The Montgomery advertiser., 1907-04-05
THE STOCK MARKET
MATERIAL ExPANsToN OF VOLUME OF
 TRANSACTIONS.
Market stin Preserved Its Professional Ap- pearance and tho Movement was Re- gardeA Rather as ReadJustment
 of Price Level

New York. April t.-There was a mate. rial expansion of the volume of transactions In today's stock market over the haltins and hesitatins market of yesterday. The market still preserved its professional ap- pearance. however. and the movement was regarded rather as a readjustment of the price level to the changes in conditions in the money market than as resource to any actual large absorption of securities The reaa5ustment in values was quite radical
 Other factors were given nominal in- fluence in the days movement. but there can be no doubt that the changed face of the money prospect lay at the rnCt of the more cheerful sentiment expressed by the call loans was given sentimental importance which. perhaps was exaggerated consider ing the small amount of funds placed at the figure and the belated period of the day at which the quotations were made Today: however, the call loan rate did not rise above 2h per cent compared with a The movement of the international ex- changes is significant of the change in con-
 The first of April has boen looked for yard to for long time back. as the limit of the period for which New York must refrain from asserting its claim for gold on torefEn money markets in order to spare those markets from a pressure that would endanger them. Now with the quarterly settlements concluded and the expected re- taxation in foreign money markets New York is without urgent necessity to draw on Europe. London had removed the ob- stacle to an outgo of gold. the price of the metal declining in that market and sharp fall in the open discount rate opening the way for New York to secure gold if 1t Is desired. The rapid fall in our own money rates meanwhile ran up the sterling ex- change rate to where the import of gold offers no profit
 Wednesdays Imperial Bank of Germany abatement and todays Bank of France statement are sufficient evidence of the stress of the situation. The French Banks note issues expanded nearly 342, 100000 and its outstanding credits over $52.000.o00 for the week. The Paris market expressed it's relief today that the bank rate of discount had not been raised to 4 per cent. The collapse in money rates clears up one of tho darkest clouds on the financial horizon and Is of vast sentimental influence in dispos- ing of the deep depression recently hanging over the security market.
 Large importance was attached in the days improvement to the reports from the wage dispute on Western Railroads South ern Facffics were strong. showing net earn. ings for February, helped that stock and Union Pacific as well, and there was sym pathetic effect on the whole market. A rebound in the London copper market was favorable incident of the day. The late market sohwed the usual effect of profit taking on so considerable dav's rise, but the gains were quite we'll maintained. Tho bond markets was active and very strong in response to the decline in the money rate. Total sales par value s3.3550o0. United States bonds were unchanged on call.