The Birmingham age-herald., 1907-04-05
STOCKS RISE IN
 BROADER MARKET Professional Appearance, How- ever, is Still Preserved RADICAL REIMBURSEMENT More Cheerful Sentiment Is Based On a Favorable Change In
 the Money Market
 Prospect.
RADICAL REIMBURSEMENT

New York, April 4-There was a ma- terial expansion of the volume of trans actions in today's rise in the stock mar ket over the halting and hesitating mar ket of yesterday. The market still pre- served its professional appearance, how ever, and the movement was regarded rather as a readjustment of the price level to the changes of conditions in the market than as resource to any actual large absorption of securities. The read justment in values was quite radical and sudden. Other factors were given a nominal Influence in the days movement but there can be no doubt that the changed face of the money prospect lay at the root of the more cheerful sentl- ment expressed by the rise in prices.
 Yesterdays quotations of per cent for call loans was given sentimental import ance, which perhaps exaggerated consid- erably the small amount of funds placed at the figure and the belated period of the day at which the quotations were made. Today, howevr, the call loan rate did not rise above 21s per cent com pared with a maximum rate of 314 per cent yesterday. The movement of the in- ternational exchanges is significant of the change in conditions.
 The first of April has been looked for ward to for long time back, as the limit of the period for which New York must refrain from asserting it's claim for gold or foreign money markets in order to spare those markets from pressure that would endanger them. Now with the quarterly settlements concluded and the expected relaxation in foreign money markets, New York is without urgent necessity to draw on Europe.
 London has removed the obstacles to an outgo of gold, the price of the metal de- clining in that market. and a sharp fall in the open discount rate opening the way for New York to secure gold if it is de- sired. The rapid fall in our money rate has run up the sterling exchange rate to where the import of gold offers no profit. Undoubtedly the relief measures adopted by the treasury were a deciding factor in avoiding the expected approaching crisis. Wednesdays Imperial Bank of Germany statement and today's Bank of France statement are sufficient evidence of the stress of the situation.
 The French bank note issues dropped nearly $42 100000, and it's outstanding cred its were $52, 000 for the week. The paris market expressed it's relief today that the bank of discount had not been raised to per cent. The collapse in money rates clears up one of the darkest clouds on the financial horizon, and is of vast sen timental influence in disposing of the deep depression recently hanging over the security market.
 Large importance was attached in the days improvement to the reports from Chicago that a settlement was imminent in the wage dispute on western railroads. Southern Pacifics were strong, showing net gains for February helped that stock and Union Pacific as well, and there was apethetic effect on the whole market. The rebound in the London copper mar ket was a favorable incident of the day.
 The late market showed the usual ef- feet of profit taking on so considerable a days rise. The gains were quite well maintained. The bond market was active and very strong in response to the de- cline in the money rate. Total sales par value, s, ,355. .000
 United States bonds were unchanged on call