The Washington herald., 1910-04-10
WALL STREET NEWS
Fall Speculations Develop
Period Of Steadiness.
PURCHASES PROVE LIMITED
Among the Leading Stocks the
Reading Common Seemed Particu-
Iarly Heavy, While Considerable
Strength Was shown by Steel Conn
mon, Which Made a Net Advance.

New York, April 9-While in the fore
part of business to-day the stock mar
ket developed renewed weakness, the
general tendency of the movement of
prices for the day, as whole, was to-
ward greater steadiness than was shown
yesterday; but encouraging reflections,
drawn from this circumstance, lost much
of their meaning by reason of the fact
that the recovery was obviously due in
greatest measure merely TO the purchases
OF stocks by spectators for the fall in
pursuance OF their usual policy of wind
ing up their contracts at the end Of each
week.
There We're few, if any, indications Of
purchases for the rise proper. While in
vestment orders in the market. provoked
by yesterdays and to-day's decline, We're
again wanting An unusually strong
motive for the recovery of stocks OF the
nature specified was. of course. afforded
by the relatively large declines in prices
made since the opening of business yes
terday morning At the same time, net
changes in market prices to-day We're
after all. irregular.
Among the leading stocks the Reading
common shares seemed particularly
heavy, While as great strength as any
where exhibited was shown in United
States Steel common, although even this
issue only made a net advance Of y a
point The day was without any striking
news.
London Market Irregular.
The London market was irregular,
fears seeming to be entertained there
that a threatened money stringency here
might stop the shipments OF gold 10
London that are so much needed.
The first announcement regarding next
Wednesdays metal remittance was made
IN the shape of an export engagement Of
g. 500, Geo Sterling exchange was strong.
The grain market was inclined 70 firm
ness, upon a more pessimistic interpre-
tation of yesterdays government crop
report, than prevailed at the time the
report was issued The American Rail
way Associations fortnightly report as
20 the number Of idle freight cars eX-
hiblted a rather large increase in the
number Of these cars of 49, Fer cent over
that shown in the last report
All that could be said of the weekly
bank statement was that it attested the
undoubted efforts now being made by our
bankers to so arrange matters that the
large prospective losses in cash on ae-
count Of gold exports should occur with
as little disturbance as possible TO finaa-
cial affairs here
Bank of England in straits.
The exceedingly poor statement Of con-
diuons made by the Bank Of England
this week made It obvious that either
the great institution must gain gold
heavily from some Quarter in the near
future or else make a further advance
in its discount rate, the publication OF the
government crop report showing an I'M
usually large decline IN the condition Of
winter wheat since December l, and the
figures of the American Copper Pro
ducers' Association making II clear that
the production OF copper in the country
is now running heavily in excess of con-
sumption have been perhaps the most
notable specific occurrences Of financial
Importance during the week.
II may be questioned. however, whether
a more influential factor than any of
these from a stock market point OF view
has not been tho spread of a general inn
preston that business In the country
taken as a whole is not as brisk as it
was earlier IN the year
Basis for such feeling was at any rate
afforded by the summary of trade con-
ditions published at the end Of the week
ny Rradstreet's r G. Dun & Co and
other commercial authorities. These were
in the main TO the effect that cooler
weather was checking retail trade, Job
bling was quiet, and fall business re-
pressed