The Montgomery advertiser., 1907-04-19
THE STOCK MARKET
SLUGGISH AND VERY IR-
 REGULAR.
Fscetious Brokers Cautioned Each Other to Step Softly Lest They Wake up the Market From Its Somnolent
 Condition.

Saw York. April 1s-Facetious brokers cautioned each other to step softly today Its somnolent condition. A glance at the 1gsregate of the day will help to explain th.: pleasantly. Analysis of the price move moved at any time as much as a full point away from last nights close. Tn. move ment. however, sluggish az 1t was, vas conspicuous also for its irregular1ty Tho narrow vibrations varied constantly above and below last nights closing level The consequence was a market such as Is rare ly witnessed except in the days of ln'd- summers oppressive heat and then only in neriods of inactive trade conditions.
 that ossn stock exchange were largely in the hands of professional traders, se that the only of each other This condition had a natn- ral effect of discouragins efforts in field so circumscribed. But the almost total collapse of even the traders activity wn.ch days check to the advance which had set in the day before particularly illuminating which was clearly limited to a turn against
 The market today sank into state for derins on stagnation. The feeble specu)a- tion even in such a favorite as Amalgamat- ed Copper on the of dividend action was an ample evidence of the spirit of the mar ket. The unchanged dividend was in fact. clearly foreseen. Some influence is at tributed to the hardening of the money market, slight as It IS, as oeterrent rom speculation.
 The presence of the secretary of the treas ury in the city gave rise to some surmises of possible discontinuance of the deposit of current customs receipts at the banks. This forms the principal source of the ac- cretion of bank cash now in progress. The withdrawal of loans made ty interior banks here now in progress owing to unattractive level to which interest rates have fallen will effect the loan item of the local banks which are called on to take over these leans. The change resulting Is nominal, rather than real, the loans of interior banks which are being recalled were made out Of deposits therefore were based on the New York reserves as much they will be when taken over by the New York banks them selves. With the loans figuring in the selves the reserves showing will however, be affected.
 Abroad the recall by the Bank of France of its credits placed in the London market accounts for the retention of the Bank of England rate at A. per cent. The slow re- cuperation of the Bank of France In com parison with the other great foreign ba<ks explains the movement to reimburse itself fnr advances made to London during the period of strain on that market. Discounts eased in Berlin. in spite of the issue of s100. 900. 900 Imperial German and Prussian Treasury bills.
 The British proposals presented to parla- ment today gave promise of advantage for the money market in the resumption of sinking fund purchases of consols A re- newed decline in Standard oil in the curb market was a feature of the day. the mar ket closed with an up swing Of prices In progress which left prices generally above last nights closing level
 ue si, os4, 900. United States bonds were unchanged on call
 NEW YORK CLOSING STOCK LIST.