The Washington herald., 1911-03-31
WALL STREET NEWS
Market Closes with Record
of General Advances.
HARD UNDERTONE APPARENT
Strength of Varied Number of Spe-
cialties Apparent, Even During
downward Movement - Increasing
Ease of Money Feature of Ffnan-
cinf News-Crop News Favorable.

New York, March so.-After a period
OF dullness and hesitation this morning
In the stock market during which time
the declining movement which prevailed
throughout yesterday was renewed, car
ryinS prices of the prominent stocks
down. in many instances w points below
the highest level reached on the day be-
fore, the market after midday gathered
strength and moved steadily upward
closing with record of general advances
Doubtless all this backing and filling was
due only to the same sort of profes-
sional operations that have for weeks
past been substantially the sole influence
in the market that is to say, the trans
actions of the stock exchange room
traders.
At the same time the hard undertone
of the market was clearly apparent. and
the strength of a varied number of Spc-
claltieS, even when the general movement
opened was downward. was very notable.
These particular stocks to-day comprised
the Erie. National Biscuit, International
Harvester, Corn Products, Minneapolis.
st. Paul and Sault Ste Marie. United
States Rubber. and Associated Oil shares.
Canadian Pacific altered the course of its
customary daily rise with a moderate
decline, which, however, was tr!hinG
compared with the great advance that
the stock has recently enjoyed. But
other members OF the Canadian Pacific
group continued strong and stock ex-
change gossip. for lack OF anything else
10 offer. assigned a desire on the part
of the Canadian Pacific management to
acquire control OF the Erie Railroad Com
panY. as d reason for the strength of the
Erie common and first and second pre-
ferred stock.
Ease of Money Increases.
If there was any feature at all to-day
in the financial news, il lad reference to
the still increasing case OF money. II
vas said that time money was offered to-
day for one year at - per cent Upon
hiSh-grade collateral. and attention
everywhere was attracted by the fact
that two days before April !. time
which often marks one of the most
stringent periods of the Eear, So far rs
money market conditions are concerned.
financial accommodation WIS to he gen
orally had on terms that were praC-
tically no more than nominal
Sterling exchange Was weak. doubtless
III connection with the shifting Of rronsy
n account of the April ! Disbursements.
and with money almost Lnlcndablc h"-e
md in Europe, no one raid any at:en-
ton at all to the Bank OF EnCland's
weekly return. The figures of the report
lCw"vcr. were 50 little hanged from
toS" of last week that they would
hardly have attracted comment under
my circumstances the h4nks proportion
OF reserve to liabilities being 4f.I, -
against $50 in the week preceding
Tho cotton markc; early in the day
vas weak. in reaction, presumably. from
iLG recent advance. due TO the speculative
manipulation IN the Nay option of the
commodity while on th@ Produce F.X-
change wheat prices moved up a little
after their sharp decline Of the last
week. The news from all the agrirul-
tTal sections was again almost entirely
favorable TO the growth Of the crops