The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-05
STOCK MARKET
RATHER IRREGULAR
Fassage of Stock Transfer Tax
6iii Not Encouraging
to Bulls

NEW YORK, April 4.-The complexion
49,. C'S = STOCK market was decidedly
linked. An unusually large number of
separate issues We're dealt in notwith
standing the smaller aggregate NJ tbe
transactions. This appearance Of hrea tIfb
IN the market was accounted for by the
presence in the trading of many nSuaIiT5
neglected and obscure specialties and in
duStrialS. The movements in these were
WIDE, but were extremely inconstant az
well as irregular, both the principal gains
and losses being found under this Glass;
hcation Railroad stocks We're sluggish
throughout and for the most part We're
heary. The DECLINE in the stock market
seemed due in part to the unsettled in
nuence or The erratic fluctuations in Ten
nesSee Coal. Prices of that stock rose nm
ana down all day like boiling liquid IN
at loss to determine whether the terms
OF the proposed merger or the distress OF
an uncovered shoIt interest were re-
Spohslole Tor the wavering of the stock.
Stock Transfer Tax
The passage through one house of the
new YORK legislature of the stock transfer.
tax and the belief that its enactment
INTO law was certain had some reviving
lhlluence III the uncertain mood of the
ePeciuiaIlon after having passed out of
consideration for time. The inuuisitOriaI
tendency of legislation ana public policy
towards corporations and the prevalence
OF Investigations into their affairs came in
Tor consideration and caused an impress
sion of a threat to values of securities
The embitteTed controversy which has
sprung up in the administration of the
Equitable Life assurance society and the
investigation thus prompted has the eff
feet of emphasizing this impression.
Inc very prominence of the low grade
INDUSTRIAL stocks, even where they give
evidence of strength, is regarded as evil
dence that the high grade stocks have
exhausted their resources for advance and
beSets suspicion OF the stability of the
whole market. Some of the DAYS abor-
i've movement in the hpttp-s Of
stocks was suspected of being manipula-
tive and designed to offset this character
of the market. The absence of long ex-
pected announcements, which have been
supposed simply to await the conclusion
OF the Northern Securities case induces
a feeling OF suspense and of distrust over
the extent to which mysterious illusions
and rumorS have been allowed TO influence
great speculative comments in various
stocks There is feeling that some of
these mysteries must either be dissolved
soon or replaced by effective new factors
II prices are to be sustained at their pres
ent high level.
Money Easier
The tone of the money market shows
some relaxation in consequence of the
completion of the April settlement but
not to the extent that sanguine specu-
lators hoped, and the possibility is now
faced OF considerable prolongation of
1t is evident that many important capital
issues have been planned to take ad-
vantage of the normal accumulation of
reserves at this time of the wear both
here and abroad, and this class of re-
quirements will of course take prece-
dence of stock market borrowing. The
most substantial sustaining influence in
today's market was the heavy accumuIa-
ton OF the United States Steel stocks
Reported large buying of pig iron by the
corporation is a repetition of previous
conditions. but the lack of response in
the securities of the company has been
the cause of dissatisfaction in the mar
ket
The rise in the Southern railroad group
was attributed to the enlarged cotton
market and to the advantages to accrue
from a rising scale of freights on iron
due to sliding adjustment in harmony
with iron prices. London was n seller of
stocks in this market to an extent suffi-
cient to harden the rate for exchange by
reason of the demand for remittanceS in
payment There was sustained strength
in few of the industrials, but the per
istent heaViness Of the railroads made the
closing irregular.
Bonds We're irregular. Total sales. par
value, $4,S10,000. United States bonds
were all unchanged on call.