The Montgomery advertiser., 1907-04-23
THE STOCK MARKET
TRANsAC71ONs LARGELY IN PROFEs-
 SIGNAL HANDS,
The Aavance h Prices was Recognized e . hef1ectioa of Real Improvement
 h Sentiment Toward tho End.

New York, April 22.-whiis the days transactions on the stock exchange were seneray Inclined to be largely in pro fessfonai hands. advances in prices were recognized as reflection of real improve menl in sentiment toward the end The sOtpms sOh n. Of the dealings was not noticeable Q; speculative favorites in the same way os for some time past. The manner in which of response to the demand simply to se- ble terms.
 The object as we'll of raising the level of prices was obvious in some of the nost con- spicuous cases. But the important feature or the market was that the rise, however offerings for sale. It is this condition Of the market that causes uneasnezs in the say .s :hss SsaE wseh paston s based on the usual precedent of a slow sag sing tendency or prices after the first re- ss, monsh 'ufs Th. .xiss.nse of this nj persist ent short interest in the market invites at tack by an opposing bull party in the spec actual liquidation on advances.
 There was little to show absorption to- day beyond the narrow professional impetus which indicated news of events or chan.es of conditions were given little responsibility for the days movement.
 good effect was caused by the down ward tendency of time money rates which was looked on as . better index of the real money situation than the deterioratinS con- u1tlOn or the DankS. The ldTBe Aoon .SAPdh- sion of the last two weeks Is not regarded as due to demand for credits in anything like the proportion of the loan increase and that is due largely to the transfer Of loans to the New York banks which were pre- viously carried by interior banks and trust companies. This course of New York bank loans is thus in reality a sign of relaxation rather than of stiffening money markets: The same thing is true of the remitting of funds from London to Paris which repre- sents a payment of issues formerly issued and prompted by the present ease of money in London. Discounts continued to decline there and also in Berlin where it is said meeting of the directors, the Imperial Bank of Germany will reduce the official discoupt rate from the prevailing six per cent. rate.
 Account is taken nevertheless, Of cofrobo- ratory causes in the expandng, tendency of New York bank loans. In each of the two weeks past. syndicate operations were trac- able sufficient to account for a very large proportion of the loan increase in that tn- stance. A buoyant market for copper se- curities in London and an advance in the quotations for the material there were help full factors iry the days rise. An incident regarded as of some significance was the sale of s|stock exchange seat at price ing q declining tendency for the seats when prolonged period of stagnation in stocks islbelieved to be imminent
 International commission houses asserted fthat a more favorable attitude toward American securities on the part of the for in the money markets abroad As Q rule the last prices of the day were the highest.
 Bonds were firm. Total sales par value s1.3s4. 1000. United States bonds were un- changed on call.