Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-02
ondon Gave Keynote to Mar
ket Conditions Today.
THE PROFlT-TAKING SALES
Presidents Railway Policy Disturb
ing Factor on Change.
DECLINES FOLLOWED ADVANCES
Range of Upward Movement From
Two to Four Points-Call Money
Cheaper-Dull Closing.
THE PROFIT.TAKING SALES
DECLINES FOLLOWED ADVANCES


NEW YORK April 1.-The renewal OF
business in London after the holiday Pc
Rod and the almost immediate profit-taking
sales that resulted there, gave the key
note to the local market today after some
tentative advances in the first hour. There
was no news In Wall street this morning
to encourage any great amount Of buying.
The Presidents statement of the IN
changed nature of his policy upon the rail-
road question was the subject Of much dis
satisfaction, in that 1t left the securities
market devoid Of any hope that the admin
istration would correct known evils among
certain roads or guarantee to others i'm
Inunity from random and retaliatory at
lacks by state legislatures
The anomalous position of roads DELHI
erately violating the laws of the country
and yet implicitly protected from punish
ments by the government because of the
uanser or causing distress to their innocent
stockholders. Is hardly comprehensive to
the average investors who cannot be sure
mat the precedent thus established may not
be followed by other railroads in course
of time.
Presidents Course on Railways.
The care expressed by the President in
the wisdom of his policy has proved another
disturbing factor in financial circles Alto
eetner the statement to the Illinois delega-
ton has given no encouragement to in
vestors. but has achieved only the further
weakening OF public confidence in the Sc
curtties market.
The market today was very much a coun-
terpart Of the London market except i'm the
opening. when general declines were ap-
parent. In the early trading prices rose
steadily with fairly good tone to the list
They continued In this way until the end
OF the first hour. when some irregularity
was visible. After fiuctuating In narrow
ranges at the highest prices Of the day.
which were about equivalent to last nights
closing figures. securities declined after
noon.
Rise From Two to Four Points.
The range of the morning movement was
from to points in the more prominent
issues.
Foreign exchange rose very sharply in
the afternoon. rejecting a large engage
ment of gold In London for American &C.
count. One firm of bankers in Wall street
was reported to have secured f4JO,0OO, and
the Bank OF England purchased fIOO 600
In the open market. 1t was rumored today
that the Bank of Frances discount rate
would again be raised to check further
removal Of gold from Paris, but this rumor
deserves little credence unless the persist
ency with which 1t is circulated Is taken
into account.
There was Considerable selling from Lon
don In this mornings market but little
subsequent buying when prices fell. The
middle of the afternoons trading was char
acterized by lifeless selling without par
ticular object. Call money grew cheaper
as the hours went by, ruling at 31s per
cent. but at times 1t loaned at much lower
rates. Activity In the morning was on a
good scale but In the later hours of the
day tendency toward dullness was fire.
Quently manifested