The Washington herald., 1907-04-12
PRICES DISAPPOINT
Operators Had Hoped for I'M
prOvement iii Market.
MONEY SITUATION IS BETTER
Conditions at Opening show I'M
proving Tendencies, but Gains Of
First Few Hours Are Lost in selI-
Sng Movement-CopDer ana Wheat
Feel Strong Pressure.

New York, April 1.-THE course Of the
stock market to-day was undoubtedly dis
appointing TO those observers and specu-
lators who had hoped and have hoped for
many days past that the numerous favor
able developments of financial Importance
would serve to hold prices of stocks
steadily at the recent advance, if, indeed,
they did not produce continuation OF
the upward movement in the market.
The improving conditions of the money
market were accentuated to-day by the
action, as anticipated, of the directors Of
the Bank of England in reducing the dis
count rate OF their institution from . to
a. per cent. There was no real eXpeeta-
ton that lower rate than this would be
ordered, as the condition Of the Bank of
England while it has been strengthened
materially in recent weeks, is still rather
below the average for the season. The
weekly report of the bank to-day showed
g. proportion of reserve against liabilities
OF 4355 per cent, as compared with 4l.4Z
per cent last week, and AIS at this time
last year, but the reserve holdings OF the
bank are still lower than they have been
at any corresponding date at this time OF
the year, with three or four EXCEPTIONS
foF a decade and half.
shOyvings of Foreign banks.
On the other hand, the gold in the pos
session of the bank is rapidly being en-
larged by receipts OF bullion from South
Africa, now that the bank is enabled to
secure practically without competition
the entire supplies of the metal that are
laid down in London and is also in re-
cefpt daily Ct considerable quantity OF
gold from ether European financial cen
ters. The Bank of France, too, to-day
made a strong weekly report as did the
Imperial Bank of Germany "a few days
ago, and discounts were easier IN the
financial capitals all over Europe Despite
all this. nevertheless, an easier tone was
generally displayed to-day in all the lead
ing European security markets, 1t being
said that one reason Tor this, in London
especially. was the knowledge that 80
OO0O00 loan Of the London County council
was about to be brought out I'm Palls
more or less depression was naturally
caused by the local labor troubles.
our market opened to-day with an ina
proving tendency. which, in the course OF
the first hour, resulted in gains running
over a point, as a rule in the prominent
and active stocks. but the advances were
lost later under a selling movement, which
set IN with a good deal of Vigor, and
which caused. after a time. larger fan
from the high points of the day than has
been witnessed on any occasion since the
reaction in the general market which
began last Saturday, Later recoveiles
appTeciably reduced the losses in ma
5ority Of instances, but net declines, rum
M FTrF
stiu shown at the close in the leading
shares. The entire days market was, as
It has been for some time professional in
the extreme The stock displaying the
greatest weakness was that whose up
ward reaction from the low level touched
IN the panic period few weeks ago was
most pronounced. namely, the American
Smelling and Refining combination shares.
Pressure Against Copper.
More or less specific pressure was
directed against the Copper shares, al
though it was commonly realized that the
rally IN prices for copper metal reported
from the so-called metal exchange was
utterly fictitious. Selling of stocks also
appeared TO be prompted TO a greater or
less degree by rumors regarding the con-
ditiOn Of the grain crops in the Western
and Southwestern sections of the country
Wall street was filed with telegraphie
reports from experts" travelling i'm this
territory 20 the effect that the winter
wheat was being devoured by insects aLd
was suffering greatly from lack of moist
ure; but, singuiarly enough, this scare
was accompanied by net decline for
the day in the price Of wheat on The
produce exchange.
The only other matters Of news bearing
upon the market during the day We're the
announcements of the retirement undoubt-
edly for purely personal reasons, from the
directorates of the Southern Pacific and
Erie Railroad companies Of the prominent
and aged capitalist, and of a statement
credited 70 the president of the Chi
eagO, Milwaukee and St Paul Company
that, in view of the hostile legis-
lation with which the railways of the
country We're threatened, the St. Pau
Company was seriously considering tho
question of postponing the construction
OF its proposed extension TO the Pacific
Coast. A circumstance that passed al
most unnoticcd i'm the financial district
was a sharp rise in the price of STANDARD
Oil stocks as dealt in on the curb market
owing, presumably to the notably higher
prices recently obtained by the company
from the sales of its products.