The Washington herald., 1909-04-07
STOCK PRICES REACT
Usual Tuesday Movement Is
Felt in the Market.
ROCK ISLAND THE FEATURE
Speculation for the Time Being Is
Largely Professional - Course of
Trading Is Na-rovy-ViOIent Upturn
Effected on Monday Has Natural
Resnlt in Following Depression.

New York. April s-what spectators
IN stocks call THE usual Tuesday reac-
don." was in progress to-day. and It is,
indeed, not a little remarkable that for
many weeks back the market on the
second day OF the week has been charac-
terized by a declining tendency.
Speculation is at the moment undoubt-
edly largely professional. and the market
is in the main narrow. and sufficient rea-
son obviously existed for reaction to-
day. whatever other forces might have
been at work. in the fact that a more
or less violent upturn In values occurred
on the day before.
To-day was an important Jewish holi-
day. which led to a curtailment Of busi-
ness perhaps more especially on the Lon
don Stock Exchange than here. and there
was prevailing tendency to reduce COM
mitments In the market on account Of
the three days suspension Of business
over Easter that will take place here be-
ginning with the coming Friday.
Profit-taldng went on, therefore, almost
continuously from the outset OF the stock
exchange session, and the leading stocks
generally showed declines at the close
that were i~-some instances as great as
yesterdays advances. 1t was very no.
uceable, however, that on the reaction
the tendency OF business wes to contract.
No Heavy Selling Pressure.
Stocks came dribbling out in small lots
at the low levels. and there was nothing
resembling pressure OF liquidation
strength, too. was exhibited in so many
pecihc quarters Of the market that in
a - = ~ -
mass OF stocks the market displayed an
exceedingly firm undertone. In the fore
part OF the day there were vigorous ad-
vancing movements IN the Denver and
Rio Grande. Peoples Cas- National Lead.
American Smelling and Refining, Cbesa-
peake and Ohio. Corn Products. and
American Telephone and Telegraph
shares. and most Of these stocks closed at
advances.
The feature OF business IN this respect
was, however. in every way the decided
burst OF strength IN the Rock Island
common and preferred stocks. particular
ly the latter. after a long period OF IN
activity. Definite expectations OF a re-
sumption of dividend distribution upon
Rock Island preferred stocks have at no
time OF late been encouraged by the So
called inside interests in the property.
indicates very plainly that the floating
supply OF the Rock Island stocks. or at
least OF the preferred stock. has become
practically concentrated in few hands
Good Tone in London.
London houses shared here to-day in
our own profit-taking. but the tone OF
the London market in general continues
first rate, consols rising there, and an
expanding investment movement making
itself felt.
Sterling exchange rose a little. leading
e talk OF possible gold exports in Paris
latrv on. BY the Triangular basis but
sterling IN Paris also rose, the ef-
rts OF the advance IN sterling on this
de were 10 a certain extent counter
-Ialanced- Little attention was paid to
the first votes taken in the House OF
Representatives on the tariff bill, al
though these Incidents. 50 far as they
indicated anything. indicated that senti-
ment in the national law-making body
on the subject under discussion has ab-
solutely broken up party lines there. and
that II will be difficult to get any bin
through Congress heavily or generally
reducing the tariff schedules.