The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-19
MARKET IN TORPOR
Inactivity Touches Lowest
Mark OF. Present Year.
LARGE SHORTS FAIL TO COVER
After Midday Undertone Is One of
Strength, Notwithstanding Few
saIes-Leading Lines CLOSE Almost
as Good as "a Point Ahead of Opens
fng-B. & o. Makes Poor Showing.

New York. April 1S-Inactivity in the
stock market to-day approximated a state
of t0rDor. Transactions in the first hour
of business were only 5000 shares. or but
one-quaTter Of the volume of stocks pur-
chased aRd sold in the corresponding
period yesterday. and were progressively
less throughout the stock exchange session
with the exception of the last hour. the
total turnover for the day amounting TO
only SlO,6o0 shares, the smallest of any
day in the year thus far.
Moreover. t0-day's record Of duiness was
hardly exceeded on any occasion through
s cut LAST year feature OF the market to-
day however, fully as noticeable as that
of the lack of animation displayed, was its
strength. In the forepart of the day
prices of stocks were inclined TO sag but
more. apparently than from any other
cause. from an utter lack of general in
terest in the speculative trading.
After midday. the undertoHe Of affairs
was distinctly frmer. and in the last
hour the market spurted upward with
vlgor. leaving quotations OF the standard
stocks as a rule At net gains of more than
a point, The dullness of the market to-
day was pretty nearly exactly what was
expected by those whose memories con-
cerning the course of values on the stock
exchange cover more than a brief period
of time Il was just such market as
should. according to all Drecedeuts have
been looked for following the recent sen
sational agitation in the financial district,
and if tO-day's Quietness were to be re-
peatec for some time 10 come 1t should
surprise nobody.
Market Is "sOId Out"
Whether. however. anything like a pro-
longed period of calm on tine stock eX-
change can be anticipated manifestly de-
ponds upon the progress OF developments
attesting. or not. as the case may be,
that the market has reached sold out
condition. There are some signs az the
moment that this condition prevails; but
after such a great fall in values as has
been witnessed, with its accompanying
burden Of financial losses in so many diff
ferent quarters. people ia Wall street are
not inclined TO enthusiastically trust iudi-
cations of the sort Be this as it may,
il has been plain for some time past that
when spectators for the fan attempt 10
protect their contracts for the decline.
they End IT not over easy 10 buy stock
There is an abundance OF proof. too.
that the short interest in the market now
remaiaing uncovered is very large. II
can be said with pos.tveness that thu
borrowing demand in private for certain
active stocks runs 10 figures larger than
ever before known In stock exchange
history
shorts Expected Depression.
All this short interest has been created
upon the idea that following the decline
in the stock market there was to be seen
throughout the country a great contrac-
ton In general business; but the fact
stands out In manner very unwclcome
TO those who have made the commit
ments that up to the present time the
expected contraction in business has
utterly failed 10 put in an appearance.
This has left the stock market bears. as
their only source Of help the crop scares
and the circulation OF false stories re-
gardipg the reduction in the price Of COP
per. which have laid claim 70 Wan
streets attention this week.
In the relative weakness which pre-
vailed IN the market this morning. espe-
cial pressure was placed upon Baltimore
and Ohio common stock on account of the
company's poor report Of earnings for
March, showing a decline of Ss69000; but
this falling of in earnings was due as all
well-informed people We're aware, TO the
exceptional injury which the Baltimore
and Ohio road suffered from floods dur
ing the month which placed a consider
able portion Of its lines practically out
OF business.
Conditions on the road are now under
stood 10 be nearly normal
Announcement was made to-day of the
al ~
gamated Copper Company of the quar-
terly dividend upon the companys stocks
at the usual rate, the action being Of
nature wholly f0reshad0wed. and as a
firmer tone admittedly prevailed in the
copper metal market and as indisputa0le
proof was offered Of prosperity IN the
metal trades generally, especial strength
was shown to-day by the Amalgamted
Copper and Amalgamated Steel shares.
1t is now admitted that the factories Of
the United States Steel Corporation have
business enough on hand to keep them
fin full operation during the remainder
Of the year The books of the corpora
tiOn We're opened to-day for orders for
steel rails for 1903 az the usual price of SIS
a ton, and requirements of various rail-
road companies, asgregating several
hundred thousand tons. were Immediately
entered.
steel stock More Valuable.
Whether the directors of the Steel Cor
porati0n will see fit at their forthcoming
meeting to advance the dividend rate on
the Steel common shares is, Of course,
an open question. bat IL is plain that the
value of these shares is now greater than
at any time since the constituent COM
panies in the Steel Corporation were
brought together.
The Bank of England reported to-day
an increase IN It's proportion Of reserve
liabilities which brought the item up to
44.65 per cent as compared with 1900
per cent last week; but the most impor-
tant matter Of the days news budget was
the PRONUNCIATION by the English chan
cellOr Of the eXchequer in the House of
Commons this afternoon of the govern
ment's plan for a reduction of the income
tax ia England. and Of q large prospect
i've buying in Of cOnsols by the govern
ment for the curtailment of the national
debt
Such an announcement can hardly fail
10 be received with delight by the Eng
lish financial community, since it means
the extension Of great and immediate re-
lief TO British taxpayers; and it would
seem as if the beneficial results from
this action must, IN due course be reflect
ed in the price of consOls. and of securf-
ties In the general English Investment
market.
NEW YORK MONEY!