The Montgomery advertiser., 1907-04-16
THE STOCK MARKET
VIOLENT FLUCTUATION DID NOT
 ALTER CONVICTION.
Current Stock Market Largely in Hands of Professional Operators With the Factors of Doubt of Sufficient
 Force to Curtau Speculation.

New York. April 15.-Today's rather vio- lent and irregular fluctuations in prices did not alter the general conviction that in the hands of professional operators with the factors of doubt and uncertainty over the future of sufficient force to keep out any large public participation in the trading showed the influence of this considerable ex- tension of operations on the short side without dislodgfng any important new h- quidation. There was a material recovery from the first break but ii was not until the needs of the uncovered bears had been substantially met that the dull and uncer- tain fluctuations were renewed.
 The recovery became most pronounced after the announcement on the exchange of the failure of a board member. It was as stunned that the announcement represented the disclosure of a mysterious something which bear operators have insisted was hanging over the market to cause last weeks reaction. The failure was not re- garded as important In itself and the bears were not inclined to remain uncovered on the short side with this factor as an ex- panation of whatever weakness the market has shown but with the passage of the fn- ish of the failure there was recurrent con- sideration of some of the doubtful factors which were in evidence last week.
 The record weekly expansion of bank loans shown by the bank statement came in for it's share of discussion and was com pared with the extended condition Of cred its for the country at large. shown by the reports to the controller of the currency. Be- sides subscriptions to new stock issues and
  was believed that large payments to foreign lenders had been in progress and the up- ward course of foreign exchange last night brought out the suppositfon.
 Today foreign exchange reacted sharpiY. although call money continues easy. London looks for further reduction in the Bank of England discount rate The discount rate has hardened in Paris however. and the sterling exchange rate in Paris has fall en three centimes since Friday, indicating a strong current of remittances from Jon- don to Paris.
 Tn the time money markets here. there Is ties although the market Is soft for the shorter maturities. The opinion is heard from some banking quarters that the pres ent discrepancies in the money market or great ease for call loans and sustained firm ness for the other forms of loans is due to some desire on the part of lenders to Keep abundant funds in hand and immediately available. in order to be prepared for pos sble contingencies
 The reports of deterioration in the con- dition of the wheat crop and of the spread of the ravages of green bugs made their re- appearance in the stock market during the
 A sudden relapse in the price of Standard oil stock in the curb market was a senti- mental influence towards helping the de- presson of the stocks, This downward drift carried prices almost as low as the preceding break. but there was some re- covery again before the irregular closing.
 Bonds were heavy. Total sales par value s1510O00. United States bonds were un- changed on call.
 NEW YORK CLOSING STOCK LIST.