The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-13

NEW YORK, May 12-There was a
| Iurtner expansion in the volume of the
oeatIngS In the stock market today due
| TO the increased pressure to sell stocks
the weakness being more distributed than
| was the case yesterday. Much influence
| upon sentiment was produced by the i'm
| posing dimensions of the gold movement
| Inc May shipments and enga gementS fol
Saturday aggregate more than $25, 900, 600
me largest amount of gold ever before
! exported in full month from New York
was in May, 1894, when $27, 449, 900 went
| out.
The sustained level of the foreign ex-
| change rate makes it evident that the
| movement has not lost its force, and esti-
mates vary widely as to its limits, which
have already reached over SAC, 600 600 since
its inception in April. A large portion of
! the Panama canal payment remains to be
provided for and the current outgo evil
IDENTITY IS to meet other requirements than
the Panama payment. For one thing it is
| admitted that tOday's engagements is in
| part against subscription to the Russian
| loan which was taken yesterday The
| steady inflow of japanese gold to our Pa
cltic coast has been an important offset to
| New York's exports.
Japanese Loan Comes In.
The point is made, however, that the
SUBSCRIPTIONS to the japanese loan here
viii check the inflow of gold at San Fran
cisco by providing funds here for Japan
10 draw upon, while drafts may be made
also upon that fund for payments in Eng
lano, thus adding to the demand for gold
exports Meantime the treasury depart
ment has sent notice of the withdrawal
OF the final 10 per cent installment Of 40
per cent government deposits with banks
on May rs. These withdrawals, when
completed, will have taken something like
100000 from the banks. AS is well
KNOWS. these deposits have been ac-
cumulated In New York in preparation
Tor the Panama payment and have con-
trlbuted to the plethoric condition of the
money market which in turn was an in
cItement to the enormous expansion of the
loan item.
Heavy demands for corporation pur-
poses are still ahead of the money market
1t Is not strange that the rate at which
the cash depletion and loan expansion are
carrying the surplus item towards the
vanishing point should have disturbed the
assurance which has been manifest over
the money market The statement of do
meStic exports for April published today
contained a gratifying surprise in the
heavy increase in value Of cotton exports
over last April, just serving to offset
largely the Shrinkage in value Of food
stuffs and relieve the scarcity of CONNER
clal bills in the exchange market.
Steel the Lowest Yet
The gold movement shared, in influence
with the continuing effect of the crop
condition and declining tendency of the
iron and steel trade. United States Steel
day and the preferred stock suffered
acute1y from the discussion of its pros
poets for maintained dividends. Further
reports were received of decreased rail
road earnings. The feeling of general dis
trust over the stability of the market led
to the free throwing over of stocks and
the sharp break in prices. Late covering
by room shorts steadied the closing. The
rebound in Consolidated Gas on the veto
Of the Remsen Gas bill looked like a
squeeze of shorts.
Bonds were irregular. Total sales, par
value, $1.S90 900. United States bonds
were unchanged on call.
Closing List.