The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-04

NEW YORK, May 3.-The early stock
market today showed some disposition to
continue the downward movement which
was in force yesterday The check to
the decline had the appearance of a con-
test waged between opposing, factors in
the market and the upward movement
was discontinued as. soon as the selling
was checked. The operators for a de-
cline seemed to center their selling on
United States Steel preferred, while the
supporters of the market rallied their eff
forts upon Union Pacific. Neither move
ment was explained by any news of the
day and so far as regarded those two
stocks seemed to be prompted wholly by
the purpose to influence the general mar
ket
The general movement was extremely
sluggish and narrow. The resumption of
trading In London after the holiday, with
no evidence of weakness by reason of the
military events in Asia, was a reaSsur-
ing factor, and there was some buying
hand, the heavy decrease in net earnings
for March reported by the Pennsylvania
system was weight upon the whole
market. owing to the representative char
acter of the Pennsylvania traffic. The
showing had a strong reflex effect upon
United States Steel preferred, owing to
the large part played by steel tonnage in
the traffic of that system. Pennsylvania
stock itself was little affected. The
weather map showed very favorable condi-
tons for the crops and the weather bu-
reau's weekly summary of conditions
gave a better account of the seeding of
spring wheat and some betterment of I'M
favorable conditions for winter wheat,
even the districts which have suffered
most
Relieved of Pressure.
The denials of yesterdays rumors of
intended proceedings against the anthra-
cite combination relieved the coalers from
some pressure and helped the recovery.
The early market was, in consequence of
these conflicting factors, very mixed and
irregular and rather more active than
the recent average. Call money showed
a frmer tone early for the first time in
many days and the minimum rate was Il
per cent, with loans made above that.
This was attributed to the growing in
fiuence of the gold exports and to the
exigencies of the bidders for the S37, 900, :
600 New York city bond issue. After the
bids We're announced, call money broke
TO " of ! per cent. The time money
market was not affected.
The statement by J. P. Morgan in Paris
clarified the understanding of the method
of the Panama canal payment, and made
clear the position of his firm as the fiscal
agent of this government and the mediary
by contract with the canal company. This
disclosure gave the impression that pre-
vious reticence had been due to the nee
eSSary steps to be taken in the exchange
market and reopened the superstition that
other of the gold exports than those by
the Morgan firm have been connected with
the Panama canal payment, thus deduct
ing from the future requirements The
large demand disclosed for the city bond
issue was regarded as a striking evidence
of the abundance of capital resources.
The market closed dull and irregular and
showed small net changes.
Bonds were irregular. Total sales, par
value, 81, 1926, 900. United States Is the
IS coupon and the old As declined n and
the new As 1a per cent on CALL
Closing List.