The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-24

NEW YORK. April 23.-Members of the
New York Stock Exchange We're anxious
TO lnaugurate the trading in their new
building with an upward movement of
prices for the same reason that an ex-
perienced nurse wishes to carry a new
born baby upstairs before it shall take
a downward trip. Professional traders
in stocks are proverbially rich in this kind
of wisdom and they began preparations
for this mornings demonstration during
Tuesdays session in the temporary quar-
tiers. 1t was even suspected that some of
yesterdays operations on the consolidated
exchange during the festivities incident
to the dedication of the new stock eX-
change building was for account of mem
bers of the big" exchange, so-called.
with the purpose of furthering the proper
start in the new quarters this morning
Apparently very brief upward move
ment was sufficient to satisfy the solic-
itouS that the ''hoodoo" which has pop
ularly been supposed to hang over the
market since the exchange has been in
Its temporary quarters has been shaken
on AT all events. the rise in prices prov
to resist, and they began to relieve them
selves of their holdings and to realize
profits.
Advance Completely Lost.
The most notable effect of this turn of
affairs was the profound duIlness which
it produced in the market. but settling
tendency of prices also resulted which
gradually wiped out the considerable
gains established during the first hour
and forced prices to a level generally be-
low Tuesday nights closing. The i'm
mediate cause of this decline was not
clearly perceptible. but it seemed due in
large part to a distrust of the longer
future of the money market and the
background offered by the possibility of
further extensive antitrust campaign.
Immediate influences were favorable to
an advance. The money market gains in
each day and six-month loans are nego-
tiated below 3 per cent without difficulty.
New York banks are in the market for
commercial papers for the first time in
several months and they are making the
minimum rate of per cent. Some large
loans are reported for a nine month pc
Rod at per cent, while up to the present
time lenders have avoided extending their
accommodation into the autumn period
of increased demand for money. 1t can
not be said, however. that confidence is
universal in the quiet passing Of the
autumn period. The April returns of
national banks to the comptroller, so far
as reported, show a lower percentage Of
reserves to deposits than for either Feb.
8. the date of the preceding call, or for
April so, which is the nearest correspond
Ing date last year to the present call.
Caution in Money Matters Advisable.
This showing increases the disposition
to be cautious in money matters until the
autumn situation clears up. OF today'S
special movements that in Reading was
based on the ending of the lockout. Rock
Island showed evidence of absorption, at
tributed to insiders. A sharp advance in
Northern Securities on the curb resulted
from yesterdays declaration of the quar-
terly dividend at a good rate.
Buying on a large scale of the National
Railroad of Mexico stocks was explained
as being due to the considerable rise in
the price of silver and the consequent fall
in Mexican exchange. Consolidated Gas
jumped on the defeat of the municipal
lighting measure in the state assembly.
The sympathetic effect of these advances
was lost when these stocks began to re-
act. The market closed dull and heaYY.s
;. There was quite demand I'd for the newer
cents, selling in the sos and COS. Some of
the higher grade bonds were slightly low
err. Total sales, par value, $2,675, 900.
United States rs and old AS declined
a per cent and the IS u per cent. The
new As advanced a per cent on the last
call.