The Birmingham age-herald., 1907-04-23
BETTER SENTIMENT IN STOCK MARKET Real Improvement Reflected in Advance of Prices SPECULATIVE FAV0RlTES Business of Small Volume and Con- eested In Chosen Few-Per-
 sistent Short h.
 terest.
SPECULATIVE FAVORlTES

New York April 22.-While the days transactions on the stock exchange were generally inclined to be largely in pro- fessional hands, advance in prices was recognized as a reflection of real improve ment in sentiment toward the end The expansion volume of the dealings was not noticeable and business was un- duly congested in a few speculative favorites in the same way as for some time past. The manner in which prices rose also failed to carry conviction of a response to the demand simply to secure additional hold ings at the best possible terms. The ob- ject as well of raising the level of prices was obvious in some of the most con- spicuous cases.
 But the important feature of the mar ket was the rise however, brought about by bringing out present offerings for sale. It is this condition of the market that causes uneasiness in the outstanding support interest which Is admittedly stil large The bear position is based on the usual precedent of a slow sagging ten dency of prices after the first rebound from such a violent fall as occurred last month. The existence of this persistent short interest in the market Invites op- position of the bull party as-the market is freed from actual liouidation on ad- vances
 There was little to show absorption of stocks today beyond the narrow pro- fessional impetus which indicates that news of events or changes of condi- ftAr.- .ar-.T. for the days movement. A ten dency of time money rates, which was looked on as better index of the real money situation than the deteriorating condition of the banks. The large loan expansion of the last two weeks Is not regarded as due to demand for credits in anything like the proportion of the loan increase, as that Is due largely to the transfer of loans to the New York banks which were previously narrowed by inte- rior banks and by trust companies
 This course of New York bank loans Is thus in reality a sign of relaxation rather than of stiffening money markets. The same thing is the result of the remtting of funds from London to Paris, which represents issues formerly issued and prompted by the present ease of money in London. Discounts continued to de- cline there and also in Berlin, where, it Is said, apparently with authority, at this weeks meeting of the directors the Im- perial Bank of Germany will reduce the prevailing rate of 6 per cent
 buoyant market for copper securities in London and an advance in the quo- tation for the metal there were helpful factors in the days rise. An incident re- garded as of some significance was the sale of a stock exchange seat at price higher than the preceding sale, the rule being declining tendency for the seats when a prolonged period of stagnation in stocks is believed to be imminent In- ternational commission houses asserted that a more favorable attitude toward American securities on the part of for eigners were discreditable with the re- taxation in money markets abroad.
 Recent crop damage reports apparent ly were regarded with some modification of jews in the stock market. and the forecasts of rain in the wheat belt hav-