The Washington herald., 1907-04-18


ment in prices that was carried on yes /
terday. particularly in the last hour Of /
business. and before midday quotations I
for the active stocks had advanced from /
10 points over yesterdays final figures. |
Then the usual proht-taking sales began 4
10 put in an appearance and under their /
influence. prices declined until the closing /
quotations OF yesterday were again 1
reached The market again later on ad-
vanced a little. but afterward receded, /
so that prices as last made were a little 1
above the corresponding. figures Of the /
day before. Net declines. however, were /
in most cases less than a point The
feature Of the market in the afternoon
was its duliness-
1t was perfectly evident that nine
tenths of the transactions in securities
were those originating on the floor Of the
stock exchange. and consisted Of the
efforts OF the professional room trading
operators to scalp" profits from each
other. There was in general n continue
ton to-day of that distinct increase in
cheerfulness felt in the London market
regarding the general financial prospect,
and London houses bought here on bal
ance in the neighbOrho0d Of 20,9o) shares
OF stocks. Money apparently is getting
10 be as abundant in the English capital
as it is here. and as the result Of. this,
q process OF repayment is going on of the
loans made some time since by Paris
bankers 10 London financial houses.
Bank of France Weaker.
These loans, amounting to something
over 100000, and as the presumption is
that as it is the Bank OF France that is
now relatively weaker than most of the /
other great financial institutions of the
world all of these loans VIII shortly be
paid of In consequence Of this discounts /
to-day were a little frmer in England,
and the probability became naturally less
remote that the directors Of the Bank OF
England, AZ their meeting tomorrow
would reduce the banks discount rate.
ON the other hand, il is reasonably plain
that the Bank of England is in the way
Of gaining IN the next few weeks from Il
variety Of sources much more money than
il sends away. so that the consensus is !
among the best financial observers in Lon
don that a further reduction in the bank /
discount rate some time within the next /
few weeks will be necessitated.
II was impossible to-day to gather ma
teTjal for any view of Importance con- !
corning the general financial situation .
rum tAC N14tl sc Va -4AA-l1 va LllN STUN IA
change IN the weight of evidence is to /
the effect that the stock market is going /
through the process that almost invariably /
follows after such q period of intense mar
ket commotion as has been Witnessed in |
recent weeks.
Swings in Prices Smaller.
The swings in prices are gradually be- !
coming smaller and smaller. and the mar /
ket itself is coming 10 reflect only the OPP /
erations of day-tO-day spectators OF d /
minor sort who are contented with a con- \
tinually diminishing ratio Of profit on /
their ventures One thing appears reason /
ably certain. and that is that the money /
situation does not now forbid nor Is likely /
10 in the near future. speculative buying /
Of stocks. The local banks are gaining /
each day from the subtreasury, net pay /
ments on balance from the government TO /
this institution during the week thus far ]
being over $500, 600. As money rates here |
are now considerably lower than they are /
IN the interior of the country It is Tea- I
sonable TO expect that there viii be some /
shipment Of funds from this city 10 out-of- I
town centers. But it is to be remembered /
that loans of money secured by stock /
exchange collateral invariably in % normal !
state of affairs command lower rates /
than those which figure in general bust /
ness transactions: so that no especial rise /
in money rates here caused by transfer /
of funds TO the interior can justly be /
looked for.
Selling started by News.
The selling Of stocks in the afternoon to- /
day was caused. on the surface, by a /
rumor that the government inquiry into !
the Hartman railroad management woul3 /
be resumed in this city tomorrow. and 1
mould M. mo IL, fl,,t
date in the Federal courts 10 compel Mr. /
Hartman 10 answer questions that he re- }
fUsed.tO answer at previous hearings.
It was afterwards disclosed that these (
rumors were quite unfOunded. and it is I
known that no legal steps will be taken !
by the commission in the immediate I
future Indeed. there is substantial rca- /
son for the belief that it viii be several /
months before there viii be any govern !
ment action along the lines indicated; /
and il is very hard 10 see anyway why /
upon any sane consideration OF stock I
market affairs. such proceedings should 4
be q market factor
As was the case yesterday. develop (
rneuts on on the produce exchanges and /
81 the market for copper metal were
again to-day favorable from the point of I
view Of the market for securities.
Copper Prices Up.
There was rise or over 81 ton in I
copper prices in London, reducing heavily. /
if il did not altogether wipe out. whatever /
disparity has in recent weeks existed be- /
tween the market for copper here and in /
London, and there was sharp rise to- /
41ly IN sPs price of Rio TintO copper min I
1g stock in London, upon which the 1
sulk of speculation in copper stocks in /
london converges.
There were heavy rains to-day in the /
lower parts OF Texas, and the indications /
upon the weather map were for lower
temperatures and fan of moisture over 1
good portion of the winter wheat /
country.
A. any rate. there was large unload /
ing OF wheat. both speculative for the (
rise on the Chicago Board OF Trade and /
corresponding falling of in the attention /
paid 10 crop Damage stories. The price /
OF the May and July wheat options +
closed to-day at declines Of "a half cent /
or more.
BOSTON STOCKS.