The Washington herald., 1907-04-25
DAYOF PROFITTAKING
Brokers Take Advantage of
Chance to Settle.
LONDON A SELLING FACTOR
Bank of EngIand's Rate Now at the
Lowest Figure in Many Months.
Paris Relative Weak spot Among
Money Centers of the WOrld-IR-
terest at Low Ebb in New York.

New York, April 24-Prices in to-day's
stock market reflected the desire of pro-
fessionaI Spectators naturally enough
under the circumstances. to begin the
process of converting into cash the
paper profits that have accrued on ven
lures, for the rise in values during the
recent considerable advance In the mar
ket This advance. had, up to the open
ing of business this morning, been con
tinued without recession throughout the
last five business days, and had placed
some of the more active stocks once
more on the high levels they touched in
the violent upward rebound from the
great break in the market a few weeks
ago.
Opening quotations to-day. were. as a
rule, lower than those last made yester-
day, but from this early weakness
the market rapidly recovered. becom-
ing extremely dun around the mid
day period of the stock exchange
session. Prices in the early afternoon
were again a little higher. and the market
he'd with fair amount of hrmness un-
I'll the closing hour. when it declined
in nearly all instances at the lowest and
were such as to show net declines Of
more than a point in the majority of
the principal stocks.
London Money Easy.
London was a large seller of stocks
here, although the foreign news was not
at ali Of a discouraging character. The
charge made at the opening Of the Lon
don financial settlement to-day for ear
rying American stocks IN that market
until the next settlement was reduced to
the lowest dgure recorded within many
months, while ease IN the English money
market was again pronounced. discounts
there falling TO a point nearly y per cent
below that Of the Bank of Englands
minimum rate. But, while expectation
was stu general that the Bank Of Eng
land rate would suffer a second reduction
tomorrow. from ~ TO 4 per cent, these
anticipatons were somewhat clOuded by
the fact that sterling exchange IN Paris
to-day fell nearly to the level at which
gold can pr0htably be sent from London
to Paris, leaving it doubtful if the bank
could. if its discount rate was reduced,
secure all or the greater portion of the
S5QC00l0 in South African gold that IS
due to arrive IN England within a few
days What IS plain regarding all the
worlds money markets at the moment IS
that they are striving Tor a state Of eQui-
librium.
Paris Is Weak spot.
Paris is the weak spot, relatively.
among these centers. and she is calling
upon the London bankers. now that easy
financial conditions are restored in Eng
ls.l Fo~ +i,. ~-,r---11.+ s.e as. ,-1,...- IA
vanced az the time of stress in England
six months ago. Similarly, now that
money rates in this city have greatly de-
clined. creditors of local bankers are ask
ing for the repayment Of their loans. mas
much as in most cases they can use the
money 10 greater advantage at their own
homes than they can in employing Ii IN
the New York loan market
Aside from the instructive tendency to-
ward realizing sales, strictly professional
dealings as are at present carried on the
market to-day was undoubtedly affected
adversely by continued bad news from the
winter wheat section, and by the develop
ment of conditions 20 which reference has /
been made whose effect must be, logical
". 10 produce later on. somewhat higher
money rates than those which have re-
Gently prevailed here
Gold Stay Be Exported
Sterling exchange here, while not yet ut
a point jusufying gold exports. is still
lowering near it. and # was thought by
various bankers to-day that such ship
ments were not improbable in the near
future
According 10 these same authorities,
too, the recalling Of out Of town money
from this city is assuming such proper
lions as to Indicate another large expan-
sion in the bank loan account in the
clearinghouse statement at the end OF
the week, the meaning of this being, as
has been so often explained, that out Of
town lending institutions are asking the
local banks TO take up loans that they no
longer wish to renew at the low rates
now Offering here for financial accommO-
dation
These rates We're again lower to-day than
they have been at any previous time
during the year, money lending with
difficulty above "a per cent for five or
six months use The banks have gained
only S2l5,000 in cash from the subtreasury
during the week, as compared with a
gain OF 100000 in the same period last
week, and have unQuesuOnably lost a
good deal OF money in direct shipments to
the interior of the country.
Crop Report Has Effect.
s must frankly be said that tho crop
bulletins to-day, as they were published,
were. il not such as to Justify an out and
out pessimistic attitude regarding the
conditions of winter wheat yet such as to
make for a good deal Of conservatism II
views regarding the probable outcome of
this harvest
Whatever may be the damage done to
the crop up TO the present time from the
ravages Of insects. il is indisputable that
there is IA wide area OF drought over
Kansas and Nebraska, and that the injury
that winter wheat has suffered from
lack Of moisture is serious. There is. in
fact, d pressing need for warm rains over
the entire winter-wheat belt, and no one
disputes that If a government estimate
OF the state of the growing grain was to
be taken at the present time, it would
heavily reduce the figures given at the
first of the month.