The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-27

NEW YORK, April 26.-Today's stock
market was even more listless and apa-
thetic than that of yesterday. The free
declining tendency of yesterday was ar
rested. but this discouraged rather than
fostered activity. What the traders re-
quire is a movement Of prices whether up
or down. The arrest of the decline, there
fore, prompted the retirement of the light
contracts that had been put out on the
short side. The movement had no news
to account for it, and there was no
symptom of any large demand in any
quarter. United States Steel preferred
was the most active stock and it's re-
cOvery was in face of the practical con-
hrmation of the report prevalent yester-
day of the early dissolution of the pre-
ferred stock conversion syndicate, on
which the stock declined then.
The second mortgage bonds were sold
down In the early market to the extent Of
point. The selling was attributed to
members of the syndicate to provide cash
to meet the expected call to complete the
payment for that portion of bonds for
which the syndicate agreed to pay cash,
| or against the expected delivery of bonds
which the syndicate is still to receive.
The point was made that the light buy
ing of steel for account of the railroads is
due to their inability to place bond is
sues as desired. But this view conflicts
with the argument that the large tenn
porary borrowings by the railroad are to
continue improvements to which they
We're already committed before the block
ade in the bond market Another note
issue announced today by a subsidiary
company OF the metropolitan Street Rail
way was explained to be for the reim-
bursement of the parent company for i'm
prOvements already made and for which
the bonds provided could not be marketed.
The Gold Shipments.
An initial engagement of gold for
Thursday steamer was made today. and
bills sold in the exchange market were
supposed to be against other ShiDn entS
IN contemplation. The attorney general
was quoted as saying that the formal
transfer OF the payment for the Panama
f fa,.a would be made in two or
that the gold outgO is a provision against
the coming remittance to Paris. The
money market was entirely unaffected,
the demand for time loans being little
1ngs of railroads reporting were lower
than last year, and the net increase for
March reported for the AtchisOn was
without effect on that stock.
The weekly bulletin of the weather bu-
Teau on the crops was not a helpful factor.
IN spite of the improved condition re-
ported IN the western part of the winter
wheat belt, the large producing sec
ton. The continued delay in the
spring wheat planting and the pros
pect OF its pFolongation was regarded with
sollcltude over the dangers thus implied
for the coming crop. The appearance of
bets on nominations and election Of pres
ldentlal candidates on the curb is a re-
mlnder of represSive influence on the
market destined to gain in influence The
recovery of large fraction in United
States Steel preferred was the only move
ment of any significance in the DAYS mar
ket. The closing was heavy and stag
nant.
Bonds were irregular. Total sales, par
value; $2,O3O,0OO. United States IS de-
clined Il per cent on call.
Closing List.