The Montgomery advertiser., 1907-04-28
THE STOCK MARKET
70 DIsCERNIBLE OPERATIONS OF
IMPORTANCE.
Tho Scanty Dealing Were Largely Concen-
tratcd as Uusual Lately
In Half o Dozen
Stocks,

New York, April 27.--There were no dis
cernibie operations Of importance in the
stock market today, although the tone
was somewhat improved The scanty deal
ings were largely concentrated, as usual
lately in half dozen stocks. Even in
these the action was sluggish and without
notable Significance.
The bank statement proved more favora-
Bile than had been Anticipated and this had
same helpful effect on stocks, although the
prevailing Of the money market de-
tracted from the Importance attached to the
showing of the banks. oLans were reduc-
ence apparently of the heavy transfer of
loans from interior to New York banking
institutions, which has been forcing an ex;
pansion Of Few York bank loans for several
weeks past The cash item also showed
small gain in place of expected decrease
Al the tond9n market was reported to
heavy withdrawal Of gold for shipments to
Paris on Monday. Considerable speculative
ket. and strength continued today in that
cereal. Some Significance was attached
to the signs of strong demand for New York
real estate, indicated by the course of sales
In progress and differences were suggested
of a large available supply Of capital seek
ingvest ment in that field.
The bond market, however, has been ap-
probably firmer in the past two days To-
tai sales of bonds, par value s5o2,ooo
Operations in the stock market this week
were narrow and professional. indicative
of an indecisive condition of speculative
sentiment Response has been equally
feeble to favorable or unfavorable develop
ments.
A conspicuous feature fthe week has
been the further material relaxation In the
money markets at all money centers, the
Imperial Bank of Germany, the Bank Of the
Netherlands and the Bank of England have
reduced their official discount rates success
lively and these Institutions. with the Bank
of France, all made returns showing the.
substantial strengthening of the banking
situation in their respective territories. In
H. Tvntfx rofa IN
tinued to recede Securities in the market
have remained lstless in the face OF this
course Of events, which had been looked
forward to with confidence as promising
release from the restraints which have
bound the markets. 1t is significant that
the easing of foreign money markets. in
York to set in. has turned the TIDE OF the
foreign exchanges against New York to an
bankers of a probable early outflow of gold.
1t is inferred from this condition of the
exchanges that an important part has been
played in the easing of foreign money mar
kets by the liquidation of American secu-
rifles. AS the question is raised incident
ally of how far the recent foreign takings
of American railroad notes have been re-
turned to the home market. The credits
supplied by foreign purchases az these
notes was relied upon to establish claims
for resources to become available to this
market. Instead three has been active re-
mttance to foreign markets to pay off obli
cations previously incurred The figures Of
the country's foreign trading for the nine
months of the fiscal year show a material
reduction of the balance in our favor COM
pared wit hthe previous year. Not only
has the excess of merchandise exports de-
clined $4,000. 900 and of silver exports 81
$4,000. but the excess of godl imports for
the period has increased $66,957,0o0.
The outcome of the coming crops Is regard
ed perhaps of crucial Importance to the
satisfactory working out of the financial
situation Of the country.
There is a common agreement that the
present condition of the winter wheat crop
is unsatisfactory and dependent on future
Improvement for a favorable outcome. The
late spring offers the likelihood of delay for
other crops and reports Ct actual damage
have been plentiful in all markets. This
marks a material burden on the stock mar
ket. The bond market itself has been very
dull and heavy in tone. U. S. bonds are un-
changed on call for the week.
NEW YORK CI ASING STOCK LIST