The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-19
STOCKS ARE LISTLESS
MARKET DRAGS; ENTIRELY DEVOID
OF NEW INTEREST
What Activity There Is Is Checked by the
Postponement Of the Decision in St.
Paul on Harrlman's Application.

NEW YORK. April 19.-No new interest
was awakened in the stock market today
and there was the same liStleSS drift of
prices and languid operations as for most
OF the time last week. The activity of
the market is on a diminishing scale from
day to day. Such slight activity as there
was today was abruptly halted by the
announcement from ST Paul that there
would be no decision today on the petit
ton regarding the manner of distributing
the Northern Securities assets. This
fosters the impression that the market
is waiting on this decision. But the
prevailing belief in Wall street is against
the Likelihood of the petition being en-
tertained, while the conviction is general
that the contest Will be pursued by other
legal steps on the part Of the Union
Pacific interests, This makes 1t doubtful
whether the expected decision at ST. Paul
is TO release the market from the repres-
sion upon 1t. The repreSSiVe influence of
the contest involved in this suit is I'M
doubted. and the influence was increased
by The seven point drop in Great Northern
preferred today
Much discussion is given to the con-
tinued output of railroad notes in the
money market for short periods and at
nigh interest rates. Notwithstanding the
extreme ease or money for loans in other
forms. Additional contrast to this condi-
ton was afforded by the news from Lon
don and Paris of the quick absorption Of
new capital issues in those markets
which is resulting from the accumulation
Of capltaI at those centerS.
The investment demand in the London
market has encouraged the decision to
offer the $25, 900, 900 Transvaal guaranteed
loan and in Paris the large over subscrip-
ton for the $4,000, 900 city of Paris loan
has been followed by announcements of
other government issues. 1t is believed
that until the issuance of railroad short
time notes in this market has been COM
pleted the investment demand for bonds
and stocks will halt. Present speculation
hats accordingly. The weekly discussion
of traffic by railroad officials did not in
dictate any actual revival. These officials
offer as explanation of the protested salts
faction with a smaller volume of traffic
than last year that they had expected
the Shrlnkage would be worse.
Last week S assumption that the fixing
of the grain rates from Chicago had
settled the dispute over the differentiaI
on eX-lake grain from Buffalo was found
to be due to miscOnstruction of the
case and some unfavorable effect was
thus revived. A light speculation in Con
solidated Gas on the disputed chances
OF pending legislation was an unimpOr-
tant feature of the market. Missouri Pa
cific made no response to a good state
ment of net earnings for February Very
few stocks moved over an extreme range
of as much as point. Closing up of trad
erS' account reduced the net changes to
still narrower proportions. The closing
was fairly steady
Bonds were dull and irregular. Total
sales. par value. 81, 800, 000 United States
bonds were unchanged on the last call.
let