The daily morning journal and courier., 1904-05-27
gi,ramria1.
YESTERDAYS STOCK MARKET
Brokers Put in Few Orders and Then
 Head for Brooklyn Handicap.

Brokers Put in Few Orders and Then
 Head for Brooklyn Handicap.
 New York, May 26.-Brokers put in a few orders for stocks early to-day and then went off to the Brooklyn handicap leaving the market to drift listlessly to its own devices. No serious comment can be offered in such market. beyond it's negative significance. There was no trading or movement of prices to indi- cate that any one held any sentiment on values or the outlook for values. But it was fair inference that pro- found and universal uncertainty is felt over the future to cause such total abstention from operations in securi- ties as is now witnessed in the market. That it is not for lack of resources is strikingly demonstrated by the free outflow os capital in response to to- days offering of Cuban bonds, which were largely over-subscribed, both here and in other markets where they were offered. The demand for the recent Russian and Japanese loan offerings, as well as for New York city's $37,000, 900 bond offering was proof in the same di- rection. The case is the more notable in view of New York's small disposition heretofore to embark in government se- curities. The only time heretofore when | New York has shown any taste for for | eign loans was at the time, three or four years ago, when the value of our exports trade and of the balance of trade in our favor suddenly expanded to such unwieldy proportions as to of fer embarrassment for foreign money market in meeting the sudden heavy demands upon them, with the Boer war and the cutting off of the Transvaal gold supply coming quickly to aggra- vate the situation. The foreign govern ment loans then taken here, however, found their way back to home markets in very short order. Now these partici- Dations are met by heavy gold exports land are coincident with other special demands upon the supply of foreign ex- change. It is evident that with cur rency flowing in upon the reserve cen | ters from the domestic channels of cir | of home investments which prompts putting accumulated resources in these foreign government loans. This week s statement of the bank of France af-
 lords striking evidence of the growing
 accumulation of capital resources. That
 banks gold holdings have risen with this weeks increase of $2S, 760,0 900 to l$546, S60,000 which is far beyond any
 thing in the previous history of the
 bank. Besides the immediate Notation
 Of the Russian loan it is evident that
 Paris, with its enormous holdings of
 Russian securities, feels constrained to lprepare for possible eventualities in the
 course of the war. This filling of Francf bank coffers to repletion continues with out effect on our money market and sterling exchange was strong to-day in spite of additional engagements oi gold for export on Saturday. It is sig
 nificant of the tendency of the cur Erency to contract that the current re- | dernption of bank notes by the treasury
 for the twenty-three business days oi
 this month reaches $22,025,115, or about la million dollars day. The late sag. ging tendency of the market left the
 days changes trivial and irregular.
 Bonds were steady. Total sales pal
 value $1,095, 900.
 United States new 4s registered de. Iclined Is on call.