The Birmingham age-herald., 1907-04-28
STOCKS ARE DULL
 BUT TONE BETTER Action of Market Sluggish and Without Significance BANK STATEMENT IS GOOD Escanty Dealings of the Day concen- trated as Usual In Half Dozen
 stocks-Review of Week.
BANK STATEMENT IS GOOD

New York, April 27.-There were no discernible operations of importance in the stock market today, although the tone was somewhat improved. The scanty dealings were largely, concentrated as usual lately in half a dozen stocks. Even in these the action was sluggish and without notable significance. The bank statement proved more favorable than had been anticipated, and this had some helpful effect on stocks, although the pre- vailing ease of the money market de- traeted from the importance attached to the showing of the banks.
 Loans were reduced to a small extent marking the subsistence apparently of the heavy transfer of loans from interior to New York banking Institutions, which has been forcing an expansion of New York bank loans for several weeks past |. The cash item also showed a small gain V in place of the. expected decrease. Abroad the London market was reported to be af- fected by the prospect of a further heavy withdrawal of gold for shipment to Paris on Monday. Considerable speculative ae- tivity is being diverted to the wheat market, 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 seeking investment in that field.
 The bond market, however, has been appreciably firmer in the past two days. Total sales, par value $502,0O0.
 Operations in the stock market this week were narrow and professional, in dicative of an indecsve condition of speculative sentiment. Response has been equally feeble to favorable or unfavor- abe. developments. A conspicuous fea- ture of the week has been the further material relaxation in money markets at all money centerss the Imperial Bank Of Germany, the Bank of The Netherlands ana the Bank of England having reduced their official discount rates successiVely, an. these institutions, with the Bank of France. all made returns showing the substantial strengthening of the banking situation in their respective territories. In the United States money rates have continued to recede. Securities in the market have remained listless in face of this course of events, which had been looKed forward to with confidence, as which have bound the markets It is significant that the easing of foreign money markets instead of causing a flow of gold towards New York to set in has turned the tide of the foreign exchanges against New York to an extent as to give rise to discussion amongst bankers of d probably early outflow of gold. It is inferred from this condition. of the exchanges that an important part has b. en played in the easing of foreign money markets y the liquidation of American securities.
 The question is raised incidentally 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 of these notes was relied upon to establish claims for resources to become available to this market. Instead, there has been active remittances to foreign markets to pay off obligations previously incurred The fig ures of the country's foreign trading for the nine months of the fiscal year show a material reduction of the balance in our favor compared with the previous year. Not only has the excess of merchandise exports declined $44000,0O, and of silver exports 1881 500, but the excess of gold imports for the same period has increased $66, ,957, GOO.
 The outcome of the coming crops is re- garded perhaps of crucial importance to the satisfactory working out of the finan- cial situation of the country There is a common agreement that the present con- ditions of the winter wheat crop Is un- satisfactory and dependent on future im- provement for a favorable outcome. The late spring offers the likelihood of delay for other crops and reports of actual damage have been plentiful in all mar kets. This makes a material burden oD the stock market.
 Several incidents of the week have been seized upon to point to conclusions of gen. eral significance. A report was published of heavy reduction in the working force , of the Western Electric company, which was officially attributed to a falling off in demand for the production owing to the high level to which prices had attained. Similar views were attributed to officials of another of the principal electrical equipments, although denied by other principal companies. The Chicago Great Western securities broke sharply in con- sequence of the criticism of its capitaliza- ton by the Minnesota legislature investi- gating committee, and the incident served to revive apprehension over extension of the policy of the government regulation of capitalization based on appraised valu- ations.
 The bond market itself has been very dull and heavy in tone. United States