The Montgomery advertiser., 1907-04-09
THE STOCK MARKET
SHOWED INCREASING INDICATIONS or
 PROFESSIONAL HANDS. ".
Terms to Railroad Corporations for Borrow ing Large Amounts are Stfli 0n- erous as Eemplified in Terms
 of Sale of Nottes.

New York. April s--The stock market showed increasing indications today of laps- ing Into professional hands and those of the smaller class of operators, The fre- quent turns in the course of prices. the nar- rowness of the fluctuations and the notable shrinkage in the aggregate sales of the day all pointed unmistakably to the abstention from the market of any large and consist ent class of supporters. This was the re, sponse of the market to a rather general note of warning from responsible sources of threats and the extent to which the re- bound was running after the recent ;,trs; extreme particularly although the reality of the relaxation from strinsency is not ques- tioned on any hand. there is inequality as the needs to be faced.
 The terms to railroad corporations for borrowing large amounts are still onerous as exempified in the terms of sale of Erie notes last week. Any general resumption of the projects of extension by the rail- roads is dependent on the easier rates for money reaching to this field of borrowing or to such revival of the demand for new capital issues as to justify resort to that means of financing the work of betterment again.
 Even in the case of subscription to cap- ftal issues already made there is a matter for consideration of future borrowers de. pendent on money supplies
 Today's maturity of four ten per cent. i'm stallments of new Great Northern preferred stock calling for s24, ,ooo.o00 creates atten- ton to the monthly recurrence for some time to come of five per cent. insfallment
  due quarterly installments of 12k per cent. beginning July l. each of which will call for upwards of S1, 900. 900 while for St. Paurs s100, 900, 900 new stock, Is per cent. is pay able June 1st and 20 per cent. instaHmenfs on three half-yearly periods after that with a final Is per cent. to be paid In March 1909.
 In the meantime large note issues bv corporations will mature which are expect ed to call for refunding, with success de- pendent on arrival Of the demands for bonds It Is to be noted of the recent re- vival in the bond market thaS besides the good effect of the easiness of the money banks for bonds made Available to secure government deposits under the new ruling of the treasury department and also to the movement towards reinvestnbents against the retirement of all but the $50, 100000 to be refunded of the outstanding government change market also by its persistent strength here. in spite of the decline in the interest rates in London points to the possi- bilities of unsatisfiei money requirements abroad.
 Brokerage houses today reported 8 small volume of orders for stocks and early at tempts to advance prices quite generally met with supp1iesh of stocks which turn ed the room traders to the bear side of the market. The resulting decline was incom- pletely recovered later and the closing tone was rather heavy. The narrow net changes are significant in themselves of the profess sional origin of much of the days transact tions.
 The irregular tone of the bond market showed some reactionary tendency from the recent uniform strength. Total sales par value s2,06S.000. United States bonds were unchanged on call.