The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-12
ADVANCES SIX
AND HALF POINTS
ueneral Market Inc 'ined to Sac
on Realizing and Short
Selling

NEW YORK, April 11.-A nervous
ana apprehensive tone was reflected
IN the movement of stocks through
out today's session. The grounds for
the suspicious of the market harbored
IN the speculative mind were not mani
fest from any event In the nuhlic
knowledge, but their influence on the
trading was nevertheless effective.
professional operators claimed to de-
tect evidences of good selling" mean
ing by that selling by inside interests
In Inherent properties. There is no
certain means of detecting selling of
this class, but the belief that it was
going on was evidence of the nervous
state of the speculative mind.
! News BuIIish
Actual events We're in favor of val
ues. the government report of the
April l condition of the winter wheat
crop was notable instance. The
promising condition of this crop has
peen known and taken account of in
the stock market for some time past.
but the actual figures of the percentage
reported by the government of 91.6
were considerably higher than the an
tlclpat1on. Crop prospects have been
looked forward TO with great hopes
as a stimulating factor in the specu-
Iatlon TO take the place of the much
used merger and dividend increase
stories, which have begun to show
signs Of having outlived their effec-
uveness. But the crop promise at this
early period and with the uncertainty
or the growing season to be faced
proved unavailing to hold the market
1t Is the general superstition that an
extensive speculative deal in the wheat
market is being conducted on parallel
lines with large commitments to the
long side in the stock market and
there was some dread that it would
be necessary to throw over stocks to
protect the position in the wheat mar
ket. The holding of meeting of the
Northern Securities directors was an
other source of uncertainty. The re-
suits of the meeting proved to be
enigmatical to the general surmises in
the stock market.
No Relaxation in Money
The hardness of the relaxation of the
money market expected after the April
1 settlements is a cause of dissatisfac-
ton to the speculative element and led
today to some offerings of finance
bills in the foreign exchange market
which induced a sharp decline in that
market, in spite of the stiffening of
the discount rate in London. The
heavy requirements ahead of the
money market, including payments of
subscriptions on the Japanese loan,
withdrawal of government deposits, a
New York city loan and the Pennsyl-
vania bond issue, with the time and
the terms for the Union Pacific prefer
red stock issue quite unknown, are
shadows over the money market which
are not without effect. The uncertain
tone of the market was indicated by
it's constant fluctuations, the course of
-. IL
every hour of the session.
The opening was decidedly strong
and there was another comprehensive
rally after the first decline. Later in
the day there were individual points
of strength. Illinois Central was. the
conspicuous feature of the day and it
seemed to meet with little opposi-
ton on its swift advance. There
was a disposition to give the
days favor to this stock as the
chosen property designed for absorp-
ton on account of the Union Pacific
preferred stock issue, but the SUPPOSE
ton was as lacking in authority as the
various others on the same subject
which have been set afloat from time
to time. The other few strong features
held less persistently than Illinois
Central The uncertain temper held
throughout and the closing itself was
irregular, but with the days extreme
changes much reduced.
Bonds were irregular. Total sales
par value, $2,755,000. United States
bonds were all unchanged on call.