The Montgomery advertiser., 1904-04-24
WALL STREET. REVIEW
MARKET IS coLoRLEss AND IN
 CONCLUSIVE.
Small Dealings Transacted at Little Variation of Prices, and News Developments Fail to
 Move Market.


 Move Market.
 New York, April 23.-Today's stock market was colorless and inconclusive. The small dealings were transacted at little variation in prices and news devel- power to move the market. The engage ment of s46o0,00o in gold for shipment to Paris on Tuesday was announced and probable further shipments on that date tract of sale of the Panama Canal brings the arrangement for the payments into the immediate financial field. It Is believed that any accumniation oI @ ex, payment in view has been absorbed again, owing to the high price at which exchange has ruled since the various postponements of the payment were made, offering a profit tC those who had accumulated the bills. It is evident that in the present condition of the exchange market gold is the cheapest form of re- if the total $40,00).000 to be paid to French stockholders should go out in gold. The bank statement shows how explains the easy outward movement of | gold. The plethoric inflow if money does not carry an index of wholesome busi- ness activity and is not favorable in- | huence on the stock market. The mod | crate loan expansion shows that corpo- | ration note issues have not been made on | large scale this week. Wall Street ex- l poets more of these issues. however. and rumors today were busy with two of the | large railroad corporations, one east and one west, which are expected to be next | in the field with large temporary loans. | Total sales of bonds par value $l,000. .000. The growing duIlness of the operations in stocks this week has not resulted in any loss of ground and so far as prices recessions which were made up as the | sentiment of the traders varied from | day to day or as operations on one side l of the market proving unsuccessful re- suited in the closing uY of contracts. The neglect of the market Is largely attribu- | ted by the public opinion in the Street to the prospect of long. drawn-out liti- | gation over the question of the manner | of the distributing of the assets of the Northern Securities Company. But lr may be questioned whether other and deeper lying causes are not behind the proposition shown in the securities mar kets both here and abroad. The condi- l ton which Is common to all of them k the plethoric condition which has devel- oped in the money markets and the back wardness of capital about taking fixed lodgmcnt in investments. Money on call and ordinary time loans are in reduced supply, with very slack demand while from one to three years command a high rate of interest in our own market and capital issues in other form Is with held for lack of an absorptive demand.
 
 have met with an improved reception within week past. but the rate at which they have been issued does not in dicate good market for even those high grade securities The placing of these issues is also accepted as a symptom. however, Of breaking of the deadlock. So is the offer of $s7.e0O,6Oo of New York city which is more than twice as large as was ever before offered at one time. The accumulation of capital at Paris has foreshadowed the issue of Russian loan at that point and rumors of French sub scriptions to such a loan have become more defined as the week progressed In our own market the issue of short time railroad and corporation notes seemed to have come to pause this week and there have been rumors of dissatlsfac- tion expressed by stockholders in some instances at the amount Of those issues at high interest rates while the readiness with which they have been taken seemed to promise an improving opportunity for securing capital by bond issues or more favorable terms. compilation of the short term corporation notes issue1 since , January in this market reveals total of considerably over $100,0O0.e00. Nothing inl- portant Is hoped from the bond market class is completed and the ultimate fund iEg is eXpe cted to stand the first offer of capital. Projected war loans will have similar preference on capital It is evident also that war expenditures play considerable part in the present re- dundancv in the money market The m- flow of Japanese gold to our own market is an important point and the shipment of gold from New York to Paris carries the supply to that market.
 The eol1 shipments are supposed to be remittances against the Japanese gold. the payment of Japanese obligations in Europe by that route offering advantages over others by reason of the free trans mission by telegraph across this conti- reduction of the Bank of England dis count rate from 3 1-2 to per cent fol- lowing similar reduction last week marks the assurance felt by the London money market In face of the continued bidding for gold by Paris. Besides the outflow of Japanese gold in the money market it is reported that Russian bal ances in the banks of Western Europe have been largely drawn down since the outbreak of the war and presumably dis bursed in the money market. Another factor in the money market that is re- ceiving increasing attention Is the grow ing supply of new GoId both from the Transvaal and from Alaska with .he prospect of still further increase in tn" rate of production by supplying labor re- quirements in the Rand. How far or how soon this may prove to influence the measure of value and the rate of inter- est is problem that may enter into tho situation in taking fixed form in periods now manifested by capital in nearly all markets. Conditions or more immediate consequence have added to the uncer- tainty in the markets. The belated sea- son and the wintry weather following have held back business and prevented an adequate outline of its volume for the season. The possible effect on corporl- tions has been an issue and fears of crop damage have been felt without marked reflection in the grain markets owing to speculative complications in these mar kets. Less confidence has been expressed In trade quarters in the iron and ste T market. notwithstanding an agreement amongst ore producing people, Heavi- ness of Y. s. Steel preferred have been an important sympathetic Influence on the whole list of stocks. Railroad earn ings have continued to run below last year. The spring reduction in the an- thracite price schedule has resulted in large demand for that product and the coalers have been strong The specula- tion in New York municipal stocks has had to do with legislative chances. The losses by the Toronto fire were not cal culated to stimulate demand for securi- ties. The Panama Canal payments arc expected to be an early factor in the money and exchange markets.
 The bond market has been dull and sluggish and has moved conformablv tC the stock market.
 U. s. 2s and the old 4s have declined a quarter, while the 3s have advancel a quarter and the new 4s 7-S on call during the week.
 NEW YORK STOCK LIST,
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