The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-26

NEW YORK, May Yesterdays
closing out of contracts by the disgusted
traders who had come into the stock mar
ket under the influence of the Saturday
bank statement left little motive power
in the market. The reaction invited some
short selling in the effort to extend the
downward movement SO as to yield
trader S profit on the short side but this
was timidly pursued and with the sub
Sequent Steadying of the market the trad
ing became virtually Stagnant. Efforts to
trade seemed to be abandoned in despair
OF achieving any movement of prices. Sell
ing for London account had some influence
on the early heayineSS, although it was
IN very light Volume The impression
was produced by the employment of
houses having connections with those
cities that Chicago and Philadelphia or
ders Were. responsible for the selling of
some OF the leading. stocks.
drop of over a point in New York
q Hartford was the only concrete effect
OF the strike of freight handlers. But
the labor difficulty on that road was of
repressive influence on the trading. The
mmObility of prices in Wall street and
the stagnation of the trading are evidence
of the waiting for developments in the
general situation. The contracting tend
ency of general business is no surprise to
Wall street. for it is evident that the
long Iiquldation Of last year was in ex-
pectation of just such development. The
precedent of reaction in business as a
sequence of the elimination Of boom in
securities is too unvarying to leave much
age IN buSiT eSS unfolded day by day
proves the foresight that prompted SELL
ing OF securities last year, and advance
ing prices of securities may be seen
while the actual contraction in business
is still going on in anticipation Of the
change.
Earning Power Reduced.
But what Wall street cannot distinguish
Is shown by the reduction in earning
power which is generally prevalent, may
uncover an extension of OUTLAWS in bust
ness and industry in all lines and of ali
grades. The extent to which the ability
to meet fixed obligations may be impaired
by the downward course of business must
De aScertaIned before confidence returns
to the speculative world. The incidents of
the day were few and were of little in
Huence. The outgo of 81, ESQ, 600 gold to-
morrow is practically offset by additional
receipts of Japanese gold, and the trans
the subtreasury today was closely equiv
alent to the payment last Saturday to the
credit of the Panama republic. The grain
markets had qu1et day and threw lit
tie light on the question of the crop out
look. The marking down of the market
quotation for copper had no effect on
ANA Igamated Copper the security prin+
cipalIy concerned. Advances in refined
sugars were equally without influence on
sugar stocks. Brooklyn Transit's adj
vance was attributed to summer paSSen-
ger traffic, but Metropolitan Street Rail-
way made an equal or greater decline.
Last prices were insignificantly altered
from those of last night.
Bonds We're steady. Total sales, par
value, 81 275, 000 United States bonds
were unchanged on call
The stock exchange will be closed May
%, being the Saturday before Decoration
day.
Closing List.