The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-07
STOCKS ARE MORIBUND
MARKET RETAINS THE SAME OLD
FEEBLE GAIT
Heaviness Prevails Early in the Session
But Disposition to Advance Develops
Later-Market Reveals a Pronounced
Degree of Inconsistency.

NEW YORK, May 6.-There was no
sign of actual life in the stock market
today and the feeble drift of prices never
got far from last nights level, or for that
matter from last weeks level. There was
some heaviness early, but the level Of
prices came up later in the day. This
is in accordance with the intermittent
symptoms for the present market, de-
clines for one day being merely the coun-
teraction of the day before. Yesterday the
excessive dullness was explained as being
due to the departure of many brokers to
popular racing event, but today's deal
ingS were no larger with no such explain
alton to offer. The early heaviness was
in sympathy with the sharp decline in
Metropolitan Street Railway. The weak
ness of this stock has been a disturbing
element for some time. but todays SELL
ing seemed based on state railroad statis-
tics published yesterday, showing the pas
senger traffic of the Metropolitan COM
pany practically stationary for the last
year. The deduction was drawn that the
system had reached the practical limit of
its carrying capacity.
The inconsistency of the market was
shown by the sympathetic decline in the
other traction stocks, although the same
statistics showed a large increase in their
traffic. Later in the day when an up
ward movement in the other fractions
was undertaken to give marked reflection
to the showing, Metropolitan Street Rail-
way recovered in sympathy. The heavy
reaching 81, SOC, 900, caused some atten-
ton to be given to the bank statement
prospects.
Losses by Banks.
The figures Of subtreasury operations
show losses by the banks on that ac-
count, Including the gold movement, Of
So, 399 900, while the receipts on balance
OF currency from the interior would cut
this down materially. But the sub
treasury figures do not include today's
large engagements of gold. The bank
statement lis also expected to carry over
the effect of last weeks gold shipments,
under the operation of the average Sys-
tenn. large loan expansion is taken
Tor granted There was an ,appreciably
hrmer tone to call money today. A con-
siderable impairment Of the surplus
would not be a surprise in tomorrow S
bank statement. The statement of Secre-
payment was accepted to mean that
900 remained to be provided, which
tomorroWs gold shipment of 81 SOC, 900
would go, of course, to reduce
show too much rain for wheat and the
wheat market acted accordingly. The
stock market seemed not affected, ex-
cept in the excessive dullness Reports
OF rallrOad earnings Were not stimulating
to the demand for stocks and those for
the hopeful views expressed by the head
OF the system. Outside a few of the
stocks in the class known as SpeciaItieS
there was no movement worth notice and
the days trivial changes were mostly
gains.
United States Steel I'd 5s were heavy on
the suppOstion that the dissolution of the
stock conversion syndicate will bring Of
fer1ngS on the market Total sales of
ponds par value. s., 065, 900. United States
bonds Were unchanged on call.
Closing List.