Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-22
ACTIVE ON DECLINE
Stock Market Becomes Dull
When Price Changes Turn.
LONDON A HEAVY SELLER
Room Traders Follow Suit, But Stop
to Take Profits.
STILL AMONG WEAK ISSUES
National Lead, Among the Indus
trials, Is Accorded Good
Support.
STILL AMONG WEAK ISSUES
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 22.-The stock
market opened lower this morning, and
was very weak throughout the first
hour, declines of ~ to 2 points being
common in the active issues. The mar
ket was active on the decline. the early
volume of sales being greater than on
Wednesday or Thursday.
After the early weakness a rallying
movement, which was principally short
covering, began. A certain degree OF
dizziness marked the advance. Around
noon most issues had regained about
half of the early loss.
A strong undertone seemed to prevail
At that time, and what changes in values
were recorded were in the direction of
appreciation In price.
The early selling was definitely attribu-
table to the offerings of arbitrage houses
which wished to get rid Of stocks for the
account Of interests on the other side. The
total amount of English selling was esti-
mated at 10000 shares, although this
was not authoritative. Guesses were haz-
arded that part of these were for the &C.
count of New York operators.
London Banks Fortifying,
In London the banks were preparing
for the strain of financing the payment
of deferred taxes, which is expected
soon. and this factor was only partially
counterbalanced by the postponement of
the expected general elections to a prob
able later date. Room traders here got
wind of the selling movement from Lon
don and followed it. AS soon as the
London selling ceased they took profits
by buying In their short commitments,
causing the rally from the lowest Of the
morning.
United States Steel had seemed about
the weakest issue on the list early, but
rallied WELL Arbitrage selling was plain
ly discernible In Steel. Rock Island,
Amalgamated Copper and Atchison. Phil
adelphia sold some stocks here.
The reorganization Of the Tefft-Weller
Company drew the attention of the stock
market people to the extremely bad con-
dition Of the dry goods trade in the east
and may have induced some bearishness,
coming as 1t did as an aftermath to the
failure of a big spot firm in the south.
Investigation of the Chicago egg trade
was compared with the cotton grand jury
action by the government. The attitude
toward politics in general was gloomy.
Railroad Earnings Good.
Railroad gross earnings continued to
make good showing in the reports of
large number Of minor lines. Railroads
in general were fairly strong today.
Among industrials, National Lead was
well supported, the morning decline being
only half a point on the announcement
of the regular quarterly dividend Of TX
per cent.
Foreign exchange strengthened on the
London selling of stocks and on the un-
favorable movements of cotton. Demand
on London was quoted at 4.S7.75 to 80
Other forms of exchange on London were
unchanged.
The subtreasury gained $4,000 from the
banks yesterday, reducing the net gain of
the banks since Friday to $780,, 600
Money was easier for time notes-3h for
sixty days, 3A for ninety days and three
months, for five and six months. Call
money was 2A. The tone was again dull.
New gold exports were rumored.