The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-04-23
NEWS FAILS TO ENLIVEN
WALL STREETS BUSINESS,
ACTIVITY CONFINED MAIN
LY TO S~PECIALTIES.
Movements Almost Invariably
Due to Special Causes-Pitts-
burg Sells Steel Shares.

New York. April c2-No incident in the
days news to-day proved an incentive TO
operations in stocks. and the volume of
dealings declined successfully to 4 point
nearer stagnation. Neither was it clear
that any positive encouragement to spec
ulation was offered. The trading public
was Indifferent and almost idle. Some
Of the usually active stocks did not move
az all. while others did not open unit!
late in the day. On the other hand there
were a number of specialtics quoted
which may remain dormant for months
at a time. This revival of long
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
ciiic proved II sustaining influence on the
whole OF the general list against the con-
trary influence of the rather marked de-
preston in United States Steel preferred.
SELLING OF STEEL.
The selling of the latter was attributed
to Pittsburg account and had influence
following 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
OF any specific developments in the trade
to prompt the selling. Conflicting reports
Of the terms of the propose Charlton
sIttI AAstt III mp III tlidS
the transaction is still open. Some dis
cussion was heard of the small buying by
railroads of Steel Products. The eXpecta-
ton OF a decision during the day on Gas
legislation kept Consolidated Gas rather
feve-ish. The local fractions advanced in
an irregular manner.
Bids ior commercial CABLE were adj
vanced Il points before bringing out an
offer. and i movement in MacKay COM
panies on the curb accompanied this rise,
with rumors of an utilization with tele-
[ nnnNp interests Tho 1aplina In l~nifah
States Rubber preferred was on realizing
on yesterdays rise. explained by the dec
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
any appreciable movement of prices in the
market.
MONEY AT / PER CENT.
Neither did the extraordinary ease of
the money market affect the stock mar
ket. Several million dollars was reported
loaned on call at l per cent and the de-
nant for time leans was practically stag
mani. Some corporations are reported to
he still borrowing at rates higher than
the market. but no important note issues
lave 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 n fur
tner enormous accession Vi caSn Dg the
banks, the estimates of the weeks move-
mcnt to this center running as high rs
Sl2. C0a.6a including the express movement.
with the interior and the Subtreasury OPP
erations. in which the gold exported is
comprehended. Sterling exchange was
| easier, but this was plausibly supposed to
he on account of bills sold against fur
Their gold exports. The stagnation of
stocks became almost complete late in the
day.
Bonds were neglected and about steady.
Total 81 les n1r yDllle a ST., Gn United
States bonds were unchanged on call.