The Washington herald., 1907-05-17
STOCKS ARE FEEBLE
Little Trading, and Prices
Dull: Then Decline.
FURTHER ADVANCE IN WHEAT
Quotations Reach Highest Price of
Year-LarEe Shortage OF Worlds
Crop Now I'm SiEst-BOnd Market
shows Continual Weakness-C. &
o. Heaviness Not Explained.

New York, May l6--Agaln to-day onl( /
q feeble amount Of interest was displayed /
in the stock market, and activity in the |
market appeared indeed to be on con /
stantly diminishing scale Up TO midday /
there We're quotable changes in only two /
or three Of the prominent stocks, and /
in the noon hour of trading but $500
shares Of stock were bought and sold
Transactions for the day MS a whole /
were but 33S 600 shares, only a little more
than half Of yesterdays dealings, and al /
most a new low record for "a full days
volume of stock exchange business in the !
year thus far. Nor as has been the case
heretofore during the week. were there
any developments either in the fuctua-
tions Of any stock or group OF stocks
themselves or in the character of the
days news such as would naturally
stimulate the market.
The Bank Of England's weekly report
exhibited proportion Of reserves to LA /
biliues a little larger than it was a week
ago, and stronger showing was made
by the Bank Of France.
Prices here shifted uncertainty in the
-
advancing a little on the average be |
cause, perhaps, of the work in greater or
less degree OF the same forces that pro
duced the Improvement abroad. But by
midday the market came 20 stan5still
A distinct sagsing tendency then mani
Tested ITSELF which ran into q generally !
weak market i'm the last half hour of busi- /
ness. and caused considerable final de
clines.
Lead Dividend Increased.
During the dav announcement was
made of the fact that the directors Of the I
National Lead Company had declared a
quarters dividend on the common stock
Of The c'Hpany Of IL per cent, raising
the stock from Ii / per cent TO a per cent
dividcnd-paying basis. It was commonly /
understood yesterday that this increased
distribution would take place. and waen it
was officially made known to-day the Ma
tional Lead shares declined sharply upon
the usual speculative proht-taking.
Some attention was attracted by The
he2viness Of Chesapeake and Ohio stock.
which was accompanied 10y rumors % a
prospective issue Of bonds and short-term
notes by the company
The news that did not become public
until after the clcse of the market yester-
day Of an issue by the General Electric
Company Of sl3mfo0 per cent convert
ible bonds was also supposedly account
able for a slight fan in the General Eloc-
tric shares.
on the other hand, The efforts Of spec
ulators who had sold Delaware and Hud-
son stock that they did not own % get
back the stock resulted in an advance ia
the price of the security, and although
the Union Pacific shares were as weak as
if moi weaker than any other stock IN the
late decline in the market, teIk concern
ms future action against the company
by the Intprztlte Commerce Commission.
that was such a feature of discussion in
the financial district yesterday. to-day
almost entirely iapsed.
Tile stock market proper was affected
i'm some way to-day by the continual
weakness Of the bond market as shown
particularly of late i'm the steadily falling
prices for certain prominent issues such
as the Lake Shore is and debenture IS,
and the Atchison Convertibles and the
Chicago, Burlington and quincy Is.
wheat Prices StiII Rising.
Another Influence was that excrted by
a farther violent and sensational rise in
the price of wheat. which carried quota
tons for the various options TO the high
est price yet touched during the year.
There was nothing particularly proyoca-
tive Of this issue so fer as could he
learned except that there was another
flood Of crop-damage stories Of the usual
sort, from pretty nearly all sections Of the
spring and winter wheat territory, and
that these were accompanied by detailed
stories regarding the probability of short
crops this year in nearly ali the foreign
wheat-producing countries as the result
Of a variety Of adverse conditions.
All these stories. however, were a famil-
far sort, and the days weather map over
the agricultural section was not unfavor-
able. The price of wheat, which was fair
ly weak during the fore part of the day.
rose cents a buShel i'm the afternoon for
some Of the options and closed at a net
advance Of over cents. Il is beyond
all possible doubt that il is an active.
daring, and excited speculation for the
advance in the commodity that IS now
causing the rise in these market valua-
ti0ns, and Yet II is also indisputable that
the outlook Of the moment is for a large
shortage in the worlds wheat crops this
year.
Sterling exchange here to-day was
somewhat frmer and the complete figures
published by the government Of the
country's export and import trade for
April testified as they have done for some
time. to a falling trade balance in our
COuntrys favor