The Washington herald., 1909-04-09
PRICES AT HIGHEST
Stock Market Reaches Top
Average for the Year.
LONDON ALSO SCORES GAINS
Influence of Coming Three-day Sus-
pension of Business Causes Profess
Trading, with the Result that I'm
derlying Strength Has It's Effect

New York, april S.-The course OF
events in the stock market to-day ap-
peared 20 justify the statement which
was very commonly heard in the hnan-
cial district yesterday that good share
OF the comparative heaviness Of the mar
kst that was then noticeable was due to
the selling OF stocks by professional trad
ers' who were either closing out their
commitments preparatory to absence
from the scene OF action to-day. or who
old not wish 70 pay interest on stocks
during an interim Of three days suspen-
sion Of business.
There was. at any rate, little trace to-
day OF the weakness OF the market
shown yesterday. Opening prices were
IN almost all instances at advances, and
the trend was steadily upward through
out the day, with prices closing at the
highest average range OF the year
Those critics OF the situation not
friendly to the present advance had
again to admit to-day that the upward
tendency was displayed as generally on
the other side Of the Atlantic as here, and
that 1t was. in other words, an interna-
uonaI development.
London Market BOoms.
Gables. indeed. described the London
market as booming. consols there max
ing the large gain OF 5-16 Of a point. with
the kafhr stocks and other prominent IS
sues showing exceeding strength. and
with a decline in open market discounts
TO SIG per cent. the lowest point Of the
year.
No one expected to-day that the direc-
tors OF the Bank OF England at their
weekly meeting would reduce the Off
cial discount rate. although such action
seems entirely probable a week hence II
unofficial money rates continue AZ their
present level.
Ine Bank OF England's weekly state
ment was not particularly good. showing
a proportion Of reserve 10 liabilities az
AIS as against 4S.52 per cent last week
The banks gold holdings during the week
decreased over S14000.O00. largely due 70
exports OF gold 10 Argentine. which were
not Offset. as they were last month and
the month before. by imports OF gold
from this country.
Inc french bank also to-day reported q
loss, although small one. in gold hold
ings.
Grain Trade Quieter.
Foreign houses here were moderate
buyers Of stocks, but neither IN these
purchases nor IN fluctuations in our com
modify markets was any impulse afforded
for a movement in security prices. In the
grain trade there was a subsistence Of in
terest aTter yesterdays violent and SON
satonal activity. and # appeared 10 be
the case that so far as the stock market
was concerned there was a better under
standing Of yesterdays government crop
report. or rather OF the Interpretation
placed upon this report by various trade
calculators.
When the figures OF the statement were
given out yesterday sn erroneous com
parison was commonly made, owing 10
the failure Of the various estimates 70
take into account the difference between
the new. method Of computation In vogue
this year. and that used for a long time
hitherto
The fact to-day became generally an
preciated that the decline in crop condi-
tons since last December had really beeD
less than usual, and that the outlook was
for harvest yield not abnOrmauv be-
low that Of the previous year.