The Birmingham age-herald., 1903-04-24
PRICES BOOSTED ID
 REMOVE A 100000 Members of Stock Exchange We're Anxious for Advance IN THEIR NEW BUILDING After a Brief Upward Movement the Prices Proved Too Tempting for
 Longs and They Began to un-
 load and Take Profits.
 
IN THEIR NEW BUILDING

New York, April 23.-Members or the New York Stock exchange were anxious to inaugurate the trading in their new building with an upward movement or prices fer the same reason that an eX- perienced nurse wishes to carry a new born baby upstairs before it shall take fl downward trip. Professional traders in stocks were proverbially rich in this kind of wisdom, and they began preparation for this mornings demonstration during Tuesdays session in the temporary quar- ters. It was even suspected that some of yesterdays operations on the Consolidat- ed exchange during the festivities incl dent to the dedication of the new stock exchange building, were for account or members of the Dig exchange so called, with the purpose of furthering the proper start in the new quarters this morning. Apparently very brief upward movement was sufficient to satisfy the solicltous that the .'hoodoo," which is popularity supposed to have hung over the market since the exchange has been in it's temporary quarters had been shaken off.
 At all events, the rise in prices proved too tempting for those long on stocks to resist and they began to relieve them selves of their long holdings, and to real ize profits The effect of this turn of affairs vas the profound dullness when it produced Ill the market, but set ting tendency of prices also resulted which gradually wiped out the consider able gain established during the hrst hour, and forced prices to level gen erally below Tuesday nights closing. The immediate cause of this decline was not clearly perceptibe, but it seemed due Tn large part to a distrust Of the longer fu- ture of the money market, and the pack ground offered by the possibility or 1ur- finer extensive antitrust campaign. Inn mediate influences were favorable to an advance. The money market gains ln- crease each day, and six months loans are negotiated below 5 per cent without difficulty.
 New York banks are in the market for commercial paper for the first time In several months and they are making a minimum rate of per cent. Some large loans are reported for nine months period at per cent, while up to the pres ent time lenders have avoided extending their accommodation into the autumn period of increased demand for money. It cannot be said, however, that conh- dence is universal in the quiet passing ot the autumn period. 1ne Aprll TeluHhS oA national banks to the comptroller, so Tar as reported, show a lower percentage of reserves to deposits than for either Febru- ary 6, the date of the preceding call, or April 30, which is the nearest correspond- ing date last year to the present call. This showing increases the disposition to be cautious in money matters until the autumn situation clears up. or today special movements, that in Reading was based on the ending of the lockout. Rock Island showed evidence of absorption. at tributed to insiders.
 sharp advance in Northern Securities on the curb resulted from yesterdays declaration of the quarterly dividend at an unchanged rate. Buying op large scale of the National Railroad of Mexico stocks was explained as being due to the considera ble rise in the price of silver and the consequent fall in Mexican exchange Consolidated Gas advanced on the defeat of the municipal lighting measure in the state assembly. The effect of tLese advances was lost when these stocks be- gan to react. The market closed dull and heavy. There was quite a demand for the new issues of bonds, especially the per cents. selling in the sos and 90s. Some of the higher class bonds were slightly lower. Total sales par value S2,675,000.
 United States 2s and the old As declined 4 per cent and the Ss F per cent. The new 4s advanced IA per cent on the last call