Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-23
Opening Marked by Small and
Irregular Changes.
REACTION SOON FOLLOWED
Influenced by the Advance in the
Grain Market.
A BREAK IN U. s. STEEL COMMON
Dealings of Professional Character
Relaxation of Foreign Money
MartS.
REACTION SOON FOLLOWED
A BREAK IN U. s. STEEL COMMON
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 23.-The grain mar
ket opened at a lower range of prices this
morning but later rallied very sharply.
The stock market opened at small ana IT.
regular changes In comparison with yes
terday's closing figures, and ruled very
firm M to the time that the advance in the
grain market made its appearance There
upon there took place a substantial reac-
ton which carried number OF the actiVe
stocks downward from one to two points.
The course OF affairs In the stock market
was In a general way attributed to the ad-
vance in the price of wheat The latter in
t.rn seemed to be due in large measure TO
the very unfavorable weekly weather bull
letin published by the government this
morning although II could hardly be said
that any very novel conditions We're set
forth therein.
Still another influence in the reaction in
the stock market was sudden break dur
ing the morning In United States Steel COM
mon stock. This movement taking place
Just week ahead Of the meeting or the
directors at which the dividend Will be
acted upon. was accepted by the traders as
indicating that no change will be made In
the rate from that declared at the last
declaration period.
This indeed, appears to be the genera!
opinion held in well-informed quarters,
where it has been deemed likely all the
time that the management of the steel cor
pOration would await the outcome of the
crops before proceeding to restore the div
idend rate the common to the figures
originally paid, or, indeed, to make any adj
vance from the present one-half of i per
cent figure. As matter of fact, however,
this question will not be absolutely deter
mined until tha directors hold their meet
ins on next Tuesday afternoon.
Dealings Largely Professional.
During the greater part of the day
the dealings We're conducted about
the same scale of activity as of yester
day. and, except for the reversal in the
markets course, pretty much the same
characteristics were presented which
were in evidence then. The dealings were
largely of a professional character. and
IL was again the case that large orders
on either side of the account could be
executed only by bringing about unduly
wide fluctuations. There was illustrated
more clearly than anything else the IL
lusnry character of such movements as
occurred yesterday in a market situa-
ton from which public interest Is almost
wholly missing.
favorable construction might have
been placed upon the most important news
of the day which was COMPRISED in the
further relaxation IN the European money
markets. The Imperial Bank of Germany
reduced Its minimum rate of discount from
per cent To ol2 per cent, and the Bank of
the Netherlands made a further reduction
In Its discount figures from ga TO 3 per
cent. The open market discount figures in
London declined further. and were quoted
from Ia to IL per cent lower than the
Bank Of England's official rate.
These circumstances naturally set on foot
expectations in London that the bank
would likewise reduce its minimum rate of
discount on Thursday, but whether this
will take place in the face of the gold ship
ments to Paris remains to be seen. Further
large Withdrawals of gold for shipment to
that point were made today from the Bank
of England.