The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-26

New York, April 25.-Neither the secur-
ity market nor matters of news affecting
the market divulged anything to-day OF
more than passing interest. Transactions
IL the market itself were only a little
more than half the volume of yesterday.
and reached the relatively small total of
$4,000 shares.
Dealings ia stocks were not only entire
Is professional but We're seemingly limit
ed to the operations Of two or three large
habitual spectators, and as these specu-
lators. commonly known as room traders.
did not figure c0nspicuously on either side
Of the account ana reversed their opera
tons many times during the day, fluctua-
uons in pric We're devoid of any definite
tendency.
It must De said however that the mar
kat displayed greater drmness than
might have been expected from its clos
fag yesterday At the opening prices
were slightly higher than they closed yes
JerJay afternoon. but soon receded, again
rallied. and SO wavered back and forth
within range Of hardly more than a
point during the remainder Of the day.
Moreover. such dealings as took place
were practically COnhnld 10 a small num-
Der Of stocks. and if transactions in the
Amalsamated Copper. Union Pacific. and
Reading sEorcs had been eliminated from
the trading there would have been no
market during the day 80 speak Of
AT one time there seemed 10 Doe an ef-
fort to break prices through the applica-
ton Of pressure 60 the various Erie stocks
and The inactive Chicago and Great West
q ..f H.g.H rHr1 l
really designed Il came to nauglt. More
than oac-four.h of the days total num-
her of purchases and sales were in Union
Pacific common stock. and this stock
closed az a net advance Tor the day of
a-S points. which was the largest gain IN
amy stock dealt in Advances and de-
clines at the end Of business were irregu-
larry scattered.
Reasons for Apathy.
For the apatheuc conditions now visible
in Wall street. substantial reason, Of
course. exists. The future of the market
maaifestly depends upon circumstance
that are not yet matured, notably the
state II the crops, the still msolved
money situation, and the grave question
as 10 the business situation throughout
the country. The month OF May Is
always a critical period as regards the
u duu time from a stock exchange point
OF view. This year affairs are obviously
such that hesitation in stock market
ventures should logically he especially
pronounced uEll 5he probable course OF
events .n the luttEe becomes much clearer
than Il IS NOW.
Neu5 to-day concerning the crops wast
FL not 5trHilgiy uulavpra5le. yet dis
couIagins in this respect. that lack Of
Tain was s.4u reported from Kansas and
Nebraska, ana ir5m The winter wheat
5elt generally, and the price of the wheat
options og the produce exchange again
advanced II had been during the week
almost q iara-u1c conclusion that the
directors OF the Bank of England would
at their meeting to-day reduce the banks
discount rate trUm AZ TO 2 per cent. and
thc reception given go the announcement
of this action ID all the worlds financial
markets was THAT of au event that mad
been wholly discounted. I'm the London
market c0us0ls declined and other invest
m=nt securities Were weak.
one reason TOR this lack of enthusiasm
WIS perhaps that discount rates both of
the srest foreign banks aud in the open
market in LDglan0 and on the continent
Of Europe are still high for the time of
the year, and that it is not thought that
any further reduction in money rates
there viii take place for considerable
period. The Bank of Englaud's pres
eut proportion of reserve to liabilities
is lower than it has been at any CORE
spending time, save on one occasion, for
six years
Bonds Not All Taken.
Financial sentiment here to-day was. of
course, not helped materially by official
pronunciation of the fact that the syndi-
cate formed a year ago TO underwrite an
issue of ser 100000 per cent bonds of the
Lake Shoce and Michigan Southern Rail
way Company had been dissolved. and
that the members of the syndicate had
been asked to take uD the bonds stiu re-
naming unsold which, it is understood,
constitute the larger portion of the issue
Neither did the announcement that an
issue Uf S5.o00eo0 of new stock OF the
Westinghouse Electric Company had been
offered 20 the stockholders of the company
excite any comment The step taken by the
Westinghouse directors was, however. ua-
usual in this regard. in that the new stock
was offered at a price higher than the
market valuation Of the existing shares
The management of the company, in
formal statement. took cognizance OF the
fact thar recent stock issues Of kind
that offered rights TO shareholders-that
is 20 say. to which subscriptions We're in
vited at a price below current market
valuations, had had the effect of lowering
the price i'm the market Of some. if not aH
of the securities Of the company affected:
and they took the high ground that the
stock of their company should not be
sold even 20 shareholders mt par or at any
CT 1ar Ffrfra less than @ Fafr. 4r41.ra