The Birmingham age-herald., 1904-06-04
BEACHES LIMIT
 IF STAGNATION No News to Account for the
 Neglect RAINS WERE EXCESSIVE Nervous Tone of Cotton Gave Rise to Some Disturbing Rumors of
 Money Troubles In
 That Direction.
RAINS WERE EXCESSIVE

New York. June s-During the first hour of todays market there were few large buying orders executed in a num- Der of stocks lifting them to a higher level and causing the general market to harden in sympathy. The movement was not pursued and the market fell into in- tense dullness, with no evidence of dis position to either buy or sell. The under tone was kept firm by the absence of sell ing pressure, but the market was as near stagnant as at any time since the present neglect set in. The recovery was not ac- counted for by anything in the days news.
 Excessive rains in the grain regions were counted against the prospects or the crops, and some rather sensational reports circulated in Wall street of damage oy foods The nervous tone in the cotton market gave rise to some rather disturb ing rumors of money troubles growing out of the condition in that market, but the report was ignored on the change. An official report of the acreage or the general crop and the June crop conol- tion was paid more attention in the mar ket than were the movements in the cot ton market Itself.
 The estimates for the weeks current movements indicate a continuous flow to this center. although the New York gains seem to be less than last week. and New York exchange at Chicago is rising slightly. With the gain on sub-treasury operations there is promise of an increase in cash of over s70Oo,00o to be shown by tomorrows bank statement
 The statement of June 1 money in the country was of interest as showing a decrease of but s2S. 365.21s for May in spite of the heavy outgo of gold. The months decrease Is more than accounted for in the decline of gold coin and ceruhcates. But compared with a year ago. the amount of money in circulation has in- creased $127, ,105,092. of which s9O29l,IsI was In gold coin and certificates. The indif- ference to the present outflow of gold un- nrecedented as it is in volume for the period covered Is thus understood. Per mission was given today for the tele- graphic transfer to New York or $lf5O,OoO in Japanese yen to arrive in San Francis co next week.
 The report of net earnings for April of the Union Pacific and Southern Pacific were decidely more favorable than has been the rule for that month; the small increase in gross being supplemented Tn both cases by small decrease in operat- ing expenses which augmented the gains in net The stocks of those roads were even more dull and indifferent than the average of the list The strength shown by the coalers was in spite of the April statement of the Lehigh Valley in which the small gain in net earnings by the railroad was more than wiped out by the loss of the coal companies. fall in the series of copper was without effect on stocks. The fractional advances In the coalers and in United States Steel pre- ferred made the closing firm with prices well maintained.
 Bonds were irregular; total sales par value, s1 .705,00o.
 United States new 4s advanced b per cent on call.