The Birmingham age-herald., 1907-07-08
REVIEW IF STOCKS
 FOR THE WEEK Confidence in tho Future is About Restored MONEY TO MOVE CROPS Crop Reports for the Week Have Been Generally FavorabIe-Big
 Speculation in Cotton
 Market.

New York, July 7.-The movement of the stock market within the past week has reflected some conflict of sentiment oyer the future course of values or some mystery or doubt over those who have operated for higher prices. Occasionally irregular fluctuations of prices have becn the result. The bull parties have held the ascendant and have been able to maintain prices and make some show of strength in the market.
 Sales to realize profits by those who have bought stock last week caused an early reaction, but after these had been absorbed prices again showed harden ing tendency. The conclusion seems to be maintained that the worst of the unfav- orable factors with which the market has had to contend with was safely passed. Bank statements for the week are evi- dence of the enormous transactions which are reported not only in New York but in London and Paris, and particularly in Berlin, where the changes In the differ ent items of the report of the Imperial Bank of Germany exceeded any prvious rcord.
 hS AtidAdliOH Ol ILOlity ldHeQ lO Qe- velop any revival of demand for securi- ties,l and brought corresponding disap- pointments. In New York the money mar ket was slower to relax rates on all ruling higher early in the week than last week. The course of the foreign eX- changes also indicated a working demand for our gold, as soon as any relaxation should occur in the local money market. The sluggishness of the demand for secur- ities undoubtedly finds large explanation for large American interests which have already been spoken for, news of the rail- road companies installments of subscrip- ton falling due from time to time. These new securities are offered to stockholders on such terms as to prove more attrac- tive than securities in Fhe open market, even at the lowest prices which have re- gently prevailed.
 The opening of the redemption against the government 1 per cent bonds, which matured July 1, is proving slow and cum bersome, the prompt offer of the bonds be- ing confined practically to the holding Ga- tional banks and other institutions which own large blocks. It is now evident that a small portion of the $36000,O0O of the bonds still outstanding at the time of ma turity will have been presented by July 10, which is the date set for the return of $3O,000, GOO of government deposits held by the national banks. The effect on the money market of this event is a matter for consideration in view of the surplus reserves of the New York banks
 The premonitory demand for currency from the south to move the cotton crop has made itself felt by the New York banks and the approach of the period for the harvest of the winter wheat crop points to another coming requirement.. Crop reports had been favorable during the week, especially that of winter wheat and corn, but the publication of the gov- ernment report on the condition of cot ton, as of June 26, threw into the specula- tion situation the prospect of a shortage in the cotton crop and incidentally re- acted a furious speculation to the market for the commodity. Activity in the iron and steel trade is well maintained, and reports of railroad net earnings for May show handsome increase over those of May last year.