The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-27
BROKERS co TO RACES
STOCK MARKET Is LEFT TO SHIFT
FOR ITSELF
And 1t Does Not Shift in a Manner to
Cause Excitement - The Only Thing
Certain Is That Uncertainty Exists.

NEW YORK. May 26.-Brokers put in
a few orders for stocks early today and
then went off to the Brooklyn Handicap,
leaving the market to drift iistlessly 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
IhaI anyone held any sentiment on values
or the outlook for values. But it was
fair inference that very profound and
universal uncertainty is felt over the
future to cause such a total abstention
from operations in securities as is now
witnessed in the market. That it is not
for lack of resources is strikingly demon
Strated by the free outflow of capital in
response to todays offer of Cuban bonds,
which were largely oyersubscribed both
here and in other markets where they
We're offered. The demand for the pres
ent Russian and japanese loan offerings,
as We'll as for New York city's $37, 00o, 900
bond offering was proof in the same di-
rection.
The case is the more notable in view
of New Yerks small disposition hereto
fore. When New York has shown any
taste for foreign loans was at the time,
three or four years ago. when the value
of our export trade and of the balance
of trade in our favor suddenly expanded
to such unwieldy proportions as to suffer
embarrassment for foreign money markets
in meeting the sudden heavy demands
upon them with the Boer war and the
cutting off of the TranSvaal gold supply
coming quickly to aggravate the situa-
taken here, however, found their way
back to the home markets in very short
order.
Home investments Distrusted.
Now these participations are met by
heavy gold exports and are coincident
with other special demands upon the sup
ply of foreign exchange. 1t is evident
that with currency flowing in upon the
reserve centers from the domestic chan
nelS of circulation there is a degree of
distrust of home investments which
prompts putting accumulated resources in
these foreign government loans. This
week. statement of the Bank of France
affords striking evidence of the growing
accumulation of capital resources. That
banks gold holdings have risen with this
weeks increase of $2S.760, 900 to $546, $780,
| 600, which is far beyond anything in the
immediate fiotation of the Russian loan
it is evident that Paris with its enOr-
nous holdings of Russian securities, feels
constrained to prepare for possible eventu-
alitieS in the course of the war. This
filling of French bank Golfers to repIe-
ton continues without effect on our money
market, and sterling exchange was strong
today, in spite of additional engagements
of gold for export on Saturday. 1t is sig
nificant of the tendency of the currency
to contract that the current redemption
of bank notes by the treasury for twenty
three business days of this month reaches
late sagging tendency of the market left
the days changes trivial and irregular
Bonds were steady. Total sales, par
value. $1,025,000. United States new As
registered, declined ls on call
cfart \ let