The Birmingham age-herald., 1907-04-12
STOCK MARKET
 $ EXTREMELY DULL But Operations Are Conducted
 More Progressively STRENGTH IN EVIDENCE
Mucf, of the Days Session Has the Ap- pearance of Testing Operations Without Success of Devel-
 opine Any Tendency.

New York, April 1.-The stock market was still largely in professional hands today, but operations were conducted in a more aggressive manner, and were ex- tended to greater lengths. Constant shift ing of positions still indicated a very un- certain frame of mind on the part of professionals. Much of the days session was what looked like testing operations without success in developing the pre- vailing tendency of the market. The trading sank into extreme dullness at times under the discouraging influence of these. Such strength as the market showed was most in evidence in the early part of the day. Part of this was in re- sponse to rise in London markets as a result of the reduction in the official dis count rate of the Bank of England from to AZ per cent, the early results were furthered by the bull party in the trad ing by manipulative devices. The sub stantial effect of the English bank rate reduction was in fact small. The previous course of the money market gave ample warning of the action, which gave op- portunity for discounting it in the secur- ities market.
 In some quarters an expectation had been expressed that the reduction would be a full 1 per cent instead of F per cent. The weekly statement of the Bank of England fully explained the situation. Not only this, but heavy decline in gov ernment deposits showed the transfer Dy government expenditures of large sums to the money market. The private rate of discount continued to decline also, as it did in Paris, the Bank of France show ing a substantial contraction of loans although the increase in gold holdings was but small. Notwithstanding this general and continued yielding of money rates all over the world, the stock mar ket begins to reflect misgivings sufficient 1y to meet large waiting demands. These include large volumes of authorized but unissued securities, or where the sale of these is impracticabe probable further note issues. Signs of a movement of cur rency back to the interior also gives warning of the large. requirements Of the continued activity in trade The erect of this demand, alternately. is slacken- ing in the demands of trade. This IS possibility looked upon with less equanm- ity than for time. when it's possible re- laxing effect on the money market was given first consideration in Wall street. The dilemma is thus presented Of hght money markets owing to continued de- mands of the circulation from active trade, or sustained ease in money by reason of some reaction in trade and the consequent reduction in earning power on share capital. Another specific influence in the days market was the report from Washington of the decision of the inter- state commerce commission to advise pro- ceedings against the Hartman railroad system as restraint of trade, within the meaning of the law. The London copper market showed a disposition to break down again, and this served to re- awaken some uneasiness over the market position of that metal, notwithstandlng the observation of the great producers as to the soundness of the position. Iron trade authorities also testified to the un- diminished strength of that trade Unl- ted States Steel was comparatively firm, but this did not sustain the general mar ket The closing tone was steady and at some recovery from the lowest. Bonds were dull and irregular Total sales par value $1,4S0000.
 United States bonds were unchanged on call.