The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-25
STOCKS ARE lANCUID
DEALINGS FALL BACK TO NEAR
THE YEARS Low LEVEL
Public Seems Entirely Indifferent to
Wall Street Operations-Pureiy Pro-
fessionaI Work Not Likely to Bring
About Any Wide Movement of
Prices.

NEW YORK, April 23.-Dealings in
stocks fell back again today to near
the low level of the year, partly as
result of the disappointment Of the
professional trading element over the
failure of the removal to the new ex-
change building to stimulate activity
yesterday The falling off in dealings
was attributed in part to the Danish
ment from the board room of a class
of traders who formerly had the priv
ilege of admission to the lobby Of the
exchange for the purpose of directing
their trade over the railing.
1t is evident, however, that the pub
lie is entirely Indifferent to the mar
ket for the present. So long as this
condition persists, purely professional
operations are likely to prove futile
In effecting any wide movement in
prices. The dullness of today's mar
ket was only equaled by its inertia.
Only half dozen stocks of any prom
inence got as much as a point away
from last nights level at any time.
Downed Through hamilton.
The sluggish course of the market
was downward early in the day, large
ly through mere hamilton. Some der
preston of sentiment was caused by
the disapproval of the newly inaugural
ed freight rates from Chicago to New
York on the part of the interstate
commerce commission. Much impor-
lance is attached to the advance in
freight rates as an offset to the large
increased cost Of operation, which have
produced the recent downward tenden-
cy in the net returns from the trans
portation industry. The fact indicat-
ed by freight bIockades and embar-
goes on the freight movements that the
railroads of the country have all the
business they can accommodate gives
little hope that the lower rates would
prove of any advantage by attracting
additional business.
The rise in freight rates has been
so general that 1t is feared the de-
cision Of the commerce commission is
preliminary to similar action towards
other railroads. Some disappointment
was caused also by the failure Of the
British budget proposals to help Amer
lean stocks or the American grain mar
ket. The reduction Of the income tax,
1t was argued, would increase the sup
ply of capital seeking investment. The
remission of the corn duty failed to
induce any large export demand for
grain in this market.
Sold for Londan Account
There was selling of stocks for Lon
don account. There was also a strong
tone In the sterling exchange market
limits of the old export point Later
In the day the forecast of the bank
statement had stiffening effect on
stocks. The various estimates of the
weeks gain in cash charges from
S5,0OO,OOO to 100000, to which 81
$4,000 comes from subtreasury opera
tons. The progressive ease of the
money market confirms a promise that
the position of the banks has been
much strengthened. Reading was run
up point on account of the testi-
mony of the president Of the company
before the interstate commerce COM
mission. The notable advance in the
silver market was the basis of large
buying of Mexican railroad stocks, ow-
ing to the increased exchange value of
the Mexican money which results.
Amalgamated Copper suffered from the
weakness of the copper market. The
market closed intensely dull, but fair
~ steady at the late recovery.
There was some continued demand
for the newer issues of railroad bonds
otherwise the bond market was irreg-
ular. Total sales, par value, s2,O35.-
600. United States bonds were all I'M
changed on the last call.
Closing List.