The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-19

NEW YORK, May 1S-The stock
market fell into idleness and neglect
again today. So far as there was any
sentiment prevailing on the outlook
for values the adherents of one view
We're counterbalanced by those of the
other. The consequence was a dead
lock in which prices We're held nearly
motionleSS. Holders refrained from
selling, this relieving the market from
the pressure to which it has been sub
jected recently, but buyers were en-
tirely indlsposed to follow prices up
wards. The result was virtual stagna-
ton. London sent over higher prices
this morning, the extreme ease of
money there causing some strength for
securities. The response here was
short lived and the resumption of gold
engagements for exports put an end
to the advance. The ordering of
$2,50O,0 900 in coin at the subtreasury
for shipment tomorrow showed that
the exhaustion of the supply of gold
bars left the shippers necessities still
uncovered and compelled the resort
to coin.
The supposition that the easing of
money and the Stiffening of rates here
consequent upon the transfers of gold,
had proceeded far enough to prompt
borrowing abroad on New York ac
count so as to check the outgo of gold,
proved Elusive, in spite of the drop
ping of London discounts below 2 per
cent and the likelihood that the Bank
of England will reduce its discount
rate tomorrow. Beyond tomorroW's
shipments of gold, which will reach
about $5,000,000, all available supplies
of gold bars for the future were be-
spoken by prospective shippers. The
opinion, based on informal intimationS
from intending shippers, is that prob
ably $15,000,000 in additional gold coin
will go. out. The aggregate Of the
outgo on the present movement, be-
ginning early in April and counting
only actual engagements up to date,
has reached over $55,0O0,000.
Uneasiness Is Revived.
With the abandonment of the idea
that the gold movement was about to
reach its limits by the borrowing on
sterling, there was revival of the I'M
easiness caused by the apparently I'M
bridled outflow of gold with an inf1u-
ence in aggravating the dullness of the
stock market. The quick subscription
for the Burlington bond issue was IA
vorably regarded, but the break in the
new Japanese bonds on the curb to
within Is of the issue price was an
Offsetting influence. The selling seem
ed to be of the newly allotted holdings
on which there seemed to be eagerness
to realize Immediately There was a
subsequent recovery on buying by
bankers.
The weather was favorable to the
crops, but without any effect on stocks.
Attention was attracted by the export
demand for the new crop of wheat as
promising to better a condition which
is one of the depressing factors in the
present situation. A reduction in the
price Of copper was family reflected
in the movement of Amalgamated. I'm
successful efforts to end the strike of
Vesselmen on the lakes, made up de-
pressing factor Railroad earnings re-
ported were not important, but offered
no stimulation to values. United
States Steel preferred ran off to p
under last nights price on the late
publication of the uncheerful report of
the iron outlook by the Iron Age. The
closing tone was steady and the aver
age level of prices was very close to
that of last night.
Bonds were dull and rather heavy.
Total sales, par value, $1,140,0 900
United States bonds were unchanged
on call.