Los Angeles herald., 1907-04-02
RUMORS AFFECT
: STOCK VALUES
RANGE OF GOSSIP IN WALL
STREET
April I Settlements Passed Without
Serious Result-ereatIy improved
Condition in the Money
Market
BY Associated Press.


NEW YORK, April 1.-The stock
market operated again today without
London to serve as an index of the
foreign attitude. There was time to-
day when this seemed to arouse mis-
givings over the extent to which prices
were being carried away from the leVel
ruling when London last traded in our
securities on Thursday last The re-
bound of Friday was materially eN.
tended by the gains which were added
today. The resumption of trading in
London tomorrow is awaited with in
tercst to see what view will be taken
Of the rapidity of the recovery here.
The drop in Canadian Pacific at the
opening here was largely due to stock
supplied from foreign sources, as the
extent of the short interest in that
stock revealed on Friday last made 1t
in eager demand still. The demand
stock and 1t rebounded violently. The
fact that Fridays rebound In that stock
was sufficient to bring out large offer
ings. 70. foreign holdings susgested .
possibility of what might happen in
the general list when London resumes
tomorrow, and led to the general re-
act action after the opening, wiring g+op out
fishing some striking losses from the
closing level of last Friday.
The movement OF Great Northern pre-
ferred also acted as a damper upon the
early strength of the market. The
heaviness OF this stock seemed to be
connected with the official information
by the company that, the. original terms
for payment of subscriptions to the
new stock would be unchanged by the
delay in the issue caused by the litiI71
gatiton to enioin it. This would cail in
stallments, amounting to some $24,-
100000. on April g. The subscription
rights were dealt in upon the STOCK
exchange for the first time today and
touched upon the curb when the Ju-
dicial decision in favor of the company
was first announced.
Another factor in the early reaction
was the knowledge that formal an
nouncement was Imminent from Presi-
dent Roosevelt on the subject of the
goyernmental policy toward ward the the sfad,, rail-
exchange indicated that the statement
was to be in effect retraction of for
mer views and an expressed determ1na-
tion to continue in them: This version
caused distinct halt in the rise OF
prices. but the rise was actively re-
newed when reports got abroad that
emphasis was to be laid by the execu-
tive of disapproval of any project that
would invalidate railroad securities.
Decided relief was felt over the i'm
proved. money situation and with the
lieved that relaxation would follow
In the money market. Rates for time
loans were marked down decisively.
The sub treasury report. showing q
gain. by the banks since Friday oi
nearly $4,000 900. demonstrated that the
effect OF the treasury relief measures
were not to be confined to the bank
statement of last week
Another decisively strengthening in
huence on the market was the better
prospect reported of a settlement with
out a strike of the claims of western
railroad employees for higher wages
and n reduced working day. Most o
the days gains were retained to tn,
last, although the closing tone wa
rather feverish
Bonds were firm. Total sales, pa
value, S1,924,O00.
United States bonds-the 2s coupon
declined X per cent on call.