The Washington herald., 1907-04-03
PRICESSWING WILDLY
Stock Market Is Confused
and Irregular All Day.
MANY PRoFT-TAKIEG SALES
Strength Displayed Is Much Greater
Than Might Have Been Expected.
London Market Has Eject ON New
York situatiOn-AtehisOn Common
Rise Feature OF the Day.

Rise Feature OF the Day.
New York. April 2-The stock market
to-day. although confused and Irregular.
displayed d greater amount of strength
,han might have been reasonably expect
ed following such a rapid advance iii
values as has taken place during the last
week. and the consequent large number of
proht-taking sales that such a rise invite.
Liquidation of this description was par
ticulariy heavy to-day for London ac-
count and was almost necessarily brought
about by the violent uprush in our mar
ket in the price OF Canadian Pacific
stock during a time when the London
stock exchange was closed. The quota
tion Of the Canadian Pacific shares stood
at a decline OF over points i'm London
to-day before the opening of business
here. ana selling in general here by Lon
don operators was estimated al $1,000
shares.
Miscellaneous buying of stecks however,
absorbed these sales very easily, and after
the first effect upon the market was over.
prices recovered with no little residence
This was in turn succeeded by another
period of weakness, followed by another
sutburst of strength. and the market
continued to huctuate in this way until
The end of business, leaving net advances
and declines rather evenly scattered at
the close.
The distinct feature of the day in the
speculative trading was the upward
movement in the Atchison common shares
the rise here tending strongly, OF course,
TO c0rrob0rate the opinion which was
generally accepted before business hours
we're over that the Atchison directors al
their meeting. which. il is understood
win take place tomorrow, viii advance
tie annual dividend rate on the stock to
per cent.
same Expectation Year Ago.
1T the last similar meeting day Of the
directors six months ago. there was nc
little expectation that this action would
De taken, but the dividend rate was then
only advanced TO per cent. ana it was
announced seui-ofiicially on that occa-
sion that if the earnings of the company
continued TO hold as they had in the past
a further increase i'm the dividend raj,
would be ordered i'm the spring.
The cOnpany'S earnings have not only
been sustained, buI nave decidedly in
creased, and il was the belief OF those
usually best informed on such subjects IN
the financial district. to-day. that the
mind of the directors was that the recent
ups and downs of the market stock was
not sufficient TO alter in any way the de-
termination previously formed by them.
no doubt more or less part was played
in the course of prices tO-day by the pub
hcatiGn in some of the morning news
papers of the very extraordinary letter
written by Mr.. Edward Hartman, som,
time since, 20 a ta.rd party, regarding
ALI ged promises anu statements made 10y
the President OF the United States
The logical bearing of the incident upor
the stock market was extremely vague
and the matter can only have beer
esteemed a market factor in the sens,
that IL emphasized the friction existing
between the chief Executive and certain
large corporation interests. On the Other
hand. all developments to-day bearing
directly upon the financial situation were
of highly favorable character. and thes,
consisted of clearer evidences than have
at any time been recently afforded of ap-
preaching ease in the money market.
Money situation Easing Up.
Deposits Of customs receipts from tn,
local banks have swelled the gain OF bust
ness-banks with the Treasury during the
week thus far TO S649,050. and, as last
week. business deposits in the weekly
bank statement were onlys reported az
being "a little more than S3,10a0l8 when
S12g90o0 were known 10 have been re-
S. ef,
turn this week the sums of money turned
over by the government viii be more fulll
accounted for. and viii presumably caus.
larger prOpOrtionate increase In th'
bank surplus than has hitherto beer
shown.
This surplus already stood last Satur
day at over SI5Ga3.0uJ. high figure fol
the time OF the year, and will further b,
increased during the present week bS
Sl.D0.0l0. the amount of gold now IL
transit from Europe Ca this side,
Moreover. $Z,-54000 i'm new gold was
bought for American account to-day II
london,
There was q tWofold result to-day from
business conditions as they We're un
folded First, sterling exchange rose YiO
lently three-quarters Of cent on tn,
pound diminishing. of course. the profit
ON additional gold shipments. although
not. as was believed. Wiping out this
profit altogether Secondly. time-money
rates here, which had been held stify al
per cent for ali periods. fell 10 ~ and
5ia per cent for different dates, with Dor
rowers showing little anxiety TO obtair
funds In general the prospect at all tn,
citys leading banking Institutions wa;
held to be for a further ease in money
rates ia the near future, and ina
proof OF this was a brisk enlargement ot
the demand for short-term notes recently
issued by so many different railway com
panies.
Inquiry for bonds and Stocks.
In some Instances, too. a better inquiry
for bonds and investment stocks was re-
ported. If, as now seems probable tbs
government proposes to continuously de
posit the money received from custom,
dues al this center with the nationa
banks, there is no reason why the pres
ent com Portable state Of affairs in tn,
money market should not hold for az
indefinite time in the future. Abroad, too
the money situation is rapidly impr0v
ing. Discounts to-day in the open Lon
don market were quoted appreciably be
low the bank rate, and the price of in
Vestment issues there advanced.