The Washington herald., 1909-04-16
PRICES REMAIN FIRM
Stocks Resist Speculative Ef-
fort at Depression.
STRONG UNDERLYING TONE
Turkish Political Situation Causes
Little UneasineSs on the Exchange.
London Buys Shares TO a Fairly
Large Extent-Bank of England
Does Not Reduce Discount Rate.

New York. April 15.-while there was
a continuance to-day in the stock market
Of that same species Of irregularity that
was noticed yesterday, and while in the
early part Of the day there was a dis
tinct speculative effort 10 depress prices.
yet the undertone Of the market remained
firm and strong throughout, and in the
afternoon an all-round hardening OF
values set in. London houses again
turned up. as they have for two days
past. as fairly large buyers Of stocks and
these purchasers appeared to be for the
genuine account Of London houses. as
distinguished from orders cabled from
this side
The Turkish political situation again
cut little If any figure in the foreign
markets, and although the Bank OF
England's discount was not reduced to-
day. nevertheless indications increased
that the bank rate would be cut 20 ,
per cent not later than the end Of the
present month. The banks weekly state
ment was, It was said complicated by
the Withdrawals of money consequent upon
last weeks holidays, but the bank re-
duced loans more than $S.50OOo0. and its
proportion Of reserve 10 liabilities rose.
Time Money Easier.
Here despite yesterdays advance in
call money rates 70 21z per cent, the rate
to-day most OF the time held below
per cent, and time money was distinctly
easier. this latter fact being doubtless
because OF the very general unwilling
ness Of stock exchange commission houses
to contract for longtime loans at pre-
vailing prices.
Moreover, to-day. as the Paris cheque
advanced. gold exports did not seem so
near at hand as on the day before; and
in banking circles a resumption of metal
remittances on any notable scale is re-
garded as entirely improbable for an in
definite time 10 come. Obviously at the
moment. our international trade balance
does not stand in such a favorable light
as il did six months ago, as to-day s
publication Of the governments figures
OF exports and imports for the month
Of March made clear.
But these figures. when properly ccusid-
cred, contain only cheerful reading as
regards the American business future. A
decrease OF e-sosruNN oEEAi4 cQ AlA MAJ Ga Az
the volume Of the companys exports, as
compared with March Of last year, while
imports increased by nearly S52.50O,000,
the total volume thereof making new
high record. with one exception. for any
similar month in the country's history.
Merchants Buy Heavily.
What is going on here is just what went
on last month and the month before:
namely, enormous purchases by our mer-
chants OF raw materials in preparation
for an enlarged consumption and for an
expanding development OF business en-
terprtses later on AT least. this has been
the meaning OF such a state of affairs. as
proved by the event when observed in
former years.
The only other matter Of financial inter
est to-day was a violent break in the
speculative wheat options for the nearby
months at Chicago. which was said 10
have been caused specifically by a SEN
sational drop in the price OF wheat in
more Northern markets