The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-14
STOCKS LOOK UPWARD
SOME STAND is FINALLY MADE
AGAINST DEPRESSION
But the Market Eventually Declines as
Usual, and Closes Lower Than Thurs
day-steeI Reaches Still Lower Point

NEW YORK, May 13.-The stock mar
ket made some. stand against depression
today. and early in the day some recovery
was effected from yesterdays sharp de-
cllneS. The firmneSS was helped by some
light buying for foreign account, London
continuing to show a wholesome tone,
With declining money market. The news
over night of the fixing of the amount of
the New York Central debenture bond is
sue at $5O, 900, 600 instead Of $50 ,000, 600, as
was understood yesterday, was not slim
ulat1ng to the general market, owing TO
the lnroadS upon money resources indi-
Gated. But New York Central stock it
self was little affected until the late break
in prices. The decision to issue debenture
bonds puts a claim on earnings ahead of
the stock. But the fact that the bonds
are underwritten and the sale of treasury
STOCK thus avoided seemed to be favor
ably regarded by stockholders as prevent
ing an increase in the market supply of
the stock.
The trunk line stocks generally were
threatened tie-up of lake traffic owing to
the dispute between the Masters and
Pilots association and the Lake Carriers
association. A considerable diversion of
summer traffic to the railroads is thus
promised. The episode as a whole is not
OF course stimulating to values in gen
erai Some announcement seemed to be
caused by the. probable postponement of
part of the gold shipments contemplated
for tomorrow, although that action seemed
to be due enti4 ely to the scarcity of gold
OL4 III I1G mere reason or
the recent heavy demand. The arrival
in San Francisco of a consignment of 49,
100000, which may be Immediately avail
able to New tork banks by Geographic
transfer, promised a further alienation
from the gold dram.
Little More Japanese Gold.
The closing of subscriptions to the Jap
aneSe loan and the prospect of early al
iotments will probably put a stop to the
Japanese gold imports. The two-point
rise III A1naigamated Copper had some
sentimental efft ct in sustaining the early
market although it had no explanation
beyond the usual vague rumors of a set
tlement of litigation of copper interests
United States Steel preferred also got
nearly point over last nights level But
the pressure was renewed upon the United
States Steel stocks as the day progressed.
TIE 10 ume and the mystery of the source
of this selling have a very unsettiing in
Huence and seem to be regarded as a por-
tent by the usual operators in the mar
ket. q he common stock made successive
new low records down to 83s without the
slightest apparent effort at support The
forecast OF the weeks currency movement
made a less formidable sho wing than was
feared i'll view of the enol nous gold
increment of the week. Large receipts
from the interior have BEEN Partial Off
set and the gold to go by ton orrow's
ard will not in the weekly bank state
ment 1t is thought probable, therefore,
that the cash decrease may he within S.
OGO,600. An extensive loan ez1ransion is
confidently looked for. Gail money loaned
at "a Fer cent, but ran OFF aga1n to be-
low z per cent. The weakness of the
United States Steel stocks carried the
whole market off in the later trading and
made net losses on the day
bonds We're duh and about steady. Total
sales. par value, 81, 500. 600 United States
bonds were unchanged on call.
CLOSING List.