Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-16
MOVEMENT FOR PROFITS
MARKID TIE DAYS STOCK OP-
ERATIo- AND PRICES FELL.
Government Report on Condition of
Winter Wheat Gives Strength to
Futures-Industrials.

NEW YORK, April 15.-After yesterdays
furious speculation in stocks. movement
to take profits was indicated for today, and
II developed accordingly. Prices ended gen
orally lower than last night and the trans
continental group and stocks which have
moved in sympathy with that group are
not the least sufferers. notwithstanding the
buoyant upshoot in the first hour, ST. Paul
alone of the group reserving meager gain
on the day after having been at time
more than points up. Union Pacific, New
York Central and Illinois Central were also
lifted point in the early market, but clos
ed at net losses over a point for the two
first and of 21z for the last.
In the curb market Northern Securities
itself was rushed up to 1858, but fell back
at the last to 1919. The whole market GEN.
tered around these movements and was not
in any degree responsive to any of the news
developments. denial by the head of the
Great Northern and of the Northern Secur-
tiles companies of yesterdays rumOrs of a
stock dividend by the former company had
no influence in deterring the continuance of
the rush to buy the stocks concerned at
first, nor did the news favorable to values
serve to hold the later market.
The trading represented purely an episode
In the progress of an unrestrained Specu-
lation. The natural disposition to diminish
outstanding contracts at the close of the
niblity of a naval enga cement in the east
over the Sunday interval. The increase of
bank deposits by reason of the loan expan-
sion did not impair the surplus as the cash
increase was more than sufficient to meet
the added requirement. Mercantile reviews
confirmed other evidence of active and pros
porous trade conditions.
The abstract of the country's total for
eign trade for March showed that the in
crease in value of agricultural exports re-
celves handsome addition from the in
crease in manufactured exports the COM
binatfon being sufficient to almost equal the
extraordinary increase in the value of i'm
ports and to leave the trade balance in our
favor practically equal to that of March in
the preceding year. The money market
was nominal, as is usual on Saturday
but foreign exchange moved up several
points.
Total sales of bonds, par value 81. 900 COO
The Speculative Sentiment.
Speculative sentiment on stocks has
shown some disquietude at times during
the week but the power of resistance DEM
onstrated by prices to the disturbing in
. fiuence has effectually neutralized the effect
and has been main influence in prompt
ing the renewed advance Buyfng back of
stocks by operators who sold short early
In the week during the prevalent doubts
over the market has been factor in the
recovery. The prosperous condition of
business and industry in all lines has been
the potent underlying support of the mar
ket. But a revival of force in the rumors
ana mysterious intimations of important
developments to come has characterized
Inc restored demand for stocks as we'll
Belet IN mergers and wholesale read
Justment OF the railroad map of the coun-
try has awakened again as prices mounted
Upward. The misgvings of the early part
Oh the week had to do with the speculative
conditions in the market rather than with
the conditions affecting actual values of
securities. Thus the government report
on the April LIST condition of the wintar
wheat crop was a valuable addition to the
nood or testimony of the great prosperity
OF the futures promise. But it is widely
Deleved that a large part of the great
operations In the stock market which lift
ed prices TO their present high level have
been conducted by the same persons who
are attempting to carry through a deal in
the May wheat option.
Inc effect of the government report on
wheat was TO add to the difficulties of car
rylng on the deal in wheat and there were
evidences that liquidation of stocks was
going on as measure of protection by
the corductors of the wheat deal The
staDinty of the wheat market helped 10 dis
slpate apprehension on this score but much
more effective was the easy ABSORPTION Of
the Iquida ton in stocks. On the other
hand small offerings were brought out
when any active demand for stocks deveI-
oped. w.
The Northern Securities Move