Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1909-04-02
NEW YORK STOCK
AND BOND MARKET

NEW YORK, April Price movements in
the stock market developed q mixed tendency
today as to gains and losses, showing irregu-
larity during the progress of most Of the trad
ing. This mixed movement did not, however.
obscure the absorption power of the market
and the effective character OF the new demand
which has come into the market In the last
few days. The high level at which prices were
started today added to sharp advances scored
yesterday and combined with tho material
broadening of the participation from miscei-
laneous outside forces Offering so advantageous
an opportunity to convert prohts into cash
that Is was taken advantage OF on every
scale by previous purchasers. The action OF
the market in the last few days had It's erect
III bringing In some Increase or buying ORDERS
at the outset, but the concentrated character
of the dealings and the concerted operations
of the advance gave evidence of an organized
speculative party in the market at WORK
! These rumors were of great effect IN Shaping
SPECULATIVE sentiment, nevertheless Inc pro-
fessional element viewed them with suspicion
and were constantly testing the market FOR a
reaction, but without success. The OASIS Tor
the movement continued to be the oonVictlon
that the bottom of the business depression had
teen touched and that Improvement ID TO Ioi-
low. Some OF the days news connrineu sne
Views OF an upward trend OF business. me In,
public profession of confidence by ID. II. Harri-
man to this effect was one Of the items OF THIS
news. So, also, was the announcement Inat
the Ensley steel plant of the TenneSsee Noai
and Iron company had not been shut down on
April l. as had been previously determined, IN
consequence of the receipts of enough orders
to extend the active period of operations Inc
large business booked in March for structural
steel was noted as a consequence Of the lower
pric IS in that trade. Notice Of wage reductions
failed to cause disturbance in consequence OF
the apparent acceptance by workmen OF the
situation The action Of Steel In the late mar
ket in Its aggressive advance through enor-
NOUS sales made at so to top price OF OIL
was a material sentimental effect on the whoie
market News from Washington OF formidaole
opposition forming to some OF the proposed
tariff reductions seemed to be accepted Win
eouanimity IL not with satisfaction. Feoru-
airy earnings reports Of Reading are regarded
as satisfactory evidence of improvement IN
TRAM conditions. The reduction In the Bank
of Engiand's discount rate, although expected,
gave the initial impetus to the rise and was
an influence in inducing continued purchases
az stock by foreigners. Use was made by the
speculative element of words and phrases IN
the numerous interviews given out by Il. H.
Hartman to push upwards movements In spe-
oial stocks Encouraging reports OF the condi-
tion of the winter wheat crop made a SUD
stantial basis for much of the hopefulness over
business prospects. The market was strong
and the most actve at the close of the day.
bonds were firm. Total sales, par value, So'-
466 OOO Government bonds were unchanged
on call.