The Montgomery advertiser., 1904-04-21
WALL STREET. REVIEW
VOLUME OF DEALINGS DROPS
 OFF AGAIN.
The Action of the Market Indicates
 the Operation of Only Small and Timid Room ! Traders.

New York. April 2O.-The volume of
 dealings in stocks dropped off again to-
 cay, and the price became uncertain and
 sluggish. These characteristics gained in
 fierce ss the plane of the market got
 away from last nights level either aoove
 or below. until the movement came 10 d
 standstill and then turned feebly in tie
 other direction. The action of the mar
 ket thus plainly indicated the operation
 of roori traders of a small class and of
 tinid convictions. The new direction 10
 De taken by the control of Northern Pa
 cihc is the subject most largely discussed
 by speculators and the opinion Is quite
 universal that this ovcrhanging Is the cause Of the stagnation ir the market.
 This feeling finds expression in London
 as well as here and diverts all interest
 from American securities On the occas.
 iopai upturns of the course of prices ;o-
 day. however. 1t was quite noticeable
 that the Pacifics were inclined to take the
 lead of the movement. The reports of
 rains In the westerly portion of the win
 ter wheat belt may have had some in-
 fiuence upon the group, as they did in
 lowering the price of wheat. But these stocks yielded again as easily as the rest or the list. The further depression in
 United States Steel preferred had an un- doubted sympathetic effect on the whoie hmarket. The more so as its source and motive were not clearly understood. The proposed purchase of the Clarion Steel Company and the assumption of addition al nxed chargeS was one cause assigned
 and the threat of an open market for
 iror ore was another. The unreasonable weather and actual interruption to traf-
 fic by snow in the Northwest were unfa- heavy loss by the Toronto fire made a
 minor influence towards reaction. The appearance of advertisements inviting bids Tor thirty-seven million dollars of | Nf,NT owl -A | tiuence. This is the largest block of city
 bonds ever offered, and is accepted as in- | Cheating growing confidence in the in Vestment demand for securities. On the other hand for taking up so corsidera ble mass are calculated to affect the ab- | sorptive power for other securities as the railroad note issue have done. The ex- | port of N,5OO,O00 in gold was little mo- | ticed, since the amount Is little more | than half of yesterdays receipts of Japanese gold. The reserves of foreign i banks are growing In common with our l own. with the effect of increasing confi-
 % denee against a possible strain. The pos sible source of such strain, which is | most attentively watched by the finan- cial world, is the large quantity of Rus sian bonds held by French investors
 These investors have hitherto held with apparent confidence, but a common
 movement amongst them to liquidate would constitute a strain on the worlds S | financial fabric. Today's reports of rail- rodo operations were poor and this furth- CT increased the weakness in the iron | and stock trade. The local fractions made some recovery from yesterdays de- cline and Consolidated Gas was affected bJ the withheld action on legislation affect | ing 1t. The market closed dull and weak -1onds were dull and heavy. Total sales. par value. $1,7 100000.
 United States twos coupon and the old | fcurs declined quarter, while the threes coupon advanced a quarter and the new fours five-eighths per cent on the call. NEW YORK STOCK LIST,