The Montgomery advertiser., 1904-05-21
WALL STREET REVIEW
TEMPER OF SPECULATIVE MIND FACILITATING AND TIMID.
The Great Body of Capitalists Evident " Hefrnining from Either Adding 70 Their Holdings or Liquida-
 ting-Bonds are Unchanged.

New York, May 20.-The narrow and vsrying fluctuations in the stock market
 ana the small volume of the total trans
 sssc.lons each day are an accurate reflec-
 eion Of the timid and vacillating temper VI the speculative mind. The great body oI capitalists are evidently refraining rom either adding to their holdings of stocks or liquidating. The orders by room sracers on which the market movements oepend. do not afford motive force for more than small fractional changes. A movement of a fraction invites taking of ene meagre profit or induces the prompt pNn nettng or loss, owing to the great
 uncertainty as to what direction prices
 may suddenly move. The conviction is
 general that the condition of absolute
 ueaufock in which the market Is now held Suhnot last long. The new direction to
 pc pc taken Is a matter of profound doubt.
 Ine midday rally today was principally
 oue 10 the heavy debit balance by the
 ssup-treasury at the clearing house. due
 lo the payment of a s9.000,0O0 Treasury
 warrant to J. F. Morgan X Co. as fiscal agents Of the Panama Republic for the canal. This payment is to the benefit of pank cash and will figure as an offset to including those of tomorrow are the prin- cipaI cause of the loss of SIS, ,591, 900 by the banks on sub-treasury operations for the week. The S2,500.000 shipment in gold con IS to be reckoned in addition. The movement of cash at the interior has peen heavily in favor of New York again, promising to reduce the loss to the sub treasury by fully half. Call money was appreclaDly easier today and was offered m large amounts by the banks below ? per cent. Sterling exchange also contin- ueu US downward course, encoura glng the ldea that the gold movement may be reaching its continuation. The beginning or the hearing in the suit to enjoin the Nertnern Securities distribution was of some encouraging effect owing to~the step mus taken towards ending a condition embarrassing to the financial world. As stated by the counsel in the case, it is desirable to solve a dispute by which dividends on 5000 10000 are tied up. The Influence of these considerations was Isint and seemed to pass away quietly allowing the dragging tendency of a stag nant market to reassert itself. Weather reports favorable to the crops were re- ceived but the wheat market was further innuenced by the shortage In supply The cotton market on the other hand by the IGrtner fall in prices. added to the at- traction for foreign buyers and promised an improvement in the export showing TOT that staple. There was an increase or 49l.OOO bushels tn the weeks exports O. wheat over last week, but only a small proportion of the average for the corre- spohdlng week In recent years went out The exports of corn were little more than nominal. Union Pacihcs rise may have been que to the hope of winning its con tentfons In the Northern Securities suit l. was the only noticeable movement in the list. The market closed not far from the best prices. Bonds were dull and ir- l regular. Total sales par value N, BIO 0O0 l U. 5. bonds were unchanged on call
 NEW YORK STOCK LIST.