The Montgomery advertiser., 1904-05-10
WALL STREET REVIEW
NO RELIEF FROM THE PRE-
 MAILING APATHY.
Anniversary of the Panic of 1901 is Cause of Comment and Com parison--Advance in Louis-
 vile and Nashville.

New York. May s--There was no relief today from the apathy of the stock mar ket which was at about as low an ebb as on Saturday. Dealings for a full. days trading have not yet fallen to record level of March before the North ern Securities decision was handed down. but the neglect of the market now is even more prolonged than then. The an- niversary today of the panic of 1901. was the occasion of much discussion and noraiizing and of many striking com parisons between the speculative inter ests of that period and of the present. The fact was not lost sight of that ex- cesses such as those of the spring of 1901 may be counted on with certainty to bring action to such lethargy as now prevails. although it may be deferred by manipulative devices such as caused the aborfive 'booms' which have occur red in the market since May g. 1901 The discussion of the present time has to do entirely with the ability to maintain pre- sent rates of dividend distribution rather than with roseate prospects of increased disbursements and strict attention Is given to actual returns of earnings and traffic movement. The weeks express sions from traffic officials reported the expected effect of delayed spring weather is reviving the traffic movement to some extent. But there is a common note of conservatism in all the expressions going with the acknowledgement that the volume of business lacked restoration to last years level. There Is a rather general admission also that much of the spring traffic which It was hoped was but delayed has been lost. Reports of earnings continue the showing of a de- ciifing level from last year with a high level of operating expenses remaining in force. Reports of coming retrench- ments on more than one important sys- tenn were current and some hope was felt that benefit will result to the net re- turns. The slight upward tendency of prices semed due rather to the intermit- tency of the market following the decline of last week than to any change of sen timent. The decline in the bank surplus Inst week and the continuing factors which caused 1t give ground for refiec- ton over the future of the money market although its immediate ease is unruffled The passing of the $40, 00o.0o0 warrant for the Panama canal payment marks the high tide of benefit on the operation to this market The counter operation of withdrawal of government deposits with the banks Is to be followed at once hy an additional withdrawal of 10 per cent of 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 im- mediate effect on the money market is expected the course of the autumn money market receives some discussion. The fact that government revenues are run ming behind expenses points to some dif- ficuity in affording any treasury assist ance to the fall money market such as has been given during the crop moving period every year for several years back
 The advance in Louisville and Nash vile was based on published comparisons of earning power with other railroad stocks and higher prices. Consolidated Gas weakened on the belief that the Remseu gas bill would be vetoed. There were no movements of general import ance. recovery of point in United States Steel second 5s was the feature in the bond market. Total sales par value $f .9e0.0o0. United States 3s registered de- elined 1-4 per cent on call.
 NEW YORK STOCK LIST.