The Montgomery advertiser., 1904-05-28
WALL STREET. REVIEW
soLUME OF SELLING SMALL, BUT
 CHANGES BALANCE.
Days Total of Shares Dealt in Was Only II9,O0O-The Imminence of n Three Days Holiday Cause
 of the Trouble.

seiS, iMSew York. May 27.--The volume of oSng Tn today's stock market was ino,isoingly light, but was sufficient to phracss. h The market did not quite reach
 tn tne record for dullness touched earlier solS he year. when the aggregate shares oay.s total of 119 900 shares left-little to cRoose between them. The immincncc oL s,a three days holiday, added to the general dfscouragement of the specula- tion was the cause of the agerayated apalhy of the market The promise of sroWtn in cash resources of the 0Sn ss, 10 the extent of nearly $1o.o00.-- vvv v stimulated no interest in stocks. Of tnis amount the subtreasury has con
 ssriDuted sr $l,645,000 as the residue of the Sor SSo,oVVSS,ooo paid to the banks last week ana ana since depleted by the recall of government deposits. The flood of currency from the interior. estima ted 100000 in favor of New TG York, is U given ven an almost sinister import on account 9I 9 the lnferences of stagnant demand 1atlonal bank notes for current TO- s ossmption at Washington also amount
 ea to $l,3S6,97s for the day. The s, ourse 70 pc disclosed by the loan item III III tomorrow's bank statement and it's erect on the surplus reserve were re- garded with little attention, as it is patent that it is not for want of cap ital resources available that the stock market. is stagnant and neglected. The amount of gold bars available for ex- P691t Pp6d tomorrow proved to be only $550,-
 ooV. put exchange continued strong and approached the level of profits on ship
 ments of coin. There was a drop of a Mnaii M penny an ounce in the price of g9la m London. which probably mark ca me passing of the Paris demand for gold In that market as sterling con-
 tinues to advance in Paris. This gives color to discussion of possible move
 don direct. The official announcement or Inability to meet the June interest charges on the Detroit Southern first slump in those low priced stocks and had a disturbing effect on sentiment
 Ihe road is small one and the bond gust, 1903, Readings report of s332,- OVV increase In net earnings for April yielded the stock a gain of 3-s. 9th CT reports of railroad earnings were unlaVorable but were of scarcely more erect. No benefit was felt by the mar ket rom the favorable reports of the New Haven strike. Late covering by 095 ,000 F'
 The stock market has fallen back into 2 lethargy this week. Dealings have fallen to nominal proportions and prices have scarcely stirred. Last Sat urdays rise in loan contraction by the banks did not last out the day on Mon fell back to the level of the preceding Friday. The rest of the week was stasnant and apathetic. The inertia of the market at the low prices now pre- vafling Is evidence that the process of contraction now going on in business and industries in the country is in ac- cordance with expectation and that treasures had been taken accordingly in the financial world. The long de- cline in prices of securities during the last year was for no other cause. The extent of the contraction and the way out are watched for, as a basis for new speculative operations. Until convic- tion takes shape on that question, the growing congestion of capital resources shows no disposition to flow into our securities. The tendency towards con- gestion is shown in many ways. Bank clearings are declining the country over. Currency continues to flow in large volume to the reserve centers. Exnort of upwards of $6O. .0OO, 900 of gold since the 1st of April has passed without ripple in the money market. The current redemption of bank notes at the Treasury Is running at the rate Of nearly a million dollars day for May; Money has become almost a drug in the market. The investment de mand for home securities has contin- | ued almost imperceptible. 1
 NEW YORK STOCK LIST.