The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-04-01
WALL STREET NE :
Prices Maintain Siren
Spite of Pressure.
GOLD EXPORTS ON INCREASE
Bank OF EngIand's Loans Are Grow
ing in Demand and the Strain
on the American Market Continues,
Though the Effect Is Not Such as
10 Sway Securities to Any Extent.

New York. March s1.-Directors Of the
Bank Of England. at their weekly meet
ing to-day. didn't make any change in
discount rate. Nevertheless the state
ment submitted Of the condition OF the
bank was poorer than had been expected.
loans increasing heavily and cash de-
creasing.
The result was q decrease OF over 2ia
per cent in the banks proportion or
reserve to liabilities from last weeks
figures ard an exhibit of general re-
serve well below the average usually seen
at this season.
The deduction almost universally made
from this showing in banking circles was
that either exports of gold from this
side. or an increase In the Bank of Eng
lands discount rate, viii take place
soon. In these banking circles the pros
poets OF a moderate amount of gold ex-
ports caused little apprehension. The
general opinion was that our country
could easily spare a moderate amount of
gold, even if it did elevate rates; exports
Of gold would be preferable so far as the
International financial situation is con-
eerned, 10 a material advance ia the
Bank Of Englands discount rate.
Another Slight influences.
The weekly report to-day Of the Bank
OF France showed lessened gold holdings
and an increase in the loan account. Be
yond these circumstances, there was
practically nothing in the days news in
fuencing security prices. Sterling ex-
change iuetuated only in an Insignificant
way Cotton prices were little lower
on a more favorable crop outlook. and
the grain options. after advancing in the
early part Of the day, receded, ana closed
with small net changes. In the grain
trade more or less attention was paid to
a report Of a private crop statistieian,
showing possibilities for crop of winter
wheat Of 424.OO0.O00 bushels. as against
last years harvest yield Of 446oo0,o0O
bushels. AS regards the money situa-
ton, speculative traders were perhaps
more impressed than by fears Of what
might happen in this regard several
weeks hence by the fact that call money
to-day, at a time when the last prepara-
tons for the large April disbursements
were In full swing STILL did not rise
above the level maintained by it during
the past month.
The indications from this were, II was
argued. that the money situation was
showing signs OF much inherent strength.
Prices Maintained Strength.
Upon the whole, a somewhat greater
degree Of encouragement held out as the
result Of views like the foregoing.
Whether because Of an oversold condi-
ton Of the security market, prices to-day
displayed more resistance TO pressure
brought against them than they have at
any time in the present week.
There was not the slightest dissent to-
day in the financial district as 10 the wis
dom and propriety of the steps taken by
the stock exchange governors. Consid-
ering the rules Of the exchange as they
now stand, they seem 10 be as accurately
conceived and framed to facilitate fair
and honest dealings In securities as they
could possibly be.