The Montgomery advertiser., 1903-04-24
WALL STREET REVIEW
100000 KEPT OFF BY OPENING
 UPWARD MOVEMENT. t
The Rise Was Short-lived, However, as Those Who Were Long Sought to Take Profits
 on Advance,

NEW YORK;. April 23---Members of the New York Stock Exchange were anxious to inaugurate the trading in their new building Mi.h an upward movement of prices for the same reason that an experienced nurse wishes W uo carry 2 newborn baby upstairs before traders in stock, trip this kind of wisdom and they began prepara- 1.on Tor this mornings demonstration during II was even suspected that some of yester- oays operations on the Consolidated Ex- cnsnge during the festivities incident to the aeoicauon Of the new Stock Exchange build ing was for account of members of the .'big' eAcnange, so-oalled. with the purpose of ur.nefins ,sr. ,s the proper start in the new qrar- ters tnis morning. Apparently e very brief upward movement was sufficient to satisfy the solicitous 'hoodoo" which has popularly ,se Ieen I supposed to hang over the market since ters have been shaken on. At aii events the rise m prices proved too tempting for those long on stocks to resist and they began to re- iieve themselves of their long holdines and 70 realize profits The most notable effect of tnis turn of affairs was the profound dull settiing tendency of prices also resulted which eraduaiiy wiped out the considerable gains established during the first hour and forced p,lSes to level generally below Tuesday nights closing. The immediate cause of this decline was not clearly perceptible. but 1t sesa ienssr que in large part to dstrust of the Dackground offered by the possibility of fur tner extensive anti-trust campaign. Imme-
  vance. The money market gains increased each day and six months loans are negotiated below per cent. wtthut difficulty. New York banks are in the market for commercial papers Tor tn efrst time in several months and they are making the minimum rate of per cent. Some large loans are reported for a nine months period at per cent, while up to the present time lenders have avoided ex- tending their accommodation into the Au- tumn period If increased demand for money It cannot be said, however, that confidence Is universal in the quiet passing of the Au- tumn period. The April 9th returns of ria- tional banks to the Controller. so far as re- ported show lower percentage of reserves date of the preceding call. or Tor April 30, which Is the nearest corresponding date last year to the present call. This showing in- creases the disposition to be cautious in money of today's special movements. that in Read ing was based on the ending. of the lockout Rock Island showed evidence of absorption attributed to insiders.
 A sharp advance in Northern Securities on the curb resulted from yesterdays declaration Of the quarterly dividend at an unchanged rate Buying on large scale of the Na- tional Railroad of Mexico. stocks was ex-, plained as being due to the considerable rise in the price of silver and the consequent fall jumped on the defeat of the municipal lighting measure in the State Assembly. The sympa- thetic efect of these advances was lost when these stocks began to- react The market mand for the new issues of bonds. especially the 4's. selling in the sos and eUs.
 Some of the higher grade bonds were slight ly lower. Total sales (par value), S2,676, 900. United States 2's and old As declined A per cent and the 3's h per cent. The new As
 New York Stock List.