The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-23
BROKERS OPTIMISTIC
Stocks Follow Upward Ten
dency of Saturday.
GRAIN NEWS RATHER MIXED
Reports from Western Points Com
afct, but Dark Outlook of Last
week Is Somewhat DissiDated.
Bank of Germany Expected 10 He
duce Its Discount Rate.

duee It's Discount Rate.
New York, April 22-It was quite evil
dent to-day in the financial district that
sentiment regarding stock market values
had undergone over Sunday decided
change in the direction OF optimism.
Signs were not lacking throughout last
week that a leaven of this kind was work
ms. and these became very plainly dis
played on Saturday, when, IN the face of a
very bad bank statement. prices Of stocks
did not decline as might have been Iogi-
cauy expected, but, on the contrary, ad-
vanced. The efforts of few spectators
for the decline On that day 10 retire their
contracts as they ordinarily do at the
end of the week, disclosed the fact that
stocks were not offered freely and the
market was seemingly rather thoroughly
sold out. There was to-day a universal
desire both on the part of the short in
terest in the market 10 protect Itself
ana on the part of other spectators to
buy stocks for rise. A generally inn
proved tone was visible on all the foreign
exchanges. There was no distinctly I'M
favorable influence of any kind in sight
and the prevailing impression appeared
TO be IN Wall street that such arguments
as has been more or less forcibly used
against the market in the recent past had
grown stale. There was no particular fea-
ture Of trading on the stock exchange TO-
day other than that OF the continued
surging of a broad upward movement in
prices.
The principal stocks. following the lead
Of the day, advanced a point or more at
the opening of the stock exchange session
and went on advancing throughout the
day. There We're times when the market
became dun and prices receded slightly,
but on each OF these occasions the buying
was renewed and the market closed buoy
ant and in a way excited at the highest
prices, net gains Of from one to four
points being common in the active stocks.
Buying Comes from Floor.
No doubt much The larger share of the
buying of stocks came from the floor Of
the exchange itself, that is, was due TO
the retirement of short contracts or to
the operations Of professional traders, Ac-
cording TO all accounts. however, a
greater number of administrations
orders were executed ia the market to-
day than have been on any DAY for a
considerable time past, and the market
was in every way as broad as it was
strong.
While news from the Western grain
fields was rather mixed to-day, COM
prising on the one hand dispatches from
irretrieyably ruined in certain sections
and that the green bugs and the harm
ful effects Of the drought We're still gen
orally initiating against an abundant
harvest of The grain, and on the other
statements from equally competent au-
thorities that the snowfall at the end Of
last week had helped the crop immensely
by killing the insects in the grain fields
and by affOrding q great deal Of moisture
1.-THE. general feeling on the produce ex-
change seemed TO be that the situation
had been painted too black. and THAI
considering the large reserves Of wheat in
farmers hands, the price of grain was
sufficiently high for the time being,
It must be said that there are many
persons couversant with agricultural con
Citions who maintain that some dimipu-
ton Of the wheat crop this year will be
for the best interests not only of the
farmers, bur Of the entire community.
Considering the large stocks Of grain now
on hand another bumper Yield Of wheat
would mean low prices for the commodity,
and experience has shown that relatively
high prices for wheat with a fair amount
OF grain on hand is better for the pro-
ducers than low prices and ever plenti-
ful stocks. But it is, of course, alto
w ~ vii any
fdence the prospects for the years har-
vest No doubt the cause that has been
more potent than anything else In pro
ducing an encouraging feeling in Wall
street recently. is the continually easier
working Of the money market.
Time sIOaey Rates Low.
This was again to-day pronounced, call
money rates being only nominal, while
time money was procurable at as low
rates and in some instances lower than
those which have hitherto prevailed. It
was said to-day that there were cases
where three months money had been lent
at ~ per cent The feeling is undoubt-
eddy becoming widespread that if such
conditions as these bid fair TO be I.o-
longed until the fall of the year and if
general business IN the meantime con-
tnues 70 be as prosperous as il now is,
the effect of the twin developments can
not fail to be measured by rise in the
price of stocks from their ruling low
level
Expectations were strongly entertained
to-day that the directors Of the Imperial
Bank of Germany would, at a very early
date-perhaps to-mOrrow-reduce their
Institutions discount rate, and, I'm view
Of the circumstance that the discount in
the open market In London to-day sank
10 81 per cent. or IA. per cent below the
Bank of Engiand's minimum discount
figure, that the directors Of the English
institution would likewise reduce their
rate on Thursday from AZ TO 4 per cent
One result Of all these forces to-day
Was naturally enough a further rise here
in the price Of sterling exchange. Copper
stocks were very strong in this market
to-day and in London, rejecting the
belief. now commonly entertained in
trade circles, that the price of copper
metal win remain at its present level. if
indeed, 1t does not rise above It, during
the remainder Of the year.
NEW YORK MONEY.