The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-04-16
BEARS AGAIN MAKE
VIGOROUS ATTACK
Recovery from First Break After
Shorts Covering
FAILURE OF BOARD MEMBER
Causes Recovery to Be Most Pro-
nounced, But the Failure Is Not
Regarded as Important
In Itself.
FAILURE OF BOARD MEMBER

New York. April 15.-Todays rather vio-
lent and irregular fluctuations in prices
did not alter the general conviction that
the current stock market is largely in the
hands of professional operators, with the
factors of doubt and uncertainty over the
future of sufficient force to keep out any
large public participation in the trading,
and to keep a tinge of heaviness in the
tone of a speculative sentiment. The bear
element among the professionals evil
IDENTIFY flushed with their success towards
the latter part of last week made Wig
orous onslaught on the opening market
today The subsequent trading showed
the influence of this considerable extern
sion of operations on the short side with
out dislodging any important new liquida-
ton There was material recovery from:
the first break, but it was not until the
needs of the uncovered bears had been
substantially met that the dull and I'M
certain fluctuations were renewed.
The recovery became most pronounced
after the announcement on the exchange
of the failure of a board member. 1t
was assumed that the announcement rep
something which bear operators have in
sisted was hanging over the market to
cause last weeks reaction. The failure
was not regarded as important in itself,
and the bears were not inclined to remain
uncovered on the short side with this
factor as an explanation of whatever
weakness the market has shown, but with
the passage of the finish of the failure
there was recurrent consideration of some
of the doubtful factors which were in
evidence last week.
The record weekly expansion of bank
loans showed by the bank statement came
in for its share of discussion, and was
compared with the extended condition of
credits for the country at large, shown
by the reports to the comptroller of the
currency. Besides subscriptions to new
stock issues and repayment of loans to
interior leaders it was believed that large
payments to foreign lenders had been in
progress, and the upward course of for
e.gn exchange last night brought out the
supposition.
Today foreign exchange reacted sharp
ly although call money continues easy.
London looks for further reduction in
the Bank of England discount rate. The
discount rate has hardened in Paris, how
ever and the sterling exchange rate in
Paris has fallen three centimes since
Friday, indicating strong current of re-
mittances from London to Paris. In the
time money market here there is a stiff
fleming of rates for the longer maturities,
although the market is soft for shorter
maturities. The opinion is heard from
some banking quarters that the present
discrepancies in the money market of
great ease for call loans and sustained
flrmness for the other forms of loans is
due to some desire on the part of lenders
to keep abundant funds in hand, and i'm
mediately available, in order to be pre-
pared for possible contingencies.
Reports of deterioration In the condition
OF the wheat crop, and the spread of the
ravages of the green bug their reap
pearance in the stock market during the