The Montgomery advertiser., 1907-04-12
THE STOCK MARKET
STILL LARGELY IN PROFESSIONAL
 HANDS.
Constant shifting of Positions Stili Indi- cated . very Uncertain Frame
 of Mind on the Part of the PrOfe ssiOnaIs.

New York;. April 1.-The stock market was stll largely In professional hands to- day. but operations were conducted in . ed to greater lengths. Constant shifting of positions stil indicated a very uncertain frame of mind on the part of professionals. Most of the session was given up to what looked like testing operations without suc- cess in developing the prevailing tendency of the market. The trading sank into ex- treme dullness at times under the discour. aging influences of these failures and then yielded decidedly.
 Such strength as the market showed was most in evidence, in the early part of the day Part of this was in response to a rise in London markets as result of the the Bank of England from five to four and half per cent. the early results were farthered by the bull party in the trading effect of the English bank rate reduction was In fact small. The previous course of the money market gave ample warning of counting it in the securities market.
 In some quarters an expectation had been expressed that the reduction would be a The weekly statement of the Bnk of Eng land fnly explained the action of the gov- ernors. the bullion holding showing large accretion and the loans a considerable con- traction. Not only this. but heavy de- cline In government deposits showed the transfer by. government expenditures of large sums to the money market The pri- vate rate Of discount continued to decline also. as 1t did in Paris, the Bank of France showing substantial contraction of loans, although the increase In gold holdings was but small Notwithstanding this general and continued yielding of money rates all over the world the stock market begins to reflect misgivinss of it's sufficiency to meet the large volume of authorized but unissued securities, or whero the sale of these is im- practicable probable further note issues. /
 Signs of a movement of currency back to the interior also gives warning ofN the large requirements of the continued activ- ity in trade. The effect of this demand, alternately is a slackening in the demands of trade This is d possibility looked upon with less equanimity than for a time. when It's possible relaxing effect on the money market was given first consideration in Wall Street. The dilemma is thus present. ed of light money markets owing to con- tinued demands of the circulation from active trade, or sustained ease in money by reason of some reaction in trade and the shares of capital
 Another specific influence fin the days market the report from Washington of the decision of the Interstate Commerce. Commission to advise proceedings against the Hartman Railroad system as combi- nation in restraint of trade, within the meaning of the law.
 The London copper market showed dis ed to reawaken some uneasiness over the market position of that nntal notwith- standing the asseveration of the great pro- ducers as to the soundness of the position.
 Iron trade authorities alos testified to the undimnished strength of that trade. United States Steel was comparatively firm, but this did not sustain the general mar ket The closing tone was steady .and at Bonds were dull and irregular. Total sales par value $i,4sO. 900. United States bonds were unchanged on call