The Birmingham age-herald., 1907-04-19
TREAD SOFTLY LEST THEY WAKE MARKET Stock Brokers Grow Facetious Over Days Stagnatioh SCARCELY A POINT CHANGE Presence of the Secretary of the Treas -ury Gave Rise to Surmises as to
 Dscontlnuance of Deposit
 of Current Customs.
SCARCELY A POINT CHANGE

New York; April 1S-Facetious brokers cautioned each other to step softly today lest they wake up the stock market from Its somnolent conditions. A glance at the aggregate of the day will help to explain the pleasantly. Analysis of the price movement will show that only a handful of stocks moved at any time as much as full point away from last nights close. The movement, sluggish as 1t was, was conspicuous also for its irregularity. The narrow vibrations varied constantly above and below last nights closing level The consequence was market such as is rarely witnessed except in the days of mid-summer's oppressive heat, and then only in periods of inactive trade condi- tions. It has been evident for some days past that the diminishing transactions at the stock exchange were largely in the hands of professional traders so that the only profit to be secured must be at the cost of each other This condition had natural tendency of discouraging eff forts In fields so circumscribed. But the almost total eclipse of even the traders activity which occurred today came as a surprise. Yesterdays check to the ad- vance, which had set in the day before, was particularly Illuminating as to the proportions of the movement, which was clearly limited to a turn against the shorts The market today sank into a state bordering on stagnation. The feeble speculation even in such a favorite as Amalgamated Copper on the eve of divi- dend action was a sample of the spirit of the market
 The unchanged dividend was in fact clearly forseen. Some influence is attrib- uted to the hardening of the money mar ket, slight as it is, a deterrent upon speculation. The presence of the Secere- tary of the Treasury in the city gave ear to some surmises of possible discontinu- hnce of the deposit of current customs re- ceipts at the banks. This forms the principal source of the, account of bank cash now in progress. The withdrawal of loans made by interior banks here now in progress, owing to the unattractive level to which interest rates have fallen, will affect the loan item of the local banks which are called on to take over these loans. The change resulting in nominal rather than serious, as the loans of in terior banks which are being recalled were made out of deposits at the New York banks. These deposits, therefore were based on the New York reserves as hiutu they VIII pc when taken over DY the New York banks themselves.
 With the loans figuring in the state- ment of the New York banks themselves the reserves showing will, however, be Infected. Abroad the recall by the Bank of France of its credits placed in the London market accounts for the retention Df the Bank of England rate at AZ per cent. The slow recuperation of the Bank of France in comparison with the other great foreign banks explains the move- ment to reimburse itself for advances made to London during the period of strain In that market Discounts eased in Berlin in spite of the issue of s1OO,- D00,000 imperial German and Prussian treasury bills. The British proposals pre- sented to parliament today gave promise of advantage for the money market in the resumption of sinking fund purchases of consols. A renewed decline in Standard Oil in the curb market was a feature of the day The market closed with an up swing of prices in progress which left prices generally above last nights closing level.
 Bonds were irregular. Total sales par value, $1,094,0OO
 United States bonds were unchanged on call.