The Washington herald., 1909-04-24
REACTION IN MARKET
Prevailing Tendency Toward
Moderation Yesterday.
DECLINES IN WHEAT PRICES
Rally Comes Later, but Great Tn
certainty Is Manifested Regarding
Attitude of Patten-OutIoOk for
Crop Better Than at Beginning of
the MOnth-BOnd Sales Large.

New York. April z3.-The prevailing
tendency Of the stock market to-day
seemed to be toward q moderate reaction
from yesterdays sharp advance. The
market was somewhat qUiete- than yes
terday. and there was little OF conse-
Quence in the days news, and whatever
desire there was TO sell stocks was not
over powerful The day as a whole was
uninteresting IN its general aspect.
The foreign markets we're dull and
featureless, the only development OF i'm
portance being the announcement OF the
terms OF the new German loan, which Il
Is expected win be easily taken. The in
vestment demand IN all the worlds lead
ing markets has recently increased, and
IN particular there has been large buy
Ing for bonds here for foreign as well as
f2r home account
Bond Sales Large
Yesterdays local bond market was the
largest seen on any day in the last four
and a half years. a notable phase OF the
transactions therein being the dealing IN
convertible bonds These are q form OF
financial obligation that have proved ex-
ceedingly popular Of late. and especially
with English and European buyers. and
The ability Of our leading railway and
industrial concerns to obtain money with
the ease that they are doing Is one Of the
most helpful reasons for believing that an
era OF renewed business prospectively is
a. hand.
The wheat market to-day presented 4
confused scene. prices declining in the
arst instance under a further outbreak
Of selling Of the same excited sort as that
witnessed yesterday. but rallying later
on un1er covering purchases. Great
uncertainty IS manifested as 10 the exact
position OF the recent large speculative
interest for the rise IN this market. but
although grain prices are still regarded
as high. the close balancing Of the forces
OF production and consumption IN the
leading staples Is recognized, and there
appears 10 be no expectation OF any ex-
/ IRENE drop in values.
Corn Options Weaker.
The more prominent corn options dis
played today greater weakness than
those OF wheat Much interest is natur-
ally taken al the moment. but IN the
grain markets and on the stock exchange
IN the seasons crop prospects All the
recent estimates in the leading trade
journals. including to-dsy's Modern
Miller report. declared that the improved
condition OF the winter crops IS well
maintained. and. although the growth Is
backward, the plant nearly everywhere
has q healthy color.
The outlook in general IS undoubtedly
better than when April opened. To-day,
also, tie report Of the Kansas State Bu-
reaU OF Agriculture appeared. giving in
oiCauons OF crop Of winter wheat IN
the state this season as large as any ever
AlznOwn.
a The security market IL the early part OF
ne day was strong. buying being espe-
Tally noticeable in the United States Steel
common stock owing. in part at least
10 a belief that the report Of the Steel
Corporations earnings for the last quar-
ter 10 be published on the coming Tues
DAY viii be CT much more favorable
tenor than was looked for a few weeks
since
In the afternoon the decline IN the stock
market was led by the Reading shares,
and the commonly accepted explanation
Of the weakness n this quarter vas that
liquidation was going on for the account
Of a large market operator who, il was
known, was TO sail for Europe tomorrow
There was also more OF less OF the usual
end OF the week talk Of the chances Of
4 Supreme Court decision IN the commOd-
titles clause case on Monday adverse 70
The ,ailroad companies