The Birmingham age-herald., 1907-04-07
STOCKS CLOSE AT
 DAYS LOW POINT Market Holds Well During Pro- fessionaI Liquidation SOME STOCKS PROMINENT All Yield to the Late Reaction, Profit Taking Being eeneraI-showlns
 of Banks Very
 Strong.
SOME STOCKS PROMINENT

New York, April 6.-Week-end pront taking was the obvious influence at work in today's stock market. It was con ducted with the same skill that was man ifested in yesterdays operauons' anu which gave confirmation to the conVio- ton that they were in the hanos or eA- nerienced and resourceful speculators' 1he prominence in the market of Union Fa- cific. Southern Pacific, St. Paul. Aniai- e,omotad Conner and American Smelling gave rise to the usual assumptions or par ticipation by the Standard OH party III the market owing to supposed faVor ieil towards most of those stocks by that s-roun of capitalists. But these stocks were almost alone amongst the active stocks in showing any notable strength and their advancement looked ike d ue vice to hold the general market 10 heip realizing sales in other stocks' luose stocks yielded with the rest to the ia'e reaction, which made weak closing at inc lowest prices of the day, proht taklhs sales became generally effective In weah- ening the market, only after the appeaL anee of the bank statement, althousn inc showing of the banks was very strong.
 
 of exnectations however. and the So'l4o'- eoO loan expansion helpAd to swell tne denosit item and the reserve requlreaieh'' If is not expected that the deposit ol cu ,,, tom collections in New York pahhS "n 20 much further in the immediate iuluie, and this has been the prlnclpal sout tt,o of the recent heavy cash gains ol tile banl.s The strong upward movement ol foreion exchange also, which cohtlhueu today gives point to some or uhe repol .,1 r from abroad that conditions In beriin .i e.l' leave something to be desired lhe sus pestion found place In touay oi sion that eastern railroad systems wouu e have to meet an early date oeiliaiuS a..e.i,ar to employes for increase Of wages s,iiiiai .s, those which have been adjusted thls Weeh an,ono western railroads. The prlncipai faotor in the days faction, however was inc disposition to take prohts on tue cary advance. which was heightened py a oninion expressed in some quarters Una. the recovery was going too fast ana too sn Another feature of the day was the continued strength and activity in the bond market Local sales, par Value' $l'- 36S, ,000. .,t,o, u,as
 The trend of prices of securities was turned decisiVely upwards this Weeh' @i- though with occasional halts ana pac pach sets The dominant increase Tn the coul .A se of nrices has been the relaxation In une ,,onev markets, which has become pro noupced. and has applied to all the seh- aral money centers of the Worlu. Alio combined causes which have proush. apous this result have worked with cuiiiulaeiNo N, effect leading to something nAe rSi lapse in interest rates In New hoin' s1 turn in affairs has given rise to ciieeli at ,t sentiment over the future markiile as ~ does a correction of the most threaten tho feature of the financial OUTLOOK anu nromising relief from restraint on ei, +arr,iees that was feared as an opstacie to inc whole course of the present plos nerous conditions of trade ana liiuus'ly
 win the relief of the money market ,,,ada actua1lv effective, 1t becomes manl- fast that the previous stringency was
 ro-.avated to no small degree Dy tHe faaline of distrust and apprehensio.i caused primarily by the strlngehcy ,l,, l'seli. Funds are released to the market wllcn were withheld by the impairment or creu, # due to a prospect ot cohtraceion 5s s''t +o lioujaation and the purpose of tenders 'o secure the best possible terms Tor the nee of their resources. This sentiment had reached a stage which money prokers themselves termned hysterlcal anu staieN in kind with the frenzied seilhs ol
 onrities which threw the recehl '.orN n,arlxat into such acute disorder ne n,,a,lores in noint of view. brought about inc nav conditions and has led to an ap. rnnt and rather violent readjustment or
 
 values. .u Rust
 While the conclusion of the Aprh M Mlitst ouarterlv settlements marks the passih5 of the critical period in the great money markets. the reports of the condition ol the gr eat central banking hstitu.ioiis abroad show the severity of the stralls m money markets, and the reanty ol fhe crisis which has been passed through. 1,ba snecess with which the crisis was met Is attributed particularly by common con, cent to the relief measures of the uhlteu States treasury department The deposie with the New York depositary banks or c,,eto,r receipts at this port have been highly effective in adding to cash re- sources of the banks The announce ,,ent this week of the plan or retundihg and redemption of the per cents when ma.Ire on July 1, has given relief addi- tional assurance of future resources lot tbe money market. The engagement or gola in London early in the week TOT ,n,9orf to New York has been resoid m that market, owing to the deciiiie III money rates here and the prospect or re lief from this expected decline mas gone