling of the United
States Steel stocks which carried the COM
mon stock to 81, level never before
touched The selling was attributed to
feeling. on the general outlook In the
trade. Reports from the trade were of
declining demand for iron and expand
iAg facilities for output by the United
States Steel corporations iron product,
with resulting discomfort by independ-
ent producers and suggestions of plans
for steel works to provide consumption
for their product.
But by far the most notable develop
ment of the day was the enormous gold
movement. Total engagements for ship
ments by tomorrow's steamer reached
100000. This concentrated movement
Is so little In accord with the limitations
Of those having the Panama payment in
charge that the transfer would be made
gradually and in comparatively small
amounts that there was room to question
whether the movement was not in large
part due to other cases than the Pana-
ma payment. While the subtreasury paid
out yesterday $15,0O0o00 on the Panama
canal payment 10 morgan oS w., tne ue-
positary banks were called upon at the
same time to pay over about S12.500000 of
government deposits, so that there was
little net increase in the available sup
ply to provide for today's heavy exports
Of gold.
Call money responded to heavy inroads
upon cash reserves, the rate rising to
per cent The time money market is
not yet affected. Railroads made fur
.her poor returns on earnings. CONSOLE
dated Gas fiuctuated under the opera
tons directed against the shorts in the
stock. The market closed steady but not
FAR from the lowest. rise of III in Anal
gamated Copper helping to steady the
elose.
The bond market became irregular in
sympathy with the late weakness In
stocks. Total sales par value s1S45,000.
United States bonds were unchanged on
call