The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-23
STOCKS MOVE LITTLE
TRADING PUBLIC Is INDIFFERENT
TO POINT OF fDLENESS
Cause for Neither Encouragement Nor
Encouragement Is Observation-Disclosures
Depression Continues In Steel Preferred
-stagnation Almost Complete.

NEW YORK, April 22.-No incident in
the days news today proved an incentive
to operations in stocks, and the volume
of dealings declined successfully to a
point nearer stagnation. Neither was it
clear that any positive encouragement to
speculation was offered by the days news
The trading public was, however, indif-
ferent and almost idle. Some of the
usually active stocks did not move at all
While others did not open until late in the
day. On the other hand there were a
number of Specialties quoted which may
remain dormant for months at a time.
This revival of long dormant specialties
is a feature of the present market. There
is no general condition to explain their
movements which must be traced to an
individual cause in each case.
The advancing tendency Of Union Pa
cific proved a sustaining influence on the
whole of the general list against the
contrary influence of the rather marked
depression in United States Steel pre-
ferred. The selling of the latter was at
tributed to the common assumption that
selling from that source is likely to come
from sources we'll informed on the steel
trade. However, nothing was disclosed
to prompt the selling. Conflicting reports
Of the terms of the proposed Clarion Steel
purchase caused an impression that the
transaction is still open. Some discussion
roads of steel products. The expectation
of a decision during the day on gas leg
iSlation kept Consolidated Gas rather fe-
verish. The local fractions advanced in
an irregular manner.
AffiIlatIon Rumored.
Bids for commercial cable were adj
vanced II points before bringing out an
offer and a movement in Mackay COM
panies on the curb accompanied this rise
with rumors of an affiliatiOp with tele
fr1+r nc-+e, o1Isx al
States Rubber preferred was on realizing
on yesterdays rise, explained by the de-
claration of a dividend after yesterdays
market closed Weather conditions were
more favorable both for the opening of
belated spring business and for the crops
and the weakness in the wheat market
gave emphasis to this condition. Neither
one nor all of these DEVELOPMENTS caused
the market Neither did the extra ordinary
ease Of the money market affect the stock
market.
Several million dollars were reported
loaned on call at L per cent and the de-
mand for time loans was practically stag
nant. Some corporations are reported to
be still borrowing at rates higher than
the market, but no important note issues
have been reported during the week The
extent of the weeks loan expansion is
therefore in doubt, but the forecast of the
weeks currency movement shows a fur
Their enormous accession of cash by the
banks, the estimates Of the weeks move
ment to this center running as high as
$12,000,000, including the express move
ment with the interior and the subtreas-
ury operations in which the gold exported
is comprehended. Sterling exchange was
easier, but this was plausibly supposed to
be on account of bills sold against further
gold exports The stagnation of stocks
became almost complete late in the day.
Bonds were neglected and about steady
Total sales par value, 81, S05, 900. United
States bonds were unchanged on call