The Birmingham age-herald., 1904-05-26
TRADING BECAME ALMOST STAGNANT  Efforts We're Soon Abandoned
 in Despair NO SURPRISE ON STREET Evident That Long Liquidation of Last Year Was In Expectation of Just
 Such a Develop
 nent.

New York May 25.-Yesterday's closing put of contracts by the disgusted trad CTS who had come into the stock market under the influence of the Saturday bank statement left little motive power in the market. The reaction invited some short selling in the effort to extend the down. ward movement so as to yield a traders profit on the short side, but this was timidly pursued, an4 with the subsequent steadying of the market the trading be- came virulently slagnant Efforts to trade seemed to be abandoned in despair of achieving any movement of prices.
 Selling for London account had some Influence on the early heaviness, although It was in very light volume. The im- pression was produced by the employ ment houses having connection with those cities like Chicago and Philadelphia orders were resposible for the selling of some of the leading stocks drop of over 1 point in New York. New Haven and Hartford was the only concrete ef- feet of fthe strike of freight handlers. But the labor difficulty on that road was of oppressive influence on the trading. The immobility of prices in Wall street and the stagnation of the trading are in evidence of the waiting of develop ments in the general situation.
 The constructing tendency of general business s no surprise to Wall street, for 1t is evident that the long liquidation of last year was in expectation of just such development. The precedent of re- action in business as a sequence of the continuation of a boom in securities is too unvarying to leave much room for miscalculating it. The shrifkage in bUsi- ness unfolded day by day. proves the foresight that prompted selling of securi- 1,.. e. .s.1 .G securities may be seen, while the actual contraction in business is still going on in anticipation of the change.
 But what Wall street cannot distinguish is how far that reduction in earning pow CTS which is generally prevalent extends, and 1t may uncover an over-extension of outlays in bush ess and in industry in all lines and of all grades. The extent to which the ability to meet fixed obligations may be impaired by the downward course of business must be ascertained before confidence. returns to the speculative world The incidents of the day were few The outgo of s2,25o0OO gold tomorrow is practically offset by additional receipts Of Japanese gold and transfer of govern ment deposits from banks to the sub treasury today was closely equivalent to the payment last Saturday to the credit of the Panama republic.
 The grain markets had quiet day and threw little light on the question of crcp outlook. he marking down of the market quotation for copper had no ef- feet on Amalgamated Copper, the security principally concerned. Advances in refined sugars were equally without influence on sugar stocks. Brooklyn Transit's advance was attributed to summer passenger traf- fee, but Metropolitan Street Railway made an equal or greater decline; Last prices were insignificantly alloyed from those of last night.
 Bonds were steady; sales, par value sl'- o75000. United States bonds were un- changed on call.