The Montgomery advertiser., 1904-05-13
WALL STREET REVIEW
AN EXPANSION IN THE voLhME OF
 sf DEALINGS.
Due to the Desire to Sell stocks--im- posing Dimensions of the Cold Movement Have Influence
 on Sentiment.

New York, May 12-There was further expansion In the volume Of dealings in the stock market today due to the increased pressure to sell stocks. than was the case yesterday. Much in- nuence upon sentiment was produced by the imposing dimensions of the gold movement. The May shipments and en. agreements for Saturday aggregate more than $25,o00.00o The largest amount of gold ever before exported in full month from New, York was in May 1894, when S2Is449.000 went out. The sustained level evident that the movement has not lost It's force and estimates vary widely as to It's limits which already reached over $4o,O00,O00 since its inception in April. A large portion of the Panama canal pay ment remains to be provided for and the current outgo evidently is to meet other requirements than the Panama payment For one thing it is admitted that today's engagement Is in part against a sub scription to the Russian loan which was taken yesterday The steady inflow of Japanese gold to our Pacific coast has been an important offset to New York's exports. The point is made, however, that the subscriptions to the Japanase San Francisco by providing funds here for Japan to draw upon, while drafts may be made also upon that fund for payments in England. thus adding to the
 
 Treasury Department has sent notice of the withdrawal of the final 10 per cent instailment of 40 per cent, of govern- nlent deposits with banks on May 25. have taken something like $50. .oeo, 900 from the banks. As Is we'll known these deposits had been accumulated in New York in preparation for the Panama pay ment and have contributed to the pie thoric condition of the money market which in turn was an indictment to the enormous expansion of the loan item. Heavy demands for corporation purposes are still ahead of the money market It Is not strange that the rate at which the cash depletion and loan expansion are carrying the surplus item towards the vanishing point should have disturbed the assurance which has been manifested oyer the money market. The statement today contained a gratifying surprise in the heavy increase in value of cotton exports over last April just serving to onset largely the shrinkage in values of toodstuffs and relieves the scarcity of commercial bills In the exchange market The gold movement shared In influence with the continuing effort of the crop condition and declining tendency of the iron and steel trade. United States Steel common established a new low record today and the preferred stock suffered aeutely from the discussion of it's pros- poets for maintained dividends. Further reports were received of decreased rail- way earnings. The feeling of general distrust over the stability of the market led to free throwing over of stocks and the sharp break in prices in the day. Late covering by room shorts steadied tho. closing. The rebound in consolidated gas on the veto of the Remsen gas bill looked like squeeze of shorts. Bonds were irregular. Total sales par value $,sOc.O0o United States bonds were un- changed on call
 NEW YORK ST TOCK LIST.