The Montgomery advertiser., 1906-04-18
THE STOCK MARKET
OUTSIDERS INDIFFERENT TO THE TESTING OPERATIONS
RrofensionaIs Retreat and Resell Their Takings-Call Money Eas. fer and the Rate Drops Down
 to Four Per Cent.

New York. April 17.-Te market for stocks followed about the same course change seemed to be in the nature of testing operations and the indinerence of the outside response to this proved s3 far disappointing to the professional element which was responsible for the movement that they retreated general iy from their position and re-sold their
 Foreign markets had resumed oper- ations today after their prolonged hoI- iday before transactions were made in the New York market and a hopeful augury was drawn from the tranquility with which New Yorks large acgui- event disproved the apprehension of q violent unsettlement in the London market or in the London stock market for Americans which helped to depress sentiment late yesterday in the local stock market. But the hope was dissi- pated by the removal Of the threat or e,d Tes p ble revival of speculative in the year. The conservative attitude maintained towards the stock market has been a tion of tho engagements of gold for import. Sterling exchange was sus- tained above the level where gold fSaia ne shipped at pro1 nssd evsh ststs wta treasury plan of deposits of govern ment funds with the banks against engagem snts of gold for import.
 The call loan rate fell today to be- low four per cent before the active lending period or the day was over and rates on the time. loans relapsed to 1-4 per cent for sixty.and ninety days and to five per cent. for, six and nine months. The efficacy of the meas ure adopted by the United states treas ury to encourage gold Imports Tn market was therefore beyond question. although the criticism was heard thai It was possible for foreign money mar kets to adopt protective measures for the stock market to the easing money market is due to the feeling that vth- CT needs remain to be supplied before 1t will be vice to embark large credits money is looked flor furthering the Rotation of the securities which have been withheld ip waiting for better market opportunity.
 The great expansion of credits in real estate and in other lines Of new enterprise Is believed to have become clogged in something the same way. reacting on itself to halt the working out Of projects upon which the moving of funds held in credits has depended. Tne atssmpt to prt up prsss 9 tion in the form of large offerings, the source of which left room for the suspicion that liquidation of long hold tngs was III progress. heaulne sumeA cd something from the uncertainty over the anthracite labor outlook and from the reports of riotous outlook in the coal regions,
 Pennsylvania. on the contrary, was conspicuously wrong, although this was accomplished by a continual feel ing out of the convertible bonds of the company. The Pennsylvania sub sidiary stocks followed it in rotation with advances, while selling in prog ress at other points. The appearance of speculative liquidation in Amalgs- mated copper of large sentimental ef- feet. Prices were the lowest during
 ur, but closed with some recovery and with an irregular tone.
 Bonds were steady. Total sales par value, $3 100000. United States new 4s declined 1 IA cents on call
 NEW YORK STOCK LIST.