The Montgomery advertiser., 1907-04-18
THE STOCK MARKET
ONLY FACTOR OF IMPORTANCE WAS
 NARROWING PROPORTIONS.
Tho Condition h Regarded as Rather Sea- sonable, Especially After Such Be- were Liquidation ef Last
 Month.

New York. April 1.-The factor of any importance to be drawn from the action "f today.s stock market was its narrowing proportions. due to the decline in general interest in the operations The demand rom uncovered shorts which responsi- pie for yesterdays brisk price movement somewhat further today before 1t had ex- hausted its influence prices Dealings men iapsed into a state of lethargy. This condition is regarded as rather seasona- able especially after so severe a liquidation as was completed last month.
 The financial district is full of constant rumors of the consequences left by the were decline in prices which took place then ana the heavy losses involved The fair inference that much is to be done in the way of repair of damage done at that time glves creditabiiity to rumors and makes sentiment sensitive to the influence. The losses involved, it Is generally believed. have kind whose operations have been relied on Tor a long time past for leadership of any important movement in the market. The reduction of the resources available for such operations in itself would constitute ob- stacle to an immediate resumption of spec uiation on any such scale as has been wit messed in the market in the last few years Is rather obvious also that the party investment for stocks. which was conspic- ouus at the extreme low level of prices and which may be relied on to effect &C., tual reduction of the floating supply of stocks. has died ou, almost entirely at the recovered level of prices and has subsided also in the bond market
 The course of the money market with any active resumption of the demand for cur rency from the interior Is another subject of uncertainty With the added problems of the outcome of the years crops and with the extent to which the slowing down in trade may go the halt in stock speculation becomes inteliisible.
 News developments were of small conse- ouence as they affected the market. Much responsibility for the reaction was attrib uted to a published report that hearings would be resumed tomorrow by the Inter- state Commerce Commission into the Har- riman railroad operations. with an applica- questions refused before The effect of previous hearings the stock market is too recent to allow their suggested fesump- tion to be contemplated with entire eaus- connected to important extent with the further recovery in copper metal in the London market.
 Money here was firmer. although the exchange at Chicago has fallen to 2S cents discount, while foreign exchange here IS firmer Discounts hardened in London in the Bank of England discount rate is Iessened by the movement of gold from London to Paris It is explained. however. London discounts. which were purchased by the Bank of France last year. The movement therefore. represents a working back to normal conditions which is expect stress which has been perceptible in Paris. Today's statement of the Imperial Bank of Germany also showed rapid further re- cuperation from the strain of the April settlements reflected in the statement of two weeks ago. Last prices of stocks were near the lowest.
 Bonds were irregular. Total sales par value $1, 1,29s,000. United States bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.