Show MARKET REACTION HIS HITS WALL Ml STREET nv nY D. New cw Mach 24 Money Money at 14 1 per PCr ent com combined with will tho the facu aeL fact that thai tho market has haa ha been rising rapidly rapid h brought ht a a. bad had break in alL al street treet toda today In th the morning tho the list was strong strom ad and active with several issues making new hl high h records Renewals Re lie- were at 7 per cent About midday the tho rate was advanced to 8 per percent percent percent cent and considerable profit tal taking made Its appearance From Front then to the close the money mone rate advanced and ad the market declined prices were the lowest of oC tho the day and trading was active Rumor Humor was wa current In tho the afternoon that tho C federal deral reserve bank was planning to take chan charge o of all an money mone used for sp speculative c purposes Rumor also came from rom Washington that a re renewed re- re n effort would be made In the tho House to impose a tax on the tho declaration declara declara- tion of ot stock dividends This rumor ton was counteracted b by tho the announcement announcement announcement announce announce- ment th that in the Senate a decision had hat been reached to attempt no taxation ol or stock tock dividends Reports also come from France Franco of or a proposition to restrict imports because of ot the adverse ex exchange ox- ox chan change e rates between that country countr and andAm Am America America o ri en Telegraphic communication between tho the British isles and central Europe was waR reported to bo ho In a state of Inter inter- Many Ian traders therefore Jumped to tho the conclusion that German Germany Germany Ger Ger- many man was again In a riot Statements made at nt tho the hearing on rates before the tho interstate commerce commission have had some somo on tho railroad stocks but as a class they acted better beter than the tho industrials Of ot course they the were due to act better beter because he- he cause thoy they had no sharp advance The Tho demand made mado in behalf of ot shippers that In fixing valuations book statements of the companies ho he Ig Ignored ignored IS- IS ISI ig- ig nored Is not a matter mater of or importance I It I is well wen understood everywhere that no railroad could be e reproduced reproduce l for or its Is book value The only question Queston is how much of ot an advance over ocr that book hook value is to be recorded as n tho rate ratemaking ratemaking rate making makinI basis bais The Tho strength of ot stoning sterling seemed to discredit the tho r reports ports of ot new now troubles in Germany German Montreal exchange fell cli fel clito to a a premium of ot 91 9 per cent which compares with 17 per cent in Feb Feb- ran Officially announced d movements movements move move- ments of ot mone money do not explain this situation It I must he be the Influence of or that moonshine gold old Traders who neglected to get et out of the market were arguing tonight ht that there could be nothing serious be because be- be cause cauro the break had ha been so quick If 1 interests wanted to liquidate an any im important un- un por line they would have done it I cautiously The Tho market acted as though some strong interests were anxious to get el prices down to a lower level as n quickly as possible without losing stocks Tho list acted as thou though h professionals viewed It like a bull bun market having a a healthy tion lon Something like liko was was paid to tho the government in taxes on March MarchIE IE 16 Ii Most ost of oC the checks were no not certified titled and for tor that reason the pa payments payments pay pay- ments had no influence on tlc the money monc market until actually cashed by hy the government That Is why such a drain is heln being made mae on the basks banks baks Just now no Under leadership ip of oC Standard Oil on of ot New ew Jersey orsey which goes on the ex exchange ex- ex change chanIe tomorrow and which started toda today with a rise of or 10 points the tho oil 01 shares weer buoyant in tho the first hour Mexican Petroleum rose morn more than S 8 points Pan-American Pan 3 and Texas Tea Oil 01 5 5 In the break Mexican went down l 1 IS points American Pan pan 0 and ad Texas 15 The fluctuation had harl no relation to to the tho values but was duo due entirely to the money market marlet |