The Montgomery advertiser., 1904-05-27
WALL STREET REVIEW
RACES MORE INTERESTING THAN
 THE MARKET.
Brokers Put in Few Orders for Stocks and Then Went to the Handicap Leaving Market
 to Drift.

Nek York, May 26.-Brokers put in few orders for stocks early today and then | went off to the Brooklyn handicap, leav-
 ing the market to drift listlessly to its own devices. No serious comment can
 be offered on such market beyond its negative significance. There was no trad ing or movement of prices to indicate
 that any one had any sentiment on values or the outlook for values. But it was a fair inference that very profound and uni- versai uncertainty Is felt over the future To cause such total abStentation from operations in securities as 1t now witt messed in the market. That it is not for
 lack of resources is strikingly demon strated by the free outflow of-capital in response to today's offering of Cuban
 bonds. which were largely over-subscrib-
 ed both here and in other markets. The
 demand for the recent Russian-Japanese
 loan offerings. as well as for New York
 city'S $S5.000.O00 bond offering was. proof
 in the same direction. The case is the
 small disposition heretofore to embark in
 Government securities: The only time
 heretofore when New York has
 shown any taste for foreign
 loans was at the time. three or fai;-
 years ago, when the value of our export
 trade and of the balance of tradS, in our
 favor suddenly expanded to such un-
 w-eldy proportions as to offer embarrass-
 ment Tor foreign moRey markets in meet
 ing the sudden heavy demands upon them
 with the Boer w2r and the cutting of of
 the Iransvaal gold supply coming quickly
 70 aggraVate 'the situation. The foreign
 GoVernmep.t loans then taken here, how
 ever. %nilnd their way back to home mar
 hetSf in a very short time. Now those <f15fslTticipations are met by heavy gold ex- ports and are coincident with other spe- cial demands upon the supply of foreign exchange It Is evident thats with cur rency flowing upon the reserve centres
 upon the domestic channels of circulation | there is a degree of distrust of home in- vestments which prompts putting accu-
 mulated resources in these foreign Gov ernment loans. This weeks statement of the Bank of France affords striking evil dence of the growing accumulation of ings have risen with the weeks increase
 of $2s,760.000 to $56. .S6o. 900. which is far be- yond anything in the previous history of the bank. Besides the immediate fiota- | ton of the Russian loan 1t is evident that | Paris. with Its enormous gold holdings | of Russian securities. feels constrained to prepare for possible eventualities in the
 Bank coffers to repTetion continued with out effect on our money market and sterling exchange was strong today in spite of additional engagements for ex- port on Saturday. It Is significant of the tendency of the currency to contrast that the current redemption of bank ntoes by the Treasury for the twentv-three busi- ness days of this month reaches $22, ,025. .t15 or about a million dollars a day. The late sagging tendency of the market left the day changes trivial and irregular Bonds were steady Total sales par value. t,095.0o0. 1T. s. new is registered declined Is on call
 NEW YORK STOCK LIST.