Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-25
Opening Indicated Continued
Concentration of Interest.
a FEW STOCKS ANIMATED
Bank of England Report Pleased the
Brokers.
CROP REPORTS DISC0URAGING
CROP REPORTS DIsCoURAGING
A Further Falling Away of Activity
Pronounced Weakness in the
Erie Series-Local fractions.


special Dispatch TO The Star.
NEW YORK. April 2J.-To cite first the
days most actually important news, there
should be mentioned the reduction in the
Bank Of Englands minimum rate of dis
count from AZ to per cent. This follows
a reduction In the banks rate on April III
from : to ~ per cent. and this had been
preceded by a reduction in the banks fig
ures from to ) per cent on January II.
In connection with the banks action
favorable weekly statement was reported,
the proportion of reserves to liabilities ris
ing To lj:2 per cent against 44.65 per cent
last week.
The action of the bank has been very
generally anticipated in London, and was
In consequence discounted there far as
any pronounced effect upon the stock mar
kct was concerned. Still most departments
OF the London stock market were steady,
with. however. continued irreguarity In
American stocks. Foreign houses continued
to sell in the local market. disposing on
balance OF about 2oOO0 shares
The days advices with regard to the
growing crops were again for the most part
of a discOuraging nature. bat little altera-
ton was shown in grain market prices.
Local money market conditions remained
extremely easy and comprised larger Of
ferings Of funds for long time periods. AT
The same time IL the associated banks re-
port anything like an approximation of the
conditions of the past few weeks. another
reduction In surplus reserves will appear
TO be foresha owed for Saturday. as they
can hardly escape reporting 4 considerable
reduction in their cash holdings.
The Price Movements.
So far as the days stock market was con-
cerued II might be said at the outset that
none of the foregoing circumstances APP
peared 10 play any particular part in shap-
ing price movements There was fur
ther material falling away in respect OF
activity and continued concentration OF
Interest upon the same small number OF
stocks which have monopoized such ami
NATION the market has shown for so
long time. 1t was observed, however,
that those stocks that showed any degree
of activity in contrast with the remainder
OF the list were firm. while the more
elected shares We're comparatively heavy
Union Pacific, Reading and Amagamated
Copper again contributed a large proper
tfoE of the days total transactions,
* could not be said with regard to any
of thes,. securities that there was any spe-
cifc reason for their prominence in the
DAYS dealings beyond the Partially for
them always shown by the professional eie-
ment of the floor Even the transactions
In United States Steel common fell today
to small proportions
Dealings in the railway list developed
some points of rather pronounced weakness.
notably In the Erie preferred shares and in
the Chicago Great Western issues.
The movement in the Erie stocks
commonly referred to the msGivings as to
tie maintenance OF the present dividend
while a further decline in the Great West
err securities again attributed to the
report upon the capitalization of that prop
erty made by the Minnesota legislative
committee. The local Traction stocks We're
not further affected by yesterdays vote in
the assembly at Albany. on the bill adjust
Ing transportation affairs. and bearing more
directly upon the rates to be charged for
the service To seashoFe resorts.