The Montgomery advertiser., 1904-04-23
WALL STREET. REVIEW
LITTLE DOING ON THE STOCK
 EXCHANGE.
There Was No Incentive to Activity and Operations Reached Point Approaching Stagnation.
 Bonds Neglected.

New York. April 22.-No incident in the days news today proved an incentive 10 operations in stocks and the Voiume or dealings declined success1vely 10 point nearer stagnation. Neither was IL clear that any positive Encouragement 10 speculation was offered by the 'day news. The trading public was, however indifferent and almost idle some or the unusually active stocks did not move at all while others did not open until late In the day. On the other hand there were number of speciaities quotcc which remained dormant for months at the time. The revival of long dormant specialties is feature of the present market. There is no general cond1tion 10 explain these movements which must be traced to an individual cause Tn nacn case. The advancing tendency of Union Pacific proved a sustaining influence on the whole general list against the con- trary influence of the rather marked de- pression in United States Steel prefer red. The selling of the latter was att tributed to Pittsburg account and had influence owing to the common assump- tion that selling from that source Is likely to. come from sources we'll ,n- formed on the steel trade. However. nothing was disclosed of any specific de- velopments in the trade to prompt tho selling. conflicting reports of the terms of the proposed Clarion Steel purchase ton Is still open. Some discussion was heard of the scall buying by railroads of steel products. The expectation 1f decision during the day on gas legisla- tion kept Consolidated Gas rather fever ish. The local fractions advanced in an irregular manner. Bids for commercial cable were advanced r points before bringing out an offer and the movement In Mackay companies on the curb ac- companied this rise with rumors of an affiliation with telephone companies. The decline in United States Rubber. prefer req was on realizing on yesterdays rise. explained by the declaration of a hivi- dend. Weather conditions were more fa- vorable both for the opening of belated spring business and for the crops md the weakness in the wheat market gave emphasis to this condition. Neither one nor all of these developments caused any appreciable movement of prices in the market, Neither did the extraordinary ease Of the money market affect tho stock Several million dollars were ie- porto1 loaned on call at 1 Ter cent and the demand for time loans was practical ly stagnant. Some corporations are re- ported to be still borrowing at rates higher than the market, but no impor- tant note issues have been reported du- loan expansion is therefore in doubt, but the forecast of the weeks currencv movement shows further enormous &C., cession of cash by the banks. the osti- center running as high as $12,OO00OO in- cluolng the express movement with the interior and the sub-treasury opera ti ,ns In which the gold exported is compre- hended; Sterling. exchange was easier but this was plausibly Supposed to he on account of bills sold against further gold exports. The stagnation to stocks became almost complete late in the cay ,. bonds were neglectel and about steady Total sales. par value, $1, 1,S05. .000 U. bonds were unchanged on call
 NEW YORK STOCK LIST.