The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-28
STOCKS AT The DULLEST
SET A NEW RECORD FOR THE
YEAR IN THIS RESPECT
Even Professional Traders Cannot
Move Prices by Dealing With One
Observation-Disclosures in AmaIgamated
Copper Is an Adverse Influence.

NEW YORK, April 27.-The somno-
lent condition of today's market was
significant of the continued indiffer-
ence of the general speculative and in
vestment public. Even the profession
al traders found discoura gment in their
efforts to move prices by trading with
each other, and the general tone of
the market, in consequence, was the
dulleSt thus far this year. The special
movements in a few individual stocks
were all that offered any feature.
A report by expert accountants on
behalf of the Metropolitan Street rail-
way, intended to refute the charges of
Irregular accounting against the COM
pany, which are the subject of present
inquiry by the authorities, was made
the occasion for marking up that stock
1-2. hostile purpose towards -
bear party in the stock was apparent
and the gain was practically lost be-
fore the end of the day. A rather Ian
guild attempt was made to induce a
general rise in the market in company
with the Metropolitan Street railway
movement and Missouri Pacific and
Baltimore & Ohio seemed to be chos-
en- as the leaders, but this movement
did not reach far.
Weakness in Copper.
The weakness of AmaIgamated Cop
per, caused by the fall in the metal, was
an adverse influence. Then there de-
veloped a remarkably strong tone in
foreign exchange, which narrowed the
gap between the gold export point ma
terially. Discount and money harden
ed in London and the advance in Brit
ish consolS was checked. This had a
somewhat chilling effect on the expec-
tatiOn that a decline in the Bank of
England discount rate this week would
mark the easing tone of money all over
the world.
Money rates here continued to de-
cline and there were increasing offer
ings for periods extending beyond six
months, for which no concession from
the 5 per cent rate is yet reported. The
increasing supply of money does not
show any inclination to take up securi-
ties. The tone of the bond market is
relatively better than that for stocks,
but the actual business in that depart
ment is still profoundly dull. The
approach of the May 1st period with
the skies in the labor world compare
lively serene is accepted as a favorable
factor, but not a positive factor in the
market. There is a feeling in stock
market circles that the quiet in the
labor world has been secured at the eX-
pense of concessions which are con-
stantly raising the operating cost and
making lnroadS upon net earnings.
Heavy Expenses of Railroads.
The increase in gross earnings for
March of Atchison was wiped out and
a decrease in net of S249,817 established
by the large growth in operating ex-
penses. The weekly statistics of rail-
road traffic showed a considerable fall
ing off in the movement, especially in
the grain movement eastward and
large OUTLAWS are reported in prospect
for improvements and for belated re-
pairs of overworked equipment. The
fairly general movement which has de-
veloped among the trust companies to
withdraw from the clearing house
privileges rather than conform to that
institutions reserve requirements had
induced an unsettled feeling and a good
deal of puzzled conjecture as to the eff
feet on the money situation and there
is disposition to await the final ad-
justment of the controversy.
The bond market was extremely dull
and irregular. Total sales, par value,
81, Cos, 900. United States As ad-
vanced IL per cent on the last call.
Closing List.