The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-20
STOCkSIANGUISHInG
NEITHER SIDE or THE MARKET IN
CLINED TO DO MUCH.
Buyers Are UnwiIIing0to Take Stocks on
an Upward Scale of Prices-Room Trad
ers' Transactions Constitute Nearly All
Dealings.

: NEW YORK, May 19.-TIle stock mar,
ket continued inert and almost lifeless
today. Whenever any activity developed
the tone of the market became soft
showing the predominance of selling over
buying orders in the very narrow mar
ket. When prices ceased their slow
downward tendency the market fell into
profound dullness and neglect. thus re-
Meeting the unWillingness of any buyers
TO take stocks on an upward scale of
prices. So argued the room traders
whose operations are devoted to follow
ing the movements of larger operators. As
the meager dealings We're almost wholly
made up of room traders trarrsa actions
they were drawing deductions from their
own operations. In fact, the trading Of
Tered no grounds for serious inference of
any kind, beyond the obvious lesson that
there Is nothing in present conditions that
has any power to arouse interest in stocks
The trading started with some light
gains, due to the sympathetic influence of
the London market in which runors were
reported to be in circulation of pros
poets for the coming of peace in the far
East. The resumption of selling OF
United States Steel preferred on the con
tinuing effect of pessimistic reports from
the iron trade was the first drag upon
the market. But the heavy tone spread
70 other quarters The subtreasury state
ment, showing gains at the expense of the
banks for the week of 81, 290 ,000 prom
1sed another formidable inroad upon the
surplus reserve Of the banks, the more
today does not figure in the statement
Gold Demand Explained.
A definite statement by the negotiator
OF the New York subscription to the Jap
anese loan that the whole of the SIS
00o, 00o subscription is to be RENTED to
London. helped to explain the force of
the demand for gold, but did not define it's
limits; Sterling exchange showed a
slightly yielding tendency and this was
said to be due to sterling loan bills in
the market. The Bank of England main
tanned it's discount rate. but the open
market rate in Paris receded and the
Bank of France statement showed the
growing plethora of resources of that in
Stitution.
The weather map was pronounced ideal
Tor the crops, but the contradictory
strength in the wheat market neutralized
the effect of this. The severe reduction
the quarter emphasized the effect of I'M
favorable returns by other systems.
disposition to dispute over the main
tenance OF rates on business diverted to
the railroads by the interruption Of lake
transportation by the strike was regard
ed as symptom of the growing pressure
TO secure traffic and attention was at
tracted by the reports of drastic re-
trenchment projected by the railroads to
cut down expense accounts. Notice late
next week of a S35. 000, 900 Cuban bond is
sue is another factor promising to pro-
long the demand for gold fer export But
this did not prevent prices from retracing
rally in United State Steel preferred
leaving the days net changes again wholly
insignificant.
Bonds were dull and rather heavy, with
some late recoveries. Total sales. par
value, S1,265, 900. United States bonds
We're unchanged on CALL
Closing List.