The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-17
BUSINESS IS DONE
DURING FIRST HOUR
Considerable Declines Effected
During That lime
TRADING IS ONLY NOMINAL
Heavy Operations Are Proceeding In
Money Market and There Has
Been a Large Shifting In
Loan Accounts.
TRADING IS ONLY NOMINAL

New York, May 16.-Some considerable
declines were effected in prices Of stock
in the course of an hours business after
the opening today and a creeping upward
movement followed for the most of the
day large proportion of the days
total transaction was done during the first
hour and after that business was little
more than nominal. Some items OF in
formation in the days news offered a
nominal cause for set back in prices,
but the market is best explained by the
encouragement of the professional ele-
ment over the utter lack of success IN
attracting any outside interest While
the great ease of money and the album
dance of funds apparently available
cash rather diverts opinion from attribut-
ing money rnarkess affairs as the rea-
son for the present neglected stock mar
ket It is open to question whether
desire to conserve the money market has
not more or less to do with the attitude
of passive encouragement of specula-
ton which has been adopted by the bank
ing and financial world
Some very heavy operations are pro-
ceeding in the money market and there
has been very large shifting of loan
accounts in consequence in the last two
DAYS The taking up of nearly $loOW,00o
of government deposits from the national
banks is being carried through, and 1t Is
surmlsed that provision is being made
for the calling of fifty per ceI' oil the
underwriting subscriptions to the $l0o W.
coo Pennsylvania convertible bonds issue.
Next week, on May % subscriptions TO
the amount of nearly $6O,0OO,000 to the
Japanese loan issue are payable in New
York The money market, in spite OF these
enormous transactions and the prepafa-
ton for them is absolutely unruffled and
is, in fact working easier. 1t can De
undstood however, that a sense OF rellet
may be felt over the freedom of the
money market from extensive speculative
acknowledgements, during the conduct Oh
these operations.
There are some counter influences,
notably expectations that the govern
1nent bonds TO secure the deposits not
being returned. will be employed for TAX
ing out additional bank note circula-
ton. The April foreign trade statement
showing an excess in value of exportf
well above that for the April OF the pre-
ceding year give assurances OF the re-
sources of the exchange market on Whlch
special demands are now mace III prep
aration for remittances on the japanese
loan. of the immediate influences on
today's market the foreign political dis
turbances was most conspicuous rms
was due to the reported seizure by Ger
many of Chinese port, and the officlai
denial from Berlin only partially re-
iieved speculative markets from the Ell
feet. Our grain markets were more az
fected than stocks. Two-fold influences
IN both markets also was the weather
news from the crop regions
Excessive rains were reported IN the
southwest and the reports of damage TO
winter wheat by rust indicated by the
weather bureaus weekly crop summary
were extended by the weather news OF