The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-04-02
HIGHER PRICES IN
THE STOCK MARKET
New York Without London's
Assistance Scores Advance
EFFECT WATCHED TODAY
Factor In Early Reaction Is the Fear
of Imminent Announcement BY
Roosevelt of UnfavorabIe
Railroad Attitude.
EFFECT WATCHED TODAY

New York, April 1.-The New York
stock market operated again today with
out London to serve as an index of the
foreign attitude. There was time to-
day when this seemed to arouse misgiv-
ings over the extent to which prices were
being carried away from the level ruling
when London last traded in our secur-
tiles on Thursday last. The rebound of
Friday was materially extended, but
gains were added today
The trading in London tomorrow Is
awaited with interest to see what view
will be taken of the rapidity of the re-
covery here. The drop in Canadian Pa
cific at the opening here was largely due
to stock supplied from foreign sources
as the extent of the short interest in that
stock revealed on Friday last made it in
eager demand still. The demand from
the shorts promptly reasserted its in
fluence on the stock and it rebounded
violently The fact that Fridays re-
bound in that stock was sufficient to
bring out large offerings of foreign hold
ings suggested a possibility of what
might happen in the general list when
London resumes tomorrow.
The movement of Great Northern pre-
ferred acted as a damper on the early
strength of the market, the heaviness of
this stock seemed to be connected with
the original terms for payment of sub
scriptions to the new stock, caused by the
litigation. This would call for the pay
ment of four 10 per cent installments,
amounting to something like $24,000,oOo on
April 8. The subscriptions were dealt in
on stock exchange for the first time to-
day and declined to lower level than
was touched on the curb when the judi
cial decision in favor of the company was
first announced. Another factor in the
early reaction was that the formal an
nouncement was imminent from Presf-
dent Roosevelt on the subject of govern
mental policy towards the railroads. Ru-
mors were current on the exchange that
the expected statement was to be in eff
feet a reiteration of former views and an
expressed determination to continue in
them. This version caused distinct halt
in the rise in prices, but the rise was ac-
lively renewed when reports got abroad
that emphasis was TO be laid by the eX-
ecutive of disapproval of any project that
would invalidate railroad securities. De-
cided relief was felt over the situation,
and with the first of April fairly passed
it will be natural that the reaction would
follow in the money market. Rates for
time loans were marked down decisively.
The sub-treasury report, showing a gain
by the banks since Friday of nearly six
millions, demonstrated that the effects of
the treasury relief measures were not to
be confined to the bank statement of last
week Another decisvely strengthening
influence on the market was the better
prospect reported of a settlement with
out a strike, of the grievances of the
western railway employees. Most of the
days gains were retained to the last. The
closing tone was rather feverish.
Bonds were firm. Total sales, par
value, s1,924,000.
United States bonds, Is coupon, de-
clned 4 per cent on call