The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-07

NEW YORK. April 6-There was
breadth and variety again in the stock
market today and some evidence of
growing outside interest. The largest
part of the trading, however, was still in
the hands of professional operators and
the early activity was not we'll maintain
ed The latter part of the day showed
signs OF lassitude in the movement. Large
attention was given to the quarterly re-
port Of the United States Steel corpora
ton and the opinions held on the show
ing played an important part in the whole
market The wide opening in United
States Steel preferred on the sale of 5000
shares at 59& and 60H, an extreme adj
vance of rs, was evidence that consid-
cradle short interest was disagreeably sur
prlSed by the character of the showing.
The net earnings for the quarter were in
excess of most Of the previous estimates,
and much was made of the progressive
improvement shown in the earnings from
month to month, and also to the growth
OF over 900, goo tons in the orders on hand
last.
In the days consideration of the re-
port allowance was made for the normal
influence of the season of the year in
some Improvement in the trade whether
IN good years or poor years. The same
normal tendency is looked for to con-
tinue the Improvement for the coming
quarter. The inclination was to draw
cheerful auguTy from the report. al
though some misgivings were caused by
the reactionary movement in the stock
Union Pacific also continued to hang
back, with some effect upon sentiment.
A contributOry cause to the reaction was
the unexpectedly heavy engagements of
larger than had been looked for at the
opening Of this week, but yesterdays
business in the exchanges seemed to have
3rerted the movement.
Gold Movement Unimportant.
Little Importance is attached to the
outward flow of gold at this time, with
money on call hard to lend even below 2
per cent, and with the inflow of Japanese
gOId at san francisco still in progress.
The news of the sale of a $14 1000, 900 is
sue of Chicago, Burlington & Quincy
bonds was gratifying contrast to the
recent makeshift note issues by railroads
at nigh interest rates, and was regarded
as significant of an improving demand
for bonds. 1t is worthy of notice, how
ever, that the proceeds Of the railroad
note issues, according to the general I'M
Outstanding, draw interest while on de-
poslt with the bank pending its use by
the company, the rate allowed being stat
ed at as high as 8 per cent
This, coupled with the general feeling
among bankers that they will be called
upon to accept some funded issue in pay
ment for thesel notes, whose market price
is predetermined, goes to explain the rela-
lively high interest rate paid on the rail-
road notes. The weakness in the grain
and cotton markets on the favorable
weather map was a help to the stocks, as
was the report that the threatened labor
trouble in the New York building trades
will be submitted to arbitration Realizing
made it's impression on the late market
and a renewal of the upward movement
in United States Steel preferred did not
prevent a rather irregular close.
Bonds were active and firm. Total sales,
par value, SIS, 290 600. United States bonds
were unchanged on call.
Closing List.