The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-04-03
LESS INCLINATION
FOR BUYING STOCKS
Market Affected By the Rapid
Pace of Recovery
FEW STOCKS AGGRESSIVE
Buyers During the Recent Depression
Now Appear as Sellers to Take
Profits-ReIaxation Noted
In Money Markets.
FEW STOCKS AGGRESSIVE

New York, April 2-The stock market
was affected today by the pace at which
the recovery has been going from the ex-
IRENE depression OF the first part of last
week. disposition to take profits on
the considerable recovery which has &C.
Cured conceded with a lessened inclna-
ton to buy stocks.
The sustaining measures which have
been apparent for several days past We're
not entirely withdrawn, however, and
the consequence was a hating and ir-
regular movement of Pennsylvania, which
testified to the conflict of forces in the
market The conflict relapsed more and
more into professional hands and the
quotations increased In dullness The
measures of support in the market was
practically effective against the unfavor-
able influence of the fall in the prices Of
Americans in London before trading be-
gan here. The price made in London
early today, after a triple holiday was
much higher than where they left off
on Thursday and the tone here was
firm. These early prices in London were
regarded as largely nominal and the
support in the local market had no diff
ficulty in bringing quotations well over
last nights level
The aggressive strength of few stocks
had a large sympathetic influence on
this result 1t was from this restored
level of the market that the move
mept became wavering and uncertain
again. There was no immediate develop
ment in affairs to account for this ac-
ton and it was attributed largely to
technical causes. The large covering oper-
atoms by the bear party for several
days past has served to reduce greatly
the outstanding short interest in the mar
ket which deprived the market of po-
tential demand for strength Buyers dur
ing the depression appeared as sellers
to take profits. Some attention was paid
to the course of news from Washington
and some of the heaviness in the Harri.
man stocks was attributed to the senti-
mental effect of the position of antagon-
ism between the President ana the head
of that system revealed by publications
during the day
The professed confidence of a party in
the speculation yesterday that the Pres
toward railroads would abate all alarm
on the subject in financial markets. was
not so active factor in the situation
The most notable developments of the
day were in the money markets. The
relaxation there was marked and prac-
tically universal. both here and abroad.
In London, the private discount rate
Yielded to below the bank rate for the
first time in many weeks. New York
nj of opI6 in I,oO
don without bidding higher than the pre-
vailing rate. The effect was pronounced
however on the sterling exchange mar
ket here. which rebounded violently.
Sales of securities for foreign account
aided to the demand of foreign exchange.
The collapse in local money rates also
a,iected the foreign exchanges. Borrow
ers were little inclined to employ time
loans with call loans fast yielding to
almost nominal figures. These conditions
helped to the later recovery in stocks.
Very confident predictions that the Atch-
sol dividend rate would be raised to
six per cent tomorrow put up the price
of that stock. The days net changes
showed declines predominating and the
closing of the market was rather heavy
Bonds were more benefited by the rising
money market than the stocks and there
was an appearance of a considerable alb
sorptive sentiment. Total sales, par value
$2512,000
United States bonds were unchanged on
call