The Montgomery advertiser., 1904-05-22
WALL STREET. REVIEW
LAST HOUR OF WEEK MOST AMI
 MATED AND STRONGEST.
Bank Statement Proved an Agreeable suprise and Inpeiled Buying Movement Which Resulted In
 n shdrp Lift of Prices.

New York. May 21.-The last hour of inc weeks trading in stocks proved 10 be the most animated and strongest or tne whole week The days mooerate gains the weeks movement on the score or gains. The bank statement proved an agreeable surprise and impeiied tne i've Iy buying movement which n1teu prices grnartiy. The movement was sudden and nae not spread far in the list when the end of the session put an end 10 It.. An inkling in the heavy reduction or the loan item got abroad before the puDhcatlon of the bank statement ana slarsea me pretty clearly due to the selling Of long bulls. the proceeds of which have been lent here, presumably displaying loans with the English banks. Ihe press in- wolves borrowing in London to meet the sterling bills when they mature there. I. is evident. therefore. that the export of gold is no longer profitable as slm- pie exchange operation ana me carry ter imitation of the outward movement of gold is believed to be thus fordeshadowed. The limitation of the cash decrease Of the banks to S7.0S5, 300 in the week or the record exports of $15. 900 in gold is con flrming evidence of the effective offset ting factors to that drain which are in operation, The net result is to leave the surplus reserves of the banks unimpair- ed. Total sales of bonds par value, ssso,- UE
 The listless drift of prices of stocks Is the index of the formiess state of specu- Iatfve sentiment over the outlook Tor values. Very few stocks nave moved point away from last weeks closing level either way and the dealings have fallen to a volume not exceeding the average market of the days before the great muf- tipiication of issues now listed on the stock exchange.
 The declining demand for currency has been factor toward tightening the eff feet of the gold exports. Currency has flowed in a constant stream toward the reserve centres and has been an offset each week to the decrease in reserves or the New York banks by reason of the gold outflow. It seems probable, there fore, that the net results of the gold ex- port movement will prove small. But the magnitude of the operations has necessi- tated some large readjustments and some unsettlement in the process and to this has been due the disquietfng effect on sentiment. Reports of railroad earnings as they come to hand fully bear out the opinions expressed of the declining tend ency of earnings and the effect has been depressing on railroad stocks, especially those whose dividends seem to have their integrity threatened by the heavy declines in earnings. Adyices from the iron and steel trade agree in anticipating quiet season in the trade. The U. s. Steel stocks have received some support but discouraging reports from the trade and rrmors of future projects or opposition by former interests thrown out by the combination keep the undertone unset tied. The tie-up of the lake carrying inc dustry by the strike is an unfavorable factor in business and the traffic thus diverted has aroused disputes amongst the lower rates that are evidence of the pressure for traffic. The crop news of the week has failed to afford any support for stocks.
 The bond market has been almost equal ly dull and sluggish with stocks. II. s. 2s, the 3s coupon and the old As have declined 1-4 per cent. on call.
 NEW YORK STOCK LIST.