The Birmingham age-herald., 1907-04-11
STOCK MARKET IS A SHIFTING AFFAIR Advance Lost on Efforts to
 Liquidate DlSTRUST MONEY MARKET Suspicion on This Point Is Due to the Discrepancy In the Rates
 Charged for
 Money.

New York, April 10.-The narrow pro- fessional limitations of the present stock market continued very much in evidence today. The constant course of the price movement was accepted as refecting nothing more than the shifting sentiments of the professional traders seeking to scalp a profit. The market seemed. to be equally free from either buying or selling transactions of a substantial character. With no selling pressure on the market the room traders found it easy to ad- vance prices as a result of their own limit ed buying and bidding up, but the futility of the process was demonstrated when they attempted to resale to take profits. The buying demand being as torpid as the selling pressure, the profit taking sim- ply resulted in prices retraeing the pre- vious course. There was not much news to account for the days movements. The spirit of caution reflected in the dimnish- ing activity of the market is generally at- tributed to distrust of the permanence of genuineness of the present conditions in tho money market. The suspicion on this Iaint is due to a certain discrepancy in tac rates charged for money. The pres
 ease of rates for call loans at tho ock exchange and for time loans in A al street obviously are not affecting t.ie rates volunteered by railroads for ac- commodation on a large scale. Last weeks example of the Erie note issue was supplemented by the sale announced today of 6,16O,O0O of three year per cent notes by the Wabash. The terms were not officially announced, but were under stood to represent little relaxation from the rates recently in force for fioata- tions. It is pointed out also that banks failed to purchase the highest grade mer- cantile paper at per cent or above. thus serving to give a fictitious appearance to the time money rates The financial dis trict is full of reports of renewed nego- tiation for term borrowing by railroads and corporations. and this gives the ina presson that a waiting demand exists for all available credits which may prevent any effective relaxation in the money market. A reduction in the Bank of Eng land discount rate is quite confidently ex- peeted tomorrow as the open market rate has fallen more than ] per cent below the bank rate and the central institu- tion has made large additions to it's re- serve during the past week. The Paris market, however. consistently maintains a skeptical view of the adequacy of present money market supplies to sustain any pro-
 
 has been attached in anticipation to the government crop report to be published today, as giving the first official estimate and condition of the winter wheat crop.
 The report proved highly promising ex- cept for the region immediately affected by insect damage. But the wheat market showed the effect of fears of damage wrought since the date of the estimates by the government authorities. ahd the stock market in consequence derived no benefit from the report. The determina- ton of the interstate commerce commis- sion to push the examination of E. H. Hartman concerning certain stock trans actions by legal process is regarded as of sinister import to the security market owing to the recollection of the response of he market to the last inquiry in that field A sharp recession in the price of copper at the metal exchange was feat ure of the day. The days net changes were small although prices were at 3no time considerably above. and then con- siderably below last nights closing. Bonds were irregular Total sales, par value $1,712,OO0.
 United States bonds, 2s, advanced F per cent and the old 4s, A per cent on call