Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-11
General and Material Decline
Followed Opening.
PROFESSIONAL TRADING
Aggressive Operations for the Short
Account.
BANKS CONTINUED GAIN NOTED
Anal. Copper Under Effective Pres
sure-U. P. and S. P. Led Rail-
way Features.


Special Dispatch to The Star
NEW YORK April 11.-After changing
its superficial tone repeatedly during the
first hour OF business. the stock market
toward midday developed actual weakness
or at all events about that time there took
place a general and material decline In
prices The Significance of the downward
movement more or less qualified by
the ur doubted fact that 1t appeared to re-
suit largely from quite aggressive opera
tiOns for the short account. The trading
was. In fact, even of more strictly pro-
fessional character than was the case yes
terday with the volume of business main
taired upon about the same scale of activ-
it which then prevailed.
About the sole incident of a financial
character of any Importance that was pre-
scented for consideration upon the opening
of business was the reduction of the mini
mum discount rate of the Bank Of England
from . to 4la per cent. This action had
been quite commonly expected. and it had
no substantial influence upon either the
London the local stock market. Opera
tons here for foreign account showed on
balance tritling results.
Bank of England's Statement.
The Bank of England's weekly statement
showed an increase in the proportion of re-
serves to liabilities to 1885 per cent against
4l.42 per cent last week and 44.12 in the
corresponding week OF last year. Discount
rates In the open market were still quoted
well below the banks official figures.
A slightly frmer tendency could be de-
tected IN the local money market. for which
no very definite reasons could be assigned
beyond the expectations that the Secretary
of the Treasury would within n short time.
announce the discontinuanCe of the depos-
iting of the customs receipts In the ma
tlonal banks.
heavily in their operations with the sub
treasury during the present week, this
mornings figures showing a favorable bal
ance of upward of $1.7OO.OOO. and the sub
treasury was a large debtor at todays
clearing house settlements
There were few actual developments OF
any Importance relating to particular
stocks. There was again much discussion
with regard TO the real facts in the case
relating to the conditions in the copper
metal trade. and in spite OF more less
authoritative statements to the contrary,
strong impression appears TO prevail that
decidedly reaCtionary tendencies are ap-
pearlng in that direction.
Anal Copper an Active Feature.
Amalgamated Copper was one of the
active features of todays dealings and was
under quite effective pressure during the
greater part of the business session.
The stock market at large opened at a
materially higher range OF prices than pre-
vailed a; the close of business yesterday.
but the initial betterment was not long
maint aimed and was succeeded by the irreg-
ular and. broadly speaking sagging ten
denotes already referred to.
The leading features OF the railway list
were Union and Southern Pacific, Reading.
Erie. Pennsylvania and Rock Island.
Chesapeake and Ohio showed exceptional
strength in the early part of the day
purchases for foreign account, but the
stock later declined IN common with the
market at large.