The Montgomery advertiser., 1904-05-08
WALL STREET. REVIEW
CONDITION OF NEaLEJT IN THE
 MARKET.
Many of the Most Important Stocks Not Quoted at All Until Near the Close of Tr:.d-
 ing.

New York, May 7.--Today's dealings re- vealed a condition of neglect in the stock market fully equal to that which pre- vailed before the Northern Securities de- cision was handed down and that had been unequaied for many years previous ly Many of the most prominent stocks in the list were not quoted at all until near the close of the market and then were only dealt in in single lots of one hundred shares. Prices sank from pure news. The bank statement itself was ot only nominal effect. as the large changes shown in the various items were pretty accurately foreseen. There is no threat of constriction of money supply, but the bank statement shows a rather more pronounced process of the depletion of the plethoric condition of money both by cash reduction through .the gold exports and by loan expansion. The Judgement of capital thus effected. as is the New York city bond issue this week and the Japanese loan to come. gives some relief from the idleness of large amounts of capital. which has shown signs of some pressure for outlet in the railroad bond market. This apparent necessity of idle capital to seek the bond market has been a sustaining influence against some of the discouraging factors in the general outlook, and the apprehension is felt that disposition to sell securities may grow with lessened prospect of better mar
 
 feature of the financial markets this week has been the abundance and cheap ness of money, verging on stagnation or the market for securities. Intermittent advances and declines from day to day have not been sufficient to carry the level of prives as much as a point away from last weeks level at any time. ex- cent for a few stocks. The e1ect has been so discouraging to operators that even the professional traders have almost -H~ kl-gx> -A hA nv AA movement of grain and cotton continues very light thus increasing the require ments for gold exports. Manufacturing exports are expanding especially those Of iron and steel, but not sufficiently so either in volume or price to compensate for the shrinkage in domestic business. The number and liabilities of the failures make an unfavorable comparison with last year and the large number of small banking failures attract special atten- ton. Dissatisfaction with the iron and steel trade outlook is an important in- fluence on the prevailing dulness and hesitation of speculation. The dssolu- tion of the Bessemer Ore Association and of the United States steel stock conver- sion syndicate have helped to depress the United States steel securities. Railroad earnings. both gross and net reflect the falling off in traffic from last years level and the high level at which operating expenses remain. The strike of machin- ists on the Atchison System had some slight sentimental effect.
 The formal statement by E. H. liar rirnan of his hopeful views of the busi- ness and industrial outlook in the west and southwest had a sustaining influence in the market, nut its effect seemed to pass quickly. The season of the mak- ing of the crops gives the daily advices from the crop region on important in- fiucnce in the stock market. The crop news has not proved stimulating to prices.
 The tone of the bond market has been rather better than stocks but no large investment demand has been shown and weakness in some of the speculative is- sues has unsettled the market.
 United States 3s registered declined 1-4. the 3s coupon, the 2s and the old As 1-2 and the new As 3-4 per cent on call during the week.
 NEW YORK STOCK LIST.