The Washington herald., 1909-04-14
REACTION In MARKET
PrOit-taking by Professional
Spectators Is Cause.
FOREIGN MARKETS ARE OPEN
For the First Time Since Thursday,
Europe Gives Quotations Which
Are Encouraging Considering Con-
ditions Sn TurIzey-RaiIrOad Earn
ings Make Good Showing.

New York, April 13-Faithful TO re-
Gently established precedent. the stock
market to-day, on the second business
day OF the week. declined and the. reason
for this was none other than the same
cause that has produced recessions on so
many Tuesdays in the immediate past
that of profit-taking on the part Of the
professional spectators.
Announcement was made Of the failure
OF a stock commission firm which, al
though not possessing a stock exchange
membership. maintained Offices in many
different sections Of the country and did
a comparatively large business. mostly
for the account Of customers dealing in
small lots of stocks.
The failure OF the firm is supposed 10
have been connected to a greater or less
extent with current developments in the
Chicago wheat market. and as a stock
market factor Of any material Influence
the event amounted 10 little The affair
was naturally made use Of by operators
for the fall in values. while another in
cident that was harped upon was the dis
turbances in Turkey.
oM 1NVCAAe-
But It is manifestIy unnecessary to
make more than mention Of these oc-
currences TO demonstrate the absurdity
OF attributing 70 them any responsibility
for the days market weakness. The
small army Of traders and other specu-
lators Of like nature who bought stocks
at the close Of last week and yesterday
to-day realized on their operations just
as they have done a score Of times in the
last month.
Indeed. it is the frequent reactions that
have taken place IN the market that have
contributed as much as anything else to
the sustained strength Of the upward
movement OF values that began six weeks
ago. In but few instances that can be
specified have there been violent uprushes
in individual stocks. on the contrary. the
movement has been slow, steady. and in
many important stocks almost hesitating.
The course followed by prices to-day
was without feature. The foreign markets
were open for the first time since LAST
Thursday, and prices for American stocks
were quoted as a rule not up to the net
advances shown here at the end OF busi-
ness yesterday. But all these markets
were in the main cheerful, even the news
from Turkey took only a moderation at
the close.
New Low Level.
The advance in consols in London was
continued. as was the decline in money
rates there. these discounts falling to
/ II per cent. a new low level Tor TIE
year. Here sterling exchange was easy.
the cali money market displaying a irmer
undertone, which was so slightly frmer as
10 be barely noticeable. while the pro-
duce exchanges were again the scene Of
an excited speculation in wheat
The wheat market to-day was. however.
more feverish and irregular than Il has
been recently.
Railroad earnings for the first week OF
April. as they were given out. continue
the splendid showing lately made the
Missouri Pacific adding to yesterdays ex-
tremely favorable exhibits with an in
crease Of $213.000 for the first week Of the
month.