The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-12

NEW YORK, April 1.-THE stock mar
ket was at a standstin almost for the
greater part Of the day, but lost little
ground Prices started upwards with
effort to extend the advance by develop
ing new points of strength upon which
10 sustained prices, as was successfully
done last week, but the attempt met
with less success today. The marking up
of prices was less bold and comprehensive
and the stocks chosen for leaders were
OF less influence upon sentiment, the list
of most effective market leaders having
been pretty well run over by the sue
cesslOn Of movements already made. The
more prominent stocks, on the contrary,
are now subject to attempt to take pro-
fits In them, and so more effective on
the side OF reaction. Such efforts at
profit taking were obvious today, but were
not pursued at the expense of values,
and there was little urgency in the sell
ing. The consequence was a return to
dull and sluggish market, but with an
undertOne OF good resistance and an ap-
parent disposition to await favorable de-
velOpments. News bearing on stock mar
ket conditions was not important and was
not of much influence.
1t is probable, however, that the heSita-
ton of the market was due in part to
the pending hearing at st. Paul tomorrow
of the motion to enjoin the pro rata dis
tribution of the Northern Securities as
sets. Reported interviews with the prin-
CipalS to this litigation breathed a spirit
of threatening that was not reasSuring to
the market, which was weighed upon by
a conviction that the inside mystery Of
this proceeding and the stock market
operations in Union Pacific is still hidden.
1t was known also that the government
report on April 1st condition Of winter
wheat would not appear until after the
stock market closed and there was feel
ing that knowledge Of its tenor would be
desirable before proceeding with market
operations.
Surplus Money Goes to Paris.
The almost buoyant tone of the London
market helped the opening strength here.
Abundance Of money is reported available
In all the worlds markets, but the course
of surplus funds seems to be towards
Paris. Shipments were made of gold to-
day to that destination from London, and
$1,000, 600 was engaged here. The ten
dency to accumulate funds there will
arouse some renewed surmiSes of a pos
Sible war loan. The money market in
London is relaxing and an early reduc-
ton in the Bank of England discount
rate is looked for The extreme ease Of
money here facilitates the outward move
ment Of gold. The statement of this
cOuntry's foreign trade for March enfOrces
the showing of former months in explana-
ton Of the turn in foreign EXCHANGES
Grain and cotton exports alone fell more
than $40, 100000 in value below those of
March last year. If last months expand
ing tendency of imports is still main
tained, the impairment of the trade bal
ance in our favor easily explains the out
ward movement of gold. Railroad traf-
fic officials speak confidently of the out
look for future traffic, but admit de-
cline in the present volume. A renewal
up the late market today, but the gains
are moderate.
The bond market was also irregular and
less Les o6 active; Total sales; par value, 81
100000. United States bonds We're I'M
changed on call.
CLOSING ls4