The Montgomery advertiser., 1907-04-03
THE STOCK MARKET
AFFECTED TO-DAY BY THE PACE OF
 THE RECOVERY,
A Dispositioa to Take Profits on tho Consid- erahle Recovery Occurred Coincidently With Lessened Inclination to
 Buy 6tOcks

New York April s.-The stock market was affected today by the pace It which trsme depression of oft the % first part of last week. disposition to take profits on the considerable recovery which has occur red coincidentiy with lessened inclination to buy stocks. The sustaining measures which have been apparent for several days past were not entirely withdrawn. however regular movement of Pennsylvania which testified to the conflict of forces in the mar ket. The conflict relapsed more and more into professional hands and the quotations increased in dullness.
 The measures of support in the market was particularly effective against the nn- of Americans in London before trading be- gan here. The prices made in London to- day after triple holiday wac much higher than where they left off on Thursday and the tone here was firm. These early prices in London was regarded as largely nominal and the support in the local market had no fast nights level fhe aggressive strength nf few stocks had a large sympathetic influence on this result
 market that the movement become waver- ing and uncertain again There was no immediate development in affairs to ac. count for this action and it was attributed largely to technical causes. The large covering operations by the bear party for sssy sort .e n the market which deprived the market of a potential demand for strength.
 Buyers during the depression appeared as paid to the course of news from Washing ton and some part of the heaviness in the Harrfman stocks was attributed to the sem timental effect of the position of antago- nism between the President and the head of that system revealed by publications dur ing the day. The professed confidence of a party in the speculation yesterday that the Presidents utterance on government policy toward railroads would abate all alarm on the subject fin financial markets was not SO active factor in the situation. The most notable developments of the day were fin was marked and practically universal both here and abroad. In London the private discount rate yielded to below the bank rate for the first time in many weeks. New York bankers secured s2.5oo, 900 of gold in London without bidding higher than the prevailing rate. The effect was pro- nounced, however. on the sterling exchange market which rebounded violently. Salos os securities nere for foreign account added to the demand for foreign exchange The relapse in local money rates also affected foreign exchange. The funds offering in time loans were notably increased and 5h per cent. rate was quoted for all pe- riods.
 Borrowers were little inclined to employ time loans with call loans fast yielding ions helped to the later recovery in stocks Very confident predictions that the Atchisun dividend rate would be raised to per cent. tomorrow put up the price of that stock. The days net changes showed declines pre- dominating and the closing of the market was rather heavy.
 Bonds were benefited by the rising money market than the stocks and there sorptive demand at rising prices. Total sales par value. s2.91 ,. 900. United States bonds were unchanged call
 NEW YORK CLOSING STOCK LIST.