The Birmingham age-herald., 1907-04-21
STOCK MARKET IS
 DRAGGING AFFAIR UnfavorabIe Bank Statement Was Anticipated and Ignored SMALL VOLUME DEALINGS Weakening Bank Position In New York Is Accepted as an Index of Actual
 Relaxation of Money
 Creditors.

New York, April 2o-There was no perceptible current in the price move ment of stocks today until the last fif- teen minutes of trading, when prices stiff fened slightly with Asw of the specu- lative leaders in the advance. The VOL urne of dealings was insignificant. Tho unfavorable bank statement was antici- pated and was ignored. In fact the weakening bank position in New York Is accepted as an index of actual relaxa- ton of money conditions since the ex- pansion of New York bank loans Is due to the taking over of loans from interior banks, which find no attraction in the prevailing low level of interest rates in New York.
 Trust companies also are out Of the local market, and the clearing house banks are left to meet the demand for credits and to accept the diminished in terest returns. The prevailing ease of the local money market is having the ef- feet also of prompting the paying on Of maturing foreign obligations, as was shown by the firmness of tho foreign ex- change market today. The declining money rates, which continued in London today, do not seem to affect the progress of these remittances to pay foreign loans. The gain in cash by the banks was nearly equal to previous estimates.
 Prices of bonds showed some slight i'm provement, but business in that depart ment was profoundly dull. Totai saies of bonds, par value, $720, 900. =
 Dealings in stock exchange this week have been almost wholly in professional hands, and have been on a rapidly d'- nlinishing scale. The appearance or the market approaches semt-stagnatlon at times the room traders themselves de- sisting from the apparent futile attempts to arouse any outside interest. One small failure by stock exchange house, while not important in itself, was regarded as significant of the consequences or the severe decline in prices which has oc- cured It goes without saying that me market must bear the weight Of future efforts to repair damage, and to adjust crippled affairs which were able to with stand the immediate results of the break in price, while awaiting more favorable opportunity for reduction Of burdens. This condition gives credence to all sorts of rumors of financial endorsements and makes the market sensitive. Such rumors reached the banking field during the week with unfavorable effect, until correct information of the fact of large shifting of deposits from one of the clearing house institutions owing to bank merger relieved apprehension on the subject.
 Tie present mood of the speculation seems to be a waiting one. The money outlook i. felt to be obscure still and is the subject of keen scrutiny. Follow int. las: weeks record loan expansion of the New York banks there has been a perveptble hardening of the money mar ke. this week. The influences which were responsible for that showing have continued in force this week with tend ency to encroach on the credit Of the hanks. The reserve showing of the New York banks themselves is altered this week. owing to the expansion of the deposit item involved in the increase of loa l. They money situation abroad has been affected by movement of the Bank of France to recall from the London mar ket funds advanced at the period of strain on the market. A movement of go-d from London to Paris has been the consequence. It Is supposed that but for this development the bank of Eng lands rate would have been further reduced this week. Large issues of gov ernment securities in Berlin and London have been factor in these money mar Ike also
 The industrial and crop outlooks occupy a large share of attention and the fu- ture Of the stock market is believed to hinge. to a large extent in these factors. The stock market 4-as been subjected to many unfavorabe reports concerning the winter wheat crop during the week, but their influence has been moderated bby the slight reflection in the wheat market It. sei.. Mercantile agencies report no signs of reaction in the commercial field. Iron trade authorities also report sustained demand The United States Steel cor poratlor reports the opening of books for steel railroaders for 1908 at unchanged prices, with large orders booked. Condi- tions in the copper market have been sub tetsA Of rather acrimonious doubts. Quo- tations in the London copper market and thS New York metal exchange were the basis for the dispute. The Iron Age as- serts that requests have been received from copper wire manufacturers to post poic copper deliveries. The copper stocks in t.le market have been affected by the uncertainties and have fuctuated irregu- larly. The question of further railroad financing or of additional curtailment of improvement work is a continued sub ject of discussion and rumor In the same connection the further outgrowth of the governments policy towards cor porations, and especially towards rail-