The Birmingham age-herald., 1904-05-27
BROKERS ALLOWED MARKET ID DRIFT All Went Off to See Brooklyn
 Handicap UNCERTAINTY OF FUTURE The Late saeelns Tendency of the Market Left the Days Changes
 Trivial and lrreg-
 ular.
 
UNCERTAINTY OF FUTURE

New York, May 26.-Brokers put in a few orders for stock early today and then went off to the Brooklyn handicap. leaving the market drift listlessly to It's own devices. No serious comment can be offered on such a market beyong it's negative significance. There was no trading or movement of prices to indi- cate any one had sentiment on values, or the outlook for values. But 1t was a fair inference that very profound and universal uncertainty is felt over the future to cause such a total abstention from operations in securities as is now witnessed in the market That it is not for lack of resources Is strikingly dem onstrated by the free outflow of capital in response to today's offering of Cuban bonds, which were largely over-subscrib- ed both here and it other markets.
 The demand for the recent Russian and Japanese loans offerings, as well as for New York city's sS5,OOO,OO0 bond offering was proof in the same direction. The case is more notable in view of New York's small disposition heretofore to embark In government securities. The only time heretofore when New York has shown any taste for foreign loans was at the time, three or four years ago. when the value of our export trade and of the balance of trade in our favor suddenly expanded to such unwielding proportions as to suffer embarrassment for foreign money market in meeting the sudden heavy demand upon them, with the Boer war and the cutting off Of the transvaal gold supply coming quickly to aggravate the situation.
 The foreign loans then taken, here, how ever, found their way back to home mar xets in a very short time. Now these participations are met by heavy gold ex- ports and are coincident with other special demands upon supply of foreign exchange. It is evident that with cur rency flowing In upon reserve centers from the domestic channels of circula- ton there is a degree of distrust of home invesements which prompts putting aecu- mulated resources in these foreign gov ernment loans This weeks statement of the bank of France affords striking evi- dence of the growing accumulation of capital resources
 That banks gold holdings have risen with this weeks increase of s2S, GOO to $56.S6O0O0, which Is far beyond anything in the history of the bank. Besides the im- mediate Notation of the Russian loan 1t is evident that Pdrls, with US enormous gold holdings of Russian securities, feels constrained to prepare for possible even tualities in the course of the war. This filling of French bank coffers to repletion continues without effect on our money market and sterling exchange was strong today in spite of additional engagements for export on Saturday. It is significant of the tendency of the currency to con tract. that the current redemption of bank notes by the treasury for the twenty three business days of this month, reaches $22 025, ,115, or about a million dol lars a day. The late sagging tendency of the market left the days changes tri- vial and irregular.
 Bonds were steady. Total sales, par value, $1,205,000.
 United States As, registered, declined h per cent on call