Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-07
Profit Taking Marked the WEEK
End Dealings.
THE CLOSING WAS WEAK
Trend OF Prices Upward for the Six
Days.
FUTURE OUTLOOK IS CHEERFUL
A Review of the Crisis Through
Which Market Has Recently Passed
factors for Improvement.

NEW YORK. April 6.-Week-end profit
taking was the obvious influence at work
IN the days stock market. 1t was con
Quoted with the same skill that was mani
fest in yesterdays operations. and which
CAV" confirmation to the conviction that
they We're in the hands of experienced and
r.suurccfH spectators. The prominence
I'm the market of Union Pacific, Southern
Pacific ST. Paul. Amalgamated Copper
and American Smelling gave rise to the
usual as umptions of participation by the
Standard OIL party in the market, owing to
the supposed favor felt toward most of
these stocks by that group of capitalists.
TIUt thcs.. stocks were almost alone among
the active stocks in showing any notable
strength and their advancement looked
like a device to hold the general market to
help realizing sales in other stocks These
stocks yielded with the rest of the market
III the late reaction. which made a weak
closing at the lowest prices of the day.
The. pyotit-takng sales became generally
effective in weakening the market only
after the appearance of the bank statement.
although the showing of the banks was
very strong. The cash increase of $40
100000 fell short of expectations, however,
and the S6.1436OO loan expansion helped
to swell the deposit item and the reserve
requirement. 1t Is not expected that the
deposit of customs collections in New
York banks will go much further in the
immediate future, and this has been the
principal source of the recent heavy cash
gains of the banks The strong upward
movement of foreign exchange. also. which
continued today, gives point to some OF the
reports from abroad that conditions in Der
lin still leave something to be desired The
suggestion found place in the day dis
Cussion that eastern railroad systems
would have to meet at an early date de-
of aS
similar to those which have been ad-
justed this week among the western rail
roads.
Factor in the Reaction.
The principal factor in the days reaction
however, was the desire to realize profits on
the considerable advance Of the week,
which was heightened by an opinion eX-
pressed in some quarters that the recovery
was going too fast and too far. \ feature
Of the day was the continued strength
and activity In the bond market. Total
sales Of bonds, par value, s136S.oo2.
The trend OF prices of securities has
turned decidedly upward this week, al
though With occasional haIts and backsets.
The dominant influence on the course OF
prices has been the relaxation in money
markets which has become pronounced
and has applied to all the great money
'Centers of the world The combined causes
which have brought about this result have
worked with cumulative effect, leading to
something like collapse in interest rates
III New York.
This turn in affairs has given rise to
cheerful sentiment over the future. marking
as II does a correction of the most threat
euing feature OF the financial outlook and
promising relief from a restraint on enter
prise that was feared as an obstacle to the
whole course of the present prosperous
conditions of trade and industry. How far
the improvement In the money markets
shall operate to avert the evils which were
believed to be overhanging the financial
and Industrial outlook constitutes the sub
Ject Of the closest attention and study OF
IL" financial world at the present time.
With tho relief of the money market made
actually effective, it becomes manifest that
the previous strngenCy was aggravated to
no small degree by the feeling OF diStruSt
and apprehension caused primarily by the
struEeucy itself
Funds are released 10 the market which
were withheld by the impairment of credit
due TO d prospect of contraction and lqui-
dalton ami TO the purpose of lenders TO
secure The best possible terms for the use
of their resources. This sentiment had
reached stage which money brokers them
selves termed ny sterical, and shared in kind
with the frenzed selling OF securities
which threw the recent stock market into
such acute disorder.