Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-07
lET-||P IN ADVANCES
Toddy's Tendency Plainly to
Reduce Commitments.
PROFIT-TAKING is ACTIVE
Selling Movement for Safe Side Over
Easter Holiday.
MANY PURCHASING ORDERS
Accumulation by Those Who Fore
see Further Forward Trend of
Bull Movement.
MANY PURCHASING ORDERS
Special Dispatch to The star.

NEW YORK. April although initial
sales on the stock exchange this morning
were somewhat irregular, showing either
no material alterations or else fractional
gains over yesterdays closing figures.
the volume of business in the early hours
was only about three-quarters of the
amount of transactions recorded tor the
corresponding period yesterday
After yesterdays slight reaction in the
advancing movement that had been in
progress for nearly two weeks. profess
sionaI traders would ordinarily have look
ed for a continuation of the upward
movement today. but owing to desire
on the part of a large number of opera
tors to be free from care in the three
day cessation of business beginning Fri
day OF this week. the tendency was plain
~ to reduce commitments. which in a
ma jority o. cases meant taking profits.
This selling movement with view to
being on the safe side over The triple
holiday was largely offset by purchasing
orders through commission houses. who
had advised the purchase of its stand
ard securities upon recess1ons for the
long pull
There was therefore. considerable ac-
emulation of both railway and indus
trial stocks today by those who firmly
believe that the present bull movement
One of the specific reasons for de-
clines in the market before noon was
the publication of the government crop
report, showing the condition of winter
wheat as of April / and December i
last.
Reports on Wheat.
The report of the Department of Agri-
culture estimated that the average condi-
ton of wheat April 1 was So. as
pared with $3.50, the average condition of
wheat April for the last ten years. A
similar condition was reported on winter
wheat and winter rye
AS preliminary private reports had pre-
viously indicated that the wheat crop
would be slightly under last years condi-
ton at this time, the report of the gov
eminent today was not surprising, but
was more in the nature of a valuable con-
fimation
Early in the afternoon there was an
other development of strength, due to
more buying by operators who thought
securities looked cheap, and also to the
covering of shorts. The effect of Lon
don's selling of about 10000 shares of
United States Steel common was to de-
press that stock before noon below 30.
but later in the day the buying movement
caused recoverfes in steel as we'll as In
Union Pacific and other leaders in the
market, which had sagged on consider.
ably after the opening sales.
Americans Firm in London.
Although consols were down in London
Jig today and the market there had mar
rowed down considerably, both on account
of the Jewish passover and the approach
of the Easters holidays, Americans were
firm and showed advances in majority
of the railroad issues.
The slight recession for European Sc
same desire of operators on the other side
to be free from carrying too much re-
sponsibility over the triple holidays and
upon the whole the condition of the Lon
don market today had a steadying eff
feet upon the local market.
Money here. we'll as in London, con-
tinued easy. thus offering no impediments
TO broadening OF the market After va
rious fluctuations in the forenoon the
quotation boards showed early in the
afternoon advances of from X to Ia over
yesterdays close in q maJority of the &C
tive securities Reading was very con-
spicuoGs in the midday advancing move
ment and international paper upon the
prospects of wood pulp being placed on
the free list also made advances