The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-13
STOCKS YET LACK VIM
SAGGING TENDENCY OF PRICES is
MORE PRONOUNCED
Nursing Process Is Adopted by the OPP
erators-GoVernment's Wheat Report
Influences the Trading-Investors Feel
Distrust.

NEW YORK. April 12.-Today's stock
market was still lacking in the animation
which had characterized trading previous
to this week, and the sagging tendency
of prices became rather more pronounced
than yesterday. There was not the same
effort to lift prices by the stimulating
erect or marking up special stocks The
market was not left to drift as a derelict,
however, and a sort of nursing process
was adopted. 1t is the prevalent conVic-
ton in Wall street that the recent cam
palgn Tor higher prices has enjoyed the
auspices of some influential capitalists
who believed that outside interest in spec
ulatIon could be awakened in that way. A
moderate reaction Is calculated to serve
the tWO-fOld purpose of shaking off Specu-
lative followers of weaker caliber and of
inviting some investment demand at the
lower level on the part of those who
missed their market on the advance 1t is
characteristic of the prevailing opinion to-
wards the market that the professional
element is prone to find such purely arti-
fcial causes to explain the movement Of
prices
The course of todays market was evil
IDENTIFY influenced by the government re-
port on the condition of winter wheat. The
free offerings in the wheat market served
to modify the bad impression of the re-
port, but there was a belief that wheat
moved under the influence of realizing on
speculation based on the conditions re-
vealed by the report The hope was ex
pressed also that the crop had benefited
since the first of April. The weather bu-
Teau'S weekly summary shook this hope
to some extent, owing to its report of
damage to winter wheat by heavy rains in
parts OF the belt as against the benefit in
other parts where moisture was needed
The imputations through newspaper in
terviews as to the motives of the Northern
Securities suit by the principal parties
gave material for puzzled discussion
There was a disposition to seek some rec
ondite indication of policy in the public
attitudes thus assumed, which might af-
ford some clue to the mystery Of the late
absorption of Union Pacific.
Cause of Steels Depression.
The report that the United States Steel
corporation had Cancelled an option for the
purchase of $4,000 tons of BeSsemeT pig
ferred stock. The cOncentra ted absorp
ton of the second bonds was the feature
of the early market, in which some 81,
000, 900 or upwards Of these bonds were
conveyed that much Of this was on orders
for German account. London was free
seller on balance of stocks in this mar
ket Notwithstanding the generally buoy
ant tone Of the London market. More
temporary note issues at high interest
rates on collateral security of uTsold bonds
by the Rock Island and American tTele-
phone companies nullified the favorable
effect of the recent sale Of small bond is
sues. which was supposed to herald the
revival of an absoTptive demand in the
market for such securities.
This anamOlOuS contrast with the eX
IRENE ease of the money market for or
binary purposes is a cause for diStTust on
the part of investors. Reports that grain
rates had been agreed upon by the rail-
roads were received with satisfaction. A
large amount of traffic is said to be held
back in the expectation that cut rates
would be offered later when lake naviga-
ton had opened. The failure of Union
Pacifc's advance of a point to lift the
market was followed by steady decline
in the whole market. Union Pacific slump
ed at the last on the hasty reading of the
bulletin on the attorney general attitude
towards the intervention suit at st. Paul.
The closing was weak and losses Of 1 to
Ia were general.
Bonds were irregular with a large part
of the dealings in United States Steel End
5s Total sales. par value, $4710, 900.
United States bonds were unchanged on
call.
CIosIno List.