The Montgomery advertiser., 1907-04-02
THE STOCK MARKET

New York, April 1.-The New York stock market operated again today without London to serve as an index of the foreign attitude. There was a time today when this seemed to arouse mfsgfvings over the extent to which prices were being carried away from theflevel ruling when London last trad ed in our securities on Thursday last. The rebound of Friday was material ly extended by the gains which were added to day.
 The resumption of trading in London | tomorrow is awaited with interest to see what view will be taken of the ra-
 pidity of the recovery here. The drop in Canadian Pacific at the opening here was largely due to stock supplied from foreign sources as the extent of | the short interest in that stock re- vealed on Friday last made 1t in eager demand stfll. The demand from the shorts promptly reasserted its influence
 on the stock and 1t rebounded violently The fact that Fridays rebound in that stock was sufficient to bring out large
 offerings of foreign holdings suggest ed possibility of what might happen in the general list when London rec sumes tomorrow and led to the general reaction after the opening, wiping out partially all of the gains and establish- ing some striking losses from the clos iis iSNci VI idSt Tiudy' hC tuofS- ment of Great Northern preferred also acted as a damper the early strength of the market, the heaviness of this stock seemed to be connected with the official notification by the company that the original terms for pa ment of subscriptions to the new stock would be unchanged by the delay in the issue caused by the litigation to enjoin it. This would call for the payment of four ten per cent installments, ann bunting to some $24,000,000 on April g. The subscription rights were dealt in on the stock exchange for the first time today and declined to a lower lev- ell than was touched on the curb when the judicial decision in favors of the company was first announced. Another factor in the early reaction was the knowledge that a formal announce ment was iminent from Uresident Roos- evelt on the subject of governmental policy towards the railroads. Rumors were current on the. stock exchange that the expected statement was to be in effect a refteraticn of former views and an expressed determination to con- tinue in them. This version caused a distinct halt in the rise in prices but the rise was actively renewed when reports got abroad that emphasis was to be laid by the executive on disap- proval of any project that would in. NdlAudle IdllTOdu SeCuTltieS. 0SClueu relief was felt over the improved mon- ey situation and with the first of April fairly passed 1t was believed that the relaxation would follow in the money market. Rates for time loans were marked down decisively. The sub treas ury report showing gain by the banks since Friday of nearly s6,000,000 dem- onstrated that the effects of the. treas- ury relief measures were not to be con- fined to the bank statement of last week. Another decisively strengthen ing influence on the market was the better prospect reported of a settle- ment without a strike of the claims of the western railroad employees for higher wages, and a reduced working day. Most of the days gains were re- tained to the last, although the closing tone was rather feverish.
 Bonds were firm. Total sales par value, $1,924,000. United States bonds 2s coupon declined IA on call.
 NEW YORK CLOSING STOCK LIST.