The Montgomery advertiser., 1907-04-17
THE STOCK MARKET
MOST CONSPICUOUS ASPECT WAS EX-
 TREME DULLNESS.
The Downward Tendency of the Last Few Prices Was Checked and Some
 Recovery Ensu-

New York, April 1s.--The conspicuous as nect of the stock market was the extrems dullness into which it fell. The downward tendency of the last few prices was cheek ed and some recovery ensued. The con- sequence, however. was a condition border ing on stagnation. The demand which put up prices was attributed largely to the account of the bear operators who have been attacking the market recently. That their buying received very small accessions from outside sources is sufficiently attested by the small figure of the aggregate sales for the day
 A large proportion of the meagre total done in the last hour of the session when the rush to cover by the shorts gam ed considerable animation making buoy, ant closing. There was a slight reflection of any outside events in the movements of prices The copper stocks had the ad- vantage of sharp rebound rom the re- cent depression of copper metal in the Lon don market and these shares. if American Smelling be included were conspicuous in the days upward movement of prices The coppers kept the same stocks in their com pany that have been conspicuous in all the late speculation.
 made up the overwhelming preponderance of the dealings United States Steel was all so dealt in in its customary proportion to it's huge share bulk. The reaction late in the day gave the usual indication Of highly professional market Money on call continued easy in spite of some further large syndicate transactions, including $30, 900, 900 payment on American Telephone Convertible bonds yesterday and $b,OO0,o0o payment on General hlectTic new stoch today.
 The effect on the loan accounts of the banks on top of last weeks record in crease in loans is the subject of inter ested conjecture. Sub-treasury operations continue to yield liberal amounts to the banks, the gain on that account having reached over $3.000.000 since the last bank statement with another large debit by the government institution at the clearing house today.
 Special interest attached to the announce ment from London of the withdrawal of $l,- 900, 900 in gold from the Bank of England for shipment to Paris. Sterling exchange at Paris also continued to decline. London financial opinion has held strongly that substantial further additions to the Bank of England bullion holdings were essential. in spite of the marked relaxation in the London market. Any intimation of a pos sible demand from New York for gold has been met by protests in London for long time past
 What the response may be to the present level development Is question of interest here. The weekly crop bulletin of the weather bureau confirmed some of the re- ports of unfavorable conditions which were a factor in depressing stocks yesterday. but l it was without effect on the firmer tone of today's market Much of the days gains were made in the volatile upshoot of prices with which the market closed.
 Bonds were irregular. Total sales par value $1,012,000. United States bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.