The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-24
Quotations on Stock Market
Make Slight Gain.
100000 SHARES TRANSFERRED
Forenoon Decline Despite Reduction
in Rate of Diseounts-CrOB Reports
Effect Is OBSERVATION-DISCLOSURES
Not Much of Factor-StiII DiscIoses
Fair Rauying Power.

average price of twenty active issues
up 10 where it closely approximated
the high level OF April =, the highest
point Of the recovery from the break of
March. This seemed TO be regarded as
the signal for q selling movement and
rather heavy 0utpouring of stocks
ensued, bringing the volume of trans
actions in the first hour up to the very
respectable total of 270,000 shares.
This selling movement, which repre-
scented both realizing and a resumption
of speculative operations for the de-
cline. brought d drop of from / to
points in the leading active issues, but
good support was met with on the re-
cession After a little while the market
steadied, and from about midday until
the beginning of the last hour moved
within narrow limits without any par
ticular feature TO the trading. In the
hour, significant dealings occurred, for
some of the shorts showed every evil
dence of nervousness and made strenu-
Gus efforts to recover.
In this time, prices for some Of the
leading issues moved upward with
degree OF resiliency greater than had
before been seen in the past week,
Forenoon shows Reduction.
The days news appeared to be disre-
garded in the trading, the forenoon
decline coming in spite of the an
nouncement OF the reduction to 8 = per
cent in the rate of discount at the Bank
of the Netherlands, and the inference
from these that the Bank of England
and the Bank of France would soon
reduce their rates, the former TO per
cent. and the latter TO per cent.
When, about noon, the unfavorable
weather report caused an advance In the
wheat markets and brought about selling
Of stocks from Western houses, the
eeffct was inconsiderate, except in so far
as it may have contributed through the
retreat Of this untimely short interest,
10 the advance which carried prices at
the close up to about the highest levels
of the morning London was not much
Of a factor in the local trading, but such
interest as il took was a buying interest,
and as the settlement promised TO pass
of without incident, il was believed that
the foreign position in our market might
soon assume greater Importance than
at any time in the last few weeks.
Up. Increase Predicted.
One of the factors that helped to bring
about the great strength in Union Pacific
at the close was the statement made on
apparently good authority that the earn
ings for the month of March would show
an Increase Of 20 pei. cent over those for
tie corresponding month last year. II
was also rum0red that one Of the large
interests in the company had made pre-
dicti0n that the earnings for the current
fiscal year would show the equivalent
of % per cent for the common stock. and
that therefore. there could be little
reason for apprehension regarding the
present dividend rate. so far at least as
concerns the declaration TO be made next
August The urgency Of some of the buy
ing reflected the uneasiness Of the short
interest, and the whole action OF the
market made il pretty clear that the
supply of stock aflOat in the street is not
large. Some light was thrown on this
condition by a statement showing that
since the beginning OF the year the num-
Der Of stockholders on the books Of the
New York Central has been increased by
200 names.
StiIl shows Rally.
What has some on i'm this stock has pre-
sumably gone on in others. Special efforts
were made to depress United States Steel.
but the stock disclosed fair rslying power
when the general market moved upward
in the last hour.
The weekly weather report confirmed
the current TumOrs regarding conditions
N the wheat belt for east of the Rockies
the temperature was low and the condi-
tons generally Unfav0rable, although
they were satisfactory on the Pacific
Coast The publication of d number of
interviews with bankers in the West and
Southwest indicated that while there was
still a feeling of confidence in business
circles ia these sections. there was dis
position to urge caution in view of the
lateness OF the crop season and the posi-
bic early opening of the Presidential cam
paign.
a good deal of interest attached TO a re-
port that the Western Electrical Com
pany, which manufactures great variety
Of electrical apparatus, had reduced the
number of its employees from 5000 to 20
go since last July. 1t was thought that
probably one reason for the reduction of
forces at the plant Of the Western Elec-
trio Company was that the American
Telephone and Telegraph Company, one
of its largest customers. has decided to
go slow in the matter of making extern
sions TO Its system in the present year.
Atchison Cuts Estimate.
According to an official of the Atchison.
Topeka and Santa Fe. that road has de-
cided TO appropriate only 100000 for
neV work this year. whereas the original
plans called for an appropriation Of $40
00Q0l0. No extensive work viii be taken
up according 10 the new plans Of the
road ana double tracking for the relief
of the congested conditions on the main
line viii receive first attention.
As an indication of the retrenchment
policy Of the Western railroads, these
figures were given a degree of Importance
which they hardly deserved, for there was
no reason to assume that all the raft
roads would reduce their appropriations
for improvements 10 One-dfth of what
they intended TO spend, and officials of
some of the roads ridiculed the idea that
any such reduction was probable.
All admitted that there would be re-
trenchment although they. conceded that
substantial Improvement in the crop
situation might Yet compel them to in
crease their facilities, which at the pres
ent time are hardly adequate.
There was an inclination on the part Of
the financial community TO take cheer
ful view of the outlook for the steel trade.
and 1t was said on apparently good au-
thority that not only was the capacity
of the rail mills fully booked for the
present year, premiums being offered for
delivery on new orders within that time
but that the bookings for 1908 were quite
large. The quarterly statement of the
United States Steel Corporation will be
made public q week from to-day. and
while il is expected that both in the
matter Of earnings realized in the quarter