The Birmingham age-herald., 1904-06-01
DEALINGS ARE ON MODERATE SCALE Three Days of Leisure Did Not Restore Confidence PRICES SOON SLIPPED BACK The Firm Tone of the London Market and Favorable Bank Statement
 Caused the Early
 Advance.
PRICES SOON SLIPPED BACK

New York, May 31.-Three days of leis- 1re for the contemplation of stock mar ket prospects did not result in any acces- sion of speculative confidence so far as was revealed by the moderate dealings and the halting and narrow fluctuations today. The market showed no essential change from it's lethargic character. The firm tone of the London market and the bank statement which was called favor able by commentators, were worth frac- flonal rise this morning which amounted to an average of about ss. Prices then Slipped back to below last Fridays level. The nominal cause was the suspension or a firm on the cotton exchange, but all though the failure was announced as due to a dedication with no bearing on the market or financial condition, failed to recover its lost ground.
 News of the day was not important but 1t offered some more favorable features than for some time past. The market ig- nored these The weekly crop bulletin Of the weather bureau was encouraging as regards the winter wheat crop, and was distinctly hopeful for the start of spring wheat crop The cotton crop also was shown to have improved. The tenor of the weekly talks by traffic officials or the railroads was distinctly affected by the brighter hopes felt for the crops which have had some effect in turning the downward tide of railroad traffic since the middle of April
 Some of the roads in the central trai- fic region are enjoying the benent or the traffic devoted to them by the tie-up or lake traffic and are making favorable comparisons with May of last year. Ihe percentage of the decrease from last years traffic has shown declining figure for several weeks past, and for the third week of May the decrease has fallen to but little more than per cent. Net earn ings do not yet show turn in the situa- ton, retrenchment in operating expenses not yet being effective in the reports TOT that period. The Erie statement was the important example today with its decline in April net, compared with last year of S293,375, or nearly 20 per cent The stocks of the company suffered from this showing, especially the first prefer red from fears that the integrity of its dividend was threatened. The Paris money market gave further sign of the satisfaction of it's demand for gold but the price of sterling exchange continued to advance, and the possibility of a move ment of gold to London direct, was dis cussed.
 Money was easy in all departments of the money market as a result of the bank statement, and the sub-treasury paid out $2,709,0O0 on account of Japanese gold de- posited in San Francisco. The $700,0OO in gold bars engaged for export on Thurs day. was all that was available at the assay office in that form. There was a light covering movement by shorts late in the day. but the closing was easy.
 number of inactive bonds made wide declines from preceding sales and the general tone was heavy. Total sales, par value. $1,34o,o0o. United States 2s regis tered declined A and the 2s coupon ad- vanced A per cent on call.