The Montgomery advertiser., 1904-05-15
WALL STREET. REVIEW
STOCK PRICES RECEDE AND THEN
 RECOVER PARTLY.
Acute Weakness In Erie Shares Had An UnsettIing Effect and Seemed to Be Based on Natural De-
 cIines In Earnings.

4
 NEW YORK, May 14.-Prices of sben stocks for time es,ns sooa lar and generally lower than last night Acute weakness in the Eris shares had an unsettling erect aho seemed to be based on the materlai decline in earnings compared with last year. Amalgamated reacted from yes terday's advance. The Wabash stocks were weak. on the movement py ais B bonds to enforce an accounting. The general movement was narrow. The evidence of support for U. s. steel pre- ferred had somewhat 'reassuring CT feet on the sentiment. The bank state ment also failed to show as large an impairment of the surplus as was feared, by reason of the unexpectedly moderate loan expansion; However, the very large transactions or the week reckoned by the system or dalIy averages by which the bank statement Is computed the showing so much that ths 0eEot TEdass shpent $6,00o.000 gold does not figure Tn tne statement at all nor does the payment of the Japanese gold which arrived at arrangements already made point to the shipment on Tuesday of $10,500,00O Of gold. and the limits of the gold move ment do not seem to be yet Tn sight; Until Paris relaxes It's demand for gold be checked. The total sales of bonds to-day. par value $645,0oo.
 growing inclination to sell stocks has been reflected in the weeks de. clining prices. A feeling of doubt and distrust over the general situation and outlook of business seems to have been responsible for the pressure ratnSr a,sr unprecedented volume of the gold ex. port movement, however, has proved rather formidable to the feeling Of fiuence has been regarded hitherto. Former records for single shipment and for a weeks total have gone by the board as a result of the $S,000, 900 900 tolal for the week and the former record for a full months shipment is already approximated for May With the certain prospect of further large month. Meantime the placing of $25,.. 100000 of the new Japanese loan, of $4,O00.000 of the new Russian loan, and the issue of $50.000.o00 of the New York Central debenture bonds with no- tice of a refunding measure by the St. Louis and San Francisco, and a stock issue by subsidiary company of the Pennsylvania mark the unabated de- upon the money market The doubt over the ultimate effect upon the mon ey market is enhanced by the fact that the plethoric supply of money which
  largely artificial and was not working out according to calculations. The &C., emulation of 20 per cent. of govern ment deposits with banks in New York for the Panama payment was recog- nized as a temporary measure, but was prolonged beyond expectation by the delays in the Panama canal transfer. ment in Paris Involved the prompt withdrawal of funds from New York for transfer to Paris and the gold exports. Ps., for this purpose, are are serves. In addition. the decline in the government revenues has transformed the current surplus into deficit for pedient to draw down the treasury cash balance and the call for 20 per cent. additional of government depos- it's In the banks has followed, bring deposits with the banks to s50,OOO. .0Oo. The placing of part of the Japanese loan establishes fund for that gov ernment to draw upon, and it Is be- San Francisco. and may even involve some additional gold shipments from New York on Japanese account. The course of our export trade since the Panama first became problem has di- unfinished the supply of commercial ex- change by reason of the heavy shrink age in grain and cotton exports, and has thrown upon the market addition IT are calling for large gold shipments aside from the Panama payment. This combination of circumstances has re- suited in such an affiux. of gold from New York as was never before equaled and some serious calculations are now being made as to how much further the movement is to go. It is pointed out on the other hand that the volume of gold in the country is larger to-day than ever before, and has been mate- rially added to by the movement from Japan, while the decline of this and industrial activity is sending heavy ac- cumulations into banks reserves. The United States Steel securities have played a leading part in the weeks trading with marked sympathetic ef- feet on the whole list. Railroad traffic officials are disposed to admit that the advent of spring weather although 1t has resulted in some revival of traffic, has not brought forward deferred ton mage in the volume that was expected, the decline in business activity has ex- tended to southwestern sections, which were maintaining a high level hither- to and the present liklihood of a defi- cient winter wheat crop makes for con servatism in business in a large area of the country. special influence to- ket to which much attention is paid in the immediate circle of the stock ex- change is the crusade making against bucket shops and their suspected con nection with dealings on the floor of the stock exchange itself
 Some high grade bonds have risen in price. but the general tone in bonds has become rather heavy in sympathy with stocks. United States 3s regu- lar, have declined 1-4 per cent, on call during this week.