The Birmingham age-herald., 1907-04-04
STOCKS ARE LOWER
 TONE IRREGULAR Movement Due to Shifting of of Professional Operations MONEY MARKET RELAXES Recedinq Rates Are the Rule at All Great Financial centers of the
 World-London Copper
 Prominent.
MONEY MARKET RELAXES

New York, April S.-The movement of the stock market today was regarded more as a reflection of the shifting of professional operators than specifying any changes in the condition of affairs.
 The development of much consequence was the relaxing tendency or money which however was little regarded Ill the stock dealings. Receding money rates were the rule at all the great financial centers of the world Even at Berlin the. discount rate receded, although the weekly statement of the Imperial Bank of Germany gave formidable evidence or the severe strain on financial sources there The increase for the week In the note issue of the bank amounted to sq4 e1 oOo and the expansion of It's out standing credits drawn on to the eN- tent of s356O0 000. This showing explalhs the remaining uneasiness reporteu Atoili Berlin. Reports from London lndlcateu that some of the takings or golu there were destined for Berlin. A feature or ene situation was that part of this supply ca,,a from New York resources by re- sale in London of part of the gold en- eaped there yesterday for shipment 10 New York the resale also resulting III fall in the market price of gold. lhe violent rebound In sterling exchange hele made the redisposition of the gold proHl- able. The rapid decline In the rates here exnlained the movement of the foreigh excbange. The banks have gained on sub-treasury operations since the last hank statements $S,244000. They received today consignments of upward or Sl'ooo'- 900 of the gold secured abroad last week The interior exchanges indicated also movement of currency in favor or New York. While the stock market was nt- tie affected by the course or money ehe bond market begins to show harkeu improvement and a largely incfeaseu ue- mand This is a development regarded with great interest owing to its tendency to correct the water logged cond1tioh which has existed in the bond market for months, and to take up the congestlon of many issues long unmarketaple III the hands of syndcates and bankers. Ihe New York sub-treasury already mas passed over to the banks upward or s17 GOO OOO of customs revenues, making IL evident that the treasury department IS limiting its deposits of this kind to the s15. eco 900 of accumulated customs re- ceipts first ordered deposited unoer the new law The treasury circular ordering the refunding of $50,00O,OO0 of the per cent bonds of 1907 at maturity ol 'uis and the redemption In cash or the rest of the issue, is regarded by bankers as promising additional assurances Of re- sources for the money market.
 Prices of stocks moved downward and then recovered. The explanations or the depression were selling for foreign ac- count.
 A break in the London copper market was prominent in the recovery after the declaration of the semi-annual dividend of 3 per cent An initial yearly dividend of per cent for Kansas City Southern, preferred, was another feature or the dav Reading and Brooklyn Rapid Tran sit were speculative favorites in the late rise which was attributed largely to re- buying of stocks sold short early in the day. The rally was not held and the closing tone was irregular.
 Bonds were firm. Total sales, par value, $2S2S .O60
 United States 2's declined 1A and the new and old As advanced A per cent on call.