The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-21
STOCK TRADERS TIMIO
HESITATION AND LITTLE BUSINESS
CHARACTERIZE THE DAY
Fluctuations Are Narrow and Nobody
Seems to Know Which Way the Cat
viii Jump-Heavy Debit Balance of
Subtreasury.

NEW YORK, May 2O.-The narrow and
varying fluctuations in the stock market
and the small volume of the total trans
actions each day are an accurate ref1ec-
OF the speculative mind. The great body
OF capitalists are evidently refraining
from either adding to their holdings of
stocks or liquidating. The orders by room
traders on which the market movements
depend do not afford motive force for
more than small fractional changes. A
movement of a fraction invites taking of
the meager profit or induces the prompt
pocketing of a loss. owing to the great
uncertainty as to what direction prices
may suddenly move. The conviction is
deadlock in which the market is now
held cannot last long. The new direction
TO be taken IS a matter of profound doubt.
The midday rally today was principally
due to the heavy debit balance by the
Subtreasury at the clearing house. due to
the payment of 100000 treasury war
rant to j. p. Morgan & Co as fiscal
agents of the Panama republic for the
canal This payment is to the benefit of
bank cash and will figure as an offset to
the losses by gold exports. The exports
including those of tomorrow are the prin-
c1pal cause of the loss of 1881. 900 by
the banks on Subtreasury operations for
the week. The S2.500,000 shipment in
gold coin is to be reckoned in addition.
The movement of cash with the interior
has been heavily in favor of New York
again, promising to reduce the loss to the
ny Iudy HaH.- Inc extent 10
which today's Panama payment will figure
in the averages is expected, therefore to
decide the complexion of the cash item by
the extent to which it will modify the
cash loss otherwise indicated.
Call Money Easier.
Call money was appreciably easier to-
day and was offered in large amounts by
the banks below per cent. Sterling eX-
change also continued its downward
course. encouraging the idea that the gold
movement may be reaching its Culmina-
ton The beginning of the hearing in the
suit to enjoin the Northern Securities dis
tr1butlOn was of some encourag ing effect
owing to the step thus taken towards
ending condition embarrassing to the
financial world. AS stated by the cOun-
sci in the case. it is desirable to solve a
dispute by which dividends on $500 00O
600 are tied up. The influence of these
considerations was faint and seemed to
pass away quietly, allowing the dragging
tendency OF a Stagnant market to reaS-
Sert itself.
Weather reports favorable to the crops
We're received, but the wheat market was
further influenced by the shortage in SUD-
ply. The cotton market ON the other hand,
by the further fall in prices, added to the
attraction for foreign buyers and prom
ised an improvement in the export show
ing for that staple. There was an in
crease Of 491 600 blu in the weeks exports
of wheat over last week. but only a
small proportion of the average for the
corresponding week in recent years went
out. The exports of corn were little more
than nominal Union Pacific's rise may
have been due to the hope of winning its
contentious in the Northern Securities
suit. 1t was the only noticeable move
ment in the list. The market closed not
far from the best prices.
Bonds were dull and irregular. Total
sales, par value, $1,310, 900. United States
bonds were unchanged on call.
Closing List.