The Montgomery advertiser., 1904-05-26
WALL STREET. REVIEW
LITTLE MOTIVE POWER LEFT IN THE MARKET.
The Contracting Tendency of General Business ia No Surprise to the Trad
 ers--Semf-Stagn Always Follows n Boom.

NEW YORK May 25.--Yesterday's clos ing out of contracts by the disgusted trao- CTS who had scome into the stock market under the influence of the Saturday bank statement left little motive power In the market The reaction invited some snort selling in the effort to extend the downwaro movement so to yield traders a profit on the short side. but this was timtdly pursued and with the subsequent steadying of the market the trading became virulently stag nant Efforts to trade seemed to De abandoned in despair of achieving any
 movement of prices. Selling for London account had some influence on the carry
 heaviness. The impression was produced by the employment of houses having con, nections with those cities that Chicago and
 Philadelphia orders were responsible TOT
 the offering of some leading stocks drop
 of over point in New York. New Haven &
 Hartford was the only concrete effect of the
 strike of freight handlers. But the labor
 difficulty on that road was of oppressive
 influence on the trading. The immobility
 of prices in Wall Street and the stagnation
 of the trading are evidences of the waiting
 for developments in the general situation
 The contracting tendency of general ousi-
 ness is no surprise to Wall Street, for It IS
 evident that the long liquidation Of isst
 year was in expectation of just such de-
 velopment The precedent of reaction Tn
 business as a sequence of the culmination
 of a boom in securities is too unvarying to
 leave much room for miscalcutattng 1t. The
 shrinkage in business unfolded day by day
 proves the foresight that prompted selling
 of securities last year and advancing prices of securities may be seen while the actual contraction in business is still going on In anticipation of the change. But when Wal Street can not distinguish is how far that reduction in earning power which is gener- ally prevalent may uncover an oYer-exten- sion of outlays in business in industry In all lines and of all grades. The extent to which the ability to meet fixed obliga.
 tions may be impaired by the downward course of business. must be ascertained be- fore confidence returns to the speculative world. The incidents of the day were few The outgo of $2.250.000 gold tomorrow i: practically offset by additional receipts oi Japanese gold and transfer of Government banks to the ub-treasury was closely | equivalent to the payment last Saturday tc | the credit of the Panama Republic. The | grain markets had quiet day and threw l little light on the question of the crop out l look. The marking down of the market | quotation for copper had no effect or l Amaigamated Copper, the security princi pally concerned. Advances ip refined sugars | were equally without influence on suga | stocks Brooklyn Transit's advance was at | tributed to summer traffic. but Metropoli tan Street Railway made an equal or great 1 CT decline. Last prices were insignificant! | altered from those of last night
 | Bonds were steady. Sales (par value) | $1,275.000. United States bonds were un | changed on call
 | NEW YORK STOCK LIST.