The Washington herald., 1908-02-07
MARKET TONE HEAVY
Prices Depressed by RumOrs
of Moroccan Troubles.
ENGLISH BANK PAYING LOAN
London Reserve, However, stands at
extraordinarily High Figure for
Professional Traders Rule the
stock MaFket-RaIIy Toward Close,

New York. Feb IA heavier tone pre-
vailed during the greater part of the day
In all the leading financial markets OF the
world to-day.
In Paris, prices were depressed because
'of stories Of a recurrence of difficulties in
Morocco. rumors circulating that the gov
eminent had decided 10 largely re-enfoTce
the number of it's troops IN the country.
In Berlin and in London a rise in rates
for the use Of money was the one in
fiuence Of the day. even if this advance
was by no means threatening or consider
able. The Bank Of England is now. Of
course, engaged in repaying the loan Of
Sl5.OooOoO advanced TO it by the Bank of
France during last Novembers financial
sringency.
Other nations are presenting demands
for gold in London and many new Sc
Ncurity issues have recently been an
nounced in the London market owing
TO these influences, the Bank of England's s
proportion of reserve TO liabilities was
exhibited in the weekly report issued this
morning as standing at SAL per cent.
against 56.5S per cent last week, and al
though the banks reserve still stands at
an extraordinarily high figure for this
time of the year. an absorption of money
is having natural effect upon the current
price of funds
Professionals in New York,
Here. the stock market was, throughout
the day under undsputed control of the
comparatively small number of profes-
sional traders whose operations have con-
stituted for several weeks past almost
the whole source Of general market ac-
tivity. Owing largely, II seemed, to con
tinual sales by spectators of this de-
scri2tion. the market was definitely weak
during the first few hours Of business.
and, although recessions in the active
stocks were not usually more than a
point yet they made a new low level of
prices on the present declining movement.
Particular pressure was exerted against
a few stocks
The Delaware and Hudson shares de-
ciined three points for no especial reason
sthat was disclosed, while Baltimore and
Ohio common stock was also more active
and weaker than il has been for a con-
siderable period, owing 10 prevailing
Idea that the earnings Of the company
for the month of January would show
but small. if any. Improvement in COM
parison with December's poor record. Re
ports of earnings of the Southern Rail-
way and Louisville and Nashville road
as they came 10 hand were also Of un-
favorable character Another special
point of weakness to-day was the shares
OF the leading copper companies. both
here and In the Boston market, it being
commonly understood that though ruling
prices for copper metal are still obtained.
sales of the product are not considerable. /
Selling Reaches Limit.
F. It seemed. however, in the early part OF
the afternoon to-day on the stock ex-
change that the selling Of the stock had
for the time being reached its limit and
after period Of great dullness between
! and o'clock. the market so rallied
in the concluding hour Of business that
most of the stocks closed at small net
advances. But the rise was regarded i'm
no quarter as being significant, and was
due TO no other source than the mere
cuTsory and desultory buying in Of con-
tracts for the fall
If any sO-caHed outside influence did
play any part at all to-day in the stock
market. it was further discussion Of the
political situation and of the various
ways in which the coming Presidential /
campaign IS likely TO affect values.
These matters have made their presence /
felt 10 greater extent In the financial
district since the appearance of the Pres /
ident's special message to Congress and /
Mr.. Bryan's speech-making tour IN and 4
around this city than they have at any
time in recent years.