The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-05
MARKETTONRFIRMER
Prices of Stocks Responded
to Favorable Conditions.
MONEY RATES RULING LOWER
Policy Adopted by Secretary COrteI-
you Under the AIdrieh Bill Has
Proven OF Great Benefit 10 Wall
Street - ROoseveIt-Harri Con-
troversy No Longer Feared.

New York, April 4-Priees of stocks re-
sponded to-day, as they inevitably must
have done within reasonable length of
time, TO the extremely favorable substan-
tial conditions affecting the security mar
ket that yesterday unfolded. The money
situation which yesterday developed such
remarkable ease, was to-day of even more
pleasant aspect. Up to the end of bust
ness yesterday the local banks had gained
from the subtreasury $10300.0O0 for the
week that far, and this gain was aug
mented to-day by further credit balance
at the subtreasury Of s.. 900.
All this is due. Of course. to the policy
adopted by the Secretary of the Treasury
under the permission accorded to him by
the Aldrich bin of depositing customs re-
eeipts at this center with the national
banks and to the redemption by the gov
eminent that is now rapidly proceeding,
OF S25, 0000 zoe of the + per cent bonds ma
turing on July l. As the Secretary OF the
Treasury has deposited s15,o00000 in a lump
sum with the clearinghouse institutions,
this representing the proceeds of. customs
collections during a previous portion Of the
year, it is altogether probable that the
entire amount received by the local banks
from these different sources viii shortly
reach an aggregate in the neighborhood
of 100000. while the deposits of GUS
toms receipts viii. it is presumed, be con-
tinued from now on.
Controversy to BE Ignored.
dawn clearly for the first time upon the
Wall street mind to-day, and there was in
consequence q speedy RELOCATION to proper
obscurity from market point of view Of
the miserable Roosevelt Hartman con
troversy which yesterday occupied the at
tention of speculative traders
The favorable influences of a specifically
monetary nature resulted during the day
in a reduction of the quoted rate for
money FOR long periods 10 . Ii per cent
while no more than - per cent was
bid for time funds for the nearby ma
turtles. and in banking circles very lit
tie doubt was expressed that before long
3 per cent would be as much as could be
obtained By any leading institution Tor
time money secured by good collateral
There was to-day a further and brisk Gd-
railway short-term note issues and what
is OF more significance still, a broad and
general upward movement in The bond
market.
Dealings in bonds We're larger than they
have been al any time for months past
and We're almost uniformly characterized
by advancing prices, The gain in such
issues as the Chicago, Burlington and
Quincy As, Chicago, Rock Island and Pa
cifc IS, Pennsylvania 3 lbs, AID Colorado
and Southern IS was especially notable.
The meaning of an this as a stock mar
ket factor was so plain that it could not
be ignored Despite the fact that the
foreign markets were still seemingly more
or less perJurbed, and that prices of
stocks az the opening here We're quite ir-
regular. the effect of large purchasing
orders in the general list of the stocks
was visible shortly after the opening Of
business.
Gains In Chief Issue.
Within d comparatively brief period
gains of couple of points were made in
all the active stocks and this was extend
ed in the afternoon SO that net advances Of
from TWO TO five points were commonly
shown. After this the market halted, and
began backing and filling process, but
held its rise practically without dIminu-
tion until the close.
According to all observation, participa-
ton in the buying movement by the gen
eTal public was more marked than it has
been at any time this year. and particular
features of strength were the Great
Northern, Northern Pacific, Amalgamated
Copper, Reading, Southern Pacific. and
Union Pacific stocks.
Sterling exchange was frmer to-day, as
the inevitable result, of course. of the
break in the money market, and it is not
probable, from the way events have
shaped themselves. that any further gold
engagements in the Immediate future Will
be made for our benefit in Europe 1t
seems at the moment, indeed, as If money
could play a more useful part in financial
affairs in Europe than it could I'm this
country. The weekly statements issued
to-day BY the Bank of England and the
Bank of France We're affected by the
April financial settlements, and the rather
Indifferent showing made in them was
not, therefore, taken as accurately repre-
senting their true condition.
Labor Dispute Is Ended.
The only other developments Of the day
of financial concern were the strong indi-
cations that an amicable adjustment of
all matters in dispute would soon be
made by the Western railways and their
men, and the publication of the earnings
OF the Union Pacific and Southern Pacific
companies The operations of the Union
Pacific in the month were affected by the
untoward weather conditions in the
western part of the country, that bore
most heavily, as is now we'll known, upon
the northern portion OF this territory. and
the Union Paciflc's net for the month de-
creased $4,000. although its gross earn
ings increased S324, 900.
Southern Pacific, however. exhibited an
other amazing increase in net earnings OF
S1,140.000 which, with other gains of like
nature shown III recent months, makes it
altogether probable that the Southern
Pacific Company VIII earn this year. on
the common stock, in the neighborhood
Of 10 per cent.
Reason for this apparent discrepancy
between the Southern Pacific earnings
and those of the more northern railroads
IS the fact, rs well attested i'm general
statistical compilations recently, that the
weather inciemencies that worked so dis
advantageously in the winter months this
year 10 the Western and Northern rail
ways, affected railway lines in the South
western district little OF not at all