Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-16
Rally Marked the Opening
Prices Today.
FACILITATING MOVEMENTS
Number of Stocks Broke Badly De-
spite Rise.
A HIGHER RANGE OF PRICES
Amalgamated Copper, Reading and
Union Pacific Featured
Dealings.
A HIGHER RANGE OF PRICES

NEW YORK. April 16.-It would have
been rather remarkable If this morning
stock market had not shown some rallying
power after it's fairly perpendicular decline
OF the past eight days. As matter OF
fact the upward reaction was punctuated
by many downward turns. and. indeed. soon
after the opening of business number or
stocks broke quite badly. With the course
of the morning however. number OF the
larger board room traders appeared 10
reach the common conclusion that prices
could be bid up with safety and proht 10
themselves and it was apparently due
chiefly to purchases of this description
tina, the rise in prices took place. The
business of commission houses was again
upon negligible scale.
higher range OF prices was commonly
scored at the opening of business, ana the
market appeared to derive its tone at the
tirle wholly from London. wnere american
stocks were quoted substantially above the
range of prices which prevailed locally at
the close of business yesterday. The quo
tations forwarded from London for Amer
lean stocks were followed up by he pur-
chase of about 10000 shares for foreign ac-
count. There was little or nothing in the
mornings news or the developments with
the course OF the day which could be named
as accounting directly for the reversal III
the markets course.
Low Rates LOT AOduS
Low rates were again quoted for loans on
call with rather frmer tendencies prevail
ing for time periods. The banks gained
heavily In their operations with the sub
treasury yesterday, and reported favor
able balance in their opera tons with that
institution up to this morning of more than
S3OOoW0. Although the general tenor of
the advices with regard to the progress of
10 In
more or less obscured by the reactionary
drift In the commodity markets.
Probably because of yesterdays failure
upon the stock exchange there was again
noted a good deal of uneasness with re-
gard to certain supposedly weak spots III
the financial situation. although 1t Is not
believed that any of these need to be as
signed Il position of considerable impor-
lance. At the same time the persistent
circulation of rumors of various descrip-
tons doubtless had the effect of curtailing
active operations. and the volume of bus!-
ness in the days market fell well below
recent averages.
Stocks Reflected Pressure.
As has been the case for IN almost in
definite period, "a large proportion of the
days aggregate transactions was furnished
by the trading in such stocks as United
States Steel common. Amalgamated Cop
per. Reading, Union Pacific and Southern
Pacific.
In the early part of the day the two last
named securities reflected considerable pres
sure in spite of the explicit denials that
the management of the Union Pacific had
in contemplation the issue of large
amount of short-tme notes For the most
part however. little gossip or comment
except OF a technical market character ac-
companied the dealings in one stock or
another.
The close approach of the dividend decla-
ration neriods upon Amalgamated Copper
and the United States Steel shares might
be. perhaps named in connection with the
relative activity in those securities al
though il now seems to be commonly as
sumed that no alteration Will be made IN
the rates upon either of these stocks:
As vas the case yesterday, an active Dor
rowing demand for stocks was reported In
The loan market upon the stock exchange,
but IL is doubtful whether the inquiry could
be referred altogether to the requirements
OF the short interest.