Show STOCKBROkERS lOCK BROKERS ARE UNCERTAIN More Trading in Wall Street Most of it t in the Nature of Testing the Market DULLNESS LATE IN THE DAY CLOSE STEADY AT SLIGHT RE RECOVERY RECOVERY RECOVERY COVERY c V Y k April 11 UTh Th stock market w still stil largely In professional ional hands to but operations were ere conducted In a aIT ap IT p aggressive manner and am were ex cx ext exe t e u id d to greater lengths Constant shift shifts s J of position still indicated a very un fain tun frame franic of mind on the part of tho the thoi i fe in IF Much Muli of the days dars ses to what looked like n f r i wd Wa cas gu up lip in devel t i ng with success r rg i th pr mailing tendency of oC the mar marf f lt 11 t Th trading sank into extreme dull 3 at dt fin lin under the discouraging dI In inT T r rf f of ot th v failures and then yield yielded ed tr Such Sueh strength as the mar marl mark i k l t howled was most in evidence In the tle ther r put ut r the he day Part of this was response 11 t a rise rille in London mar marC marul C 1 a as i a r f ul of or the reduction in the theal al di i rate of the Bank of ft fon I rn m 5 to 44 4 per r cent The Ther r c T result wore wre furthered by bJ the bull bun L M j V In th U is trading by manipulative de derc t rc TV effect ef Ct of the Eng EngI 7 I ban rate reduction was in fact tact sat The previous course of the money gaVe ave ample warning of th the action cJ Ill i opportunity for discounting dh it In the unties markets In n some quarters an x had been expressed f sed that the thet t rr ii Don tIon would be a full 1 per cent in inE E ad Ld of of 1 per cent The Th statement of the Bank of ofT T gland tully fully explained the action of the the t bullion hold ings showing a aj arge j rge e ac and the loans a consid bl Not only onty this but buta butI a I leavy decline In government nt deposits a aa d a coir increase e In other showed howrd the th transfer by govern w tnt rt nt expenditures s of large sums to the ther r ner market The private rate of die dis nt continued to decline also as it dill did f I Puns Pad the th Bank of France showing a ar ar ar r tanti 1 contraction of loans although I in iTt gold holdings was but nIall Notwithstanding this general 1 ng of f money rates all aU over r the thet v t i J the stock stok market begins to re ret r rrt frt rt t misgivings over oer Its sufficiency to tor tot r t t f the large waiting demands These theseL i L c d large larK volumes of authorized hut but ri r med d i or where the sale i f r th p is impracticable probable further r issues i Signs Sl ns of a movement of cur curr r 1 hark hak a k to the interior also give ge warn i rt ri th the large requirements of the con cont on t 4 activity in trade The effect of ft fI v demand alternately Is a slackening 1 i ti tile tie e demands of trade hJ is Is a possibility looked upon with k It 3 than for a time Ume when 1 1 1 nobble Ihle relaxing effect in the th mORey 1 F neT her was wis ien Iven first consideration in inV V The dilemma is thus pre prec r c i 1 i of tight money markets owing to demands of the tho circulation from t trade trad or sustained ease In money ison 1011 of some reaction in trade and ani Y reduction in earning pow po pon i n share shar capital Another influence i h fr days clays market markt was Wa the report from fr of the decision of f j 10 commerce commission to advise advice l r I against the Harriman rail system m as liS a combination in rt re rant raint of trade within the meaning of ofU oft U tl t law The Th London copper opper market showed n It position exposition to break again and thin served t awaken some sor e uneasiness over the mar mart market markt t kt ket t position of ot that metal lg hg g the asseverations of the great pro prot t frs cras as to the soundness of the post posit t tn t T Iron trade authorities also aJeo r f L n US Ui t the undiminished strength of that trade United States Steel was s comparative comparatively firm but did not sustain the general market The closing tone was steady and at some recovery from the lowest B w were wre re dull and Irregular Total Ml Fals s par per value OO 1 I States bonds were unchanged on all |