The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-12

NEW YORK, May 11-There were pc
RODS of todays trading that were conSid-
erably more active than the recent aver
age, but in the intervals the market
showed the same profound condition of
lethargy that has characterized it for
some time. News developments were not
lacking, but the response to them was very
slight. The governments crop report
was regarded as decidedly unfavorable in
the amount of the probable yield indi-
Gated of winter wheat. But the showing
had been discounted apparently both in
the stock market and the grain market.
neither of which was appreciably affected.
Another news development to which gen
eral importance is attached, although it
has been long expected, is the proposed
issue Of debenture bonds by the New York
Central, reports of which were generally
credited. although not officially con-
tirmed before the market closed. The
issue of bond for a moderate term and
at a rate of interest above that recently
paid by that company was variously in
terpreted. With both stock and bonds au-
thorized and not issued it is evidently an
admission in effect of the impossibility of
issuing these on favorable terms in the
present market On the other hand. the
placing of the debenture issue with a
syndicate is evidence of some improve
ment in the absorptive power of the bond
market
The conspicuous feature Of the days
stock market was the selling of the
United States Steel stocks which carried
the common stock to ga, a level never
before touched. The selling was attributed
to, feeling on the general outlook in the
trade. Reports from the trade were Of
declining demand for iron and expanding
facilities for output by the United States
Steel corporations iron department with
resulting discomfort by Independent pro-
ducers and suggestions Of plans for steel
works to provide consumption for their
product.
Heavy Gold Movement.
But by far the most notable develop
ment of the day was the enormous gold
movement. Total engagements for ship
ment by tomorrOWS steamer reached
$9,000000. This concentrated movement
IS SO little in accord with the intimations
of those having the Panama payment in
charge that the transfer would be made
gradually and in comparat lively small
amounts, that there was room to question
whether the movement was not in large
part due to other causes than the Pana-
ma payment. While the subtreasury paid
out yesterday SIS, 900 600 on the Panama
canal payment to Morgan & Co, the de-
positary banks were called upon at the
same time to pay over about $l2 900 900 of
little net Increase in the available supply
to provide for todayss heavy exports of
gold. Call money. responded to the heavy
inroads upon cash reserves, the rate rising
to 2 per cent. The time money market
IS not yet affected Railroads made
further poor returns of earnings. Con-
solidated Gas f1uctuated under the opera
lions directed against the shorts in the
stock. The market closed steady, but not
far from the lowest, rise Of ~ in Anal
gamated Copper helping to steady the
close.
The bond market became irregular in
sympathy with the late weakness in
stocks: Total sales par value, 81, 845 600.
United States bonds were unchanged on
call.
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