The Washington herald., 1907-04-17

New York. April 16.-There was a great
FILLING OF in speculative activity IN tho
stock market to-day, and the total vol
ume OF purchases and sales was ths
smallest for a month for a full days
business. amounting only to $500 shares
as against more than 100000 yesterday
Nearly 0ne-third of to-day's transactions
TOO, were concentrated in the last hour
of the stock exchange session; and had il
not been for the relative quickening OF
the market in this closing period, it could
fairly have been said that the market
during the entire day was in a state OF
dullness, even more intensified than il
usually is in the midsummer period.
a feature OF the market, however
equally as dominant as that of its leth-
argy, was its strength and in this to-
days dealings in securities here shared
the course of values in nearly all the
worlds leading financial centers. Prices
of stocks were higher to-day than they
were yesterday in Berlin, London. and
Paris. and reason for this appeared 10 be
the continually easing monetary condition
IN London and on the continent Of Eu-
rope
The term Of the large new loan offering
I'm thu English capital by the London
County council were found when an
nounced to be such as to make its ne
gotations not at all troublesome TO the
London market and in the forepart of
the day in London discounts fell TO a point
more than l per cen- below that of the
Bank Of England. Later in the day these
discounts in the open market hardened a
little upon news that gold was leaving
London for Paris: but the general caution
now exercised in all financial operations
abroad and the enormous weekly receipts
of gold In Europe from South Africa have
undoubtedly contributed 10 materially
cheer the financial prospect on the other
side of the Atlantic.
London Buyer Of stocks.
London was a buyer Of stocks here to-
day for the first time in relatively long
period, and the price of American stocks
in London. as they We're cstbled here be-
fore the opening of business this morning.
were considerably higher than their last
nights parity in our market. Prelimin-
airy quotations in the market here. after
following for a few moments the lead
given in London weakened more or less
and there was an evident effort on the
part Of spectators for the fan to renew
their attempts to depress prices.
1t was plain, however, that the market
had reached point where the absorbing
power of investors once more began TO
tell strongly in its favor, and this infu-
ence became So pronounced, as the day
wore on. as to cause an urgent buying
back Of stocks by bear spectators, which
eliminated in a violent rally before the
day was over Final prices were at the
highest. and We're such as 70 show gains
of from ] 30 3 points in the leading
stocks. Larger advances than the aver
age We're. as usual made by certain
stocks whose shares are in small supply
in the market.
The continual Improvement in tho
money situation abroad was accomplished
with developments of 81 similar sort here
to-day The clearinghouse banks re-
ported a gain from The Subtreasury in the
week 10 date of S3,0jS001. and it is thus
evident that the Secretary of the Treas
ury is pursuing his wise and salutary
policy of currently depOsiting with the
local banks customs duties collected at
this center 1t is true, no doubt, that
with the lowering of rates here out-of-
town institutions retire from the money
market-that is to say. ask the banks OF
The city TO take over their loans made to
local borrowers.
Bank Statement Deceptive.
Such an influence tends to make the
weekly bank statement superfciauy less
favorable. but it is. of course. manifest
that this does not alter for the worse
tho money situation itself in any degree
IE10taTrnT d 1.1F 10 IL. n
by the course of money rates.
Spectators in WaH street viii learn.
after a time regarding this matter. that
# is the money rates and not the bank
statement that form the only true index
10 tie present or prospective state of the
money market
There We're, however, two other factors
affecting the security market to-day that
We're of highly favorable nature One OF
these was the fall IN the price of wheat.
owing 10 rapidly growing impression
that the Western crop scare has been
worked for all it is worth and a good deal
more Many telegrams were received to-
day In the financial district from grain
experts travelling over the Western and
Southwestern portions of the winter wheat
belt denouncing the reports of damage
made by other experts as little less than
criminal
In the second place. there was a large
advance in London to-day I'm the price OF
copper, as wei as i'm the price Of the
stocks OF the principal copper mining com
panies there based, presumably upon the
publication OF a monthly report Of the
quantity Of copper metal supplies in Lon
don that obviously greatly strengthens the
position Of the metal as regards price.
The report was to the effect that there
had been a decrease during the month of
1.2-7.00o pounds of the metal In sight, and
4 decrease in copper stocks Of 797.
NEW YORK MONEY.