The sun., 1907-04-27
AND COMMERCIAL.
FnInAX. Anril q.

Lack Of animation was once more to-day
the only notable feature Of Stock Exchange
dsalAikS. The volume Of transactions In the
market was even less than Il was yesterday
and was such as 10 make tho days business
one Of the smallest OF the year. while, as has
been the case throughout the week, buying
and selling OF stocks was practically con-
fined to q few issues and seemed to originate
from a relatively small number Of room
traders on the floor OF the exchange. In
deed outside OF the Reading and Union
Pacific stocks to-day the stock market
was only nominal. Much the same condi-
tions, too. were reported from the foreign
markets. dull and lifeless- being the char
acterization OF financial business in London
and Paris made in the days cables Of for
eign houses to their correspondents here.
In the morning hours of the Stock Exchange
session to-day the market exhibited the
same flrmness Of undertone that it has done
for some time past. but in the afternoon
prices sharply receded. Indications con-
cerning to- morrow's bank statement pointed
TO a cash loss by the banks of something
over 81 900. 600, this being the first loss Of
the kind recorded for many weeks. As il is
commonly supposed that bank loans have
X
week as the result OF the shifting Of loans
from trust companies and out of town
lenders to the Clearing House banks that has
been going on ever since the beginning OF
the decline in money rates, the presumption
is that tomorrow bank statement will
for a third successive time he poor. Any
such exhibit was not, however. reflected
at all to-day in rates for the use Of money
which, il anything, displayed "A renewed
softening tendency. The truth is that
the recent weakness in money rates has
been brought about TO a very large extent
by the prevailing lethargy in speculation,
and should a large buying demand for stocks
arise t is probable that these rates would
advance considerably Sterling exchange
was once more stronger to-day under the
effect of rcmittances Of money to London
against sales Of stock recently made here
by foreign holders and in greater or less
degree because of the repayment Of foreign
loans that is now being demanded. The
only occurrence of interest in the European
financial centres was the heavy oversub-
scription Of the German Governments
new loan, which was well understood to
he OF technical origin and did not at all
stimulate the general investment market
abroad.
OF routine matters Of news bearing upon
the market to-day there were only two
worthy OF comment. the statements Of
earnings Of the Rock Island and Atchison
railway companies for March. which were
somewhat better than expected, showing
in one case an increase in gross Of 81 ,O,OODO
and in net OF $500, 600 and in the other
gross increase OF 81, 100000 and a net in
crease OF S55OOOO. The really important
development OF the day was a greater rise
in the price of the wheat options on the
local Produce Exchange and on the Chicago
Board of Trade than has been Witnessed
on any day for several weeks past owing
TO the receipt of further bad news from the
Western grain fields Not only was the
drought in Kansas and Nebraska unbroken
but host Of crop damage stories of various
descriptions came from the southwestern
section, and a severe cold wave swept over
the entire middle and northern portion Of
the winter wheat belt that, il was said,
was productive Of serious injuries 70 the
crops. Winter wheat is now, il seems, in
a state far enough advanced where freez-
ing temperatures are distinctly harmful
to il. There is little doubt OF course that
a strong speculative movement for the rise
in the grain has been started recently and
that a good share Of current tales Of injury
to the crops must be accepted at a pretty
full discount But there is no denying the
fact that the general crop season this year
has been far less propitious as regards
abundant harvests than it has been for
several years back and that as a rule the
crops are entering the year in poor state.
IL is to be remembered on the other hand.
that the season is still early and that what
ever damage has been done to the crop is
not such as cannot be fully repaired later
on There has been naturally a good deal
of curiosity in the financial district lately
as 10 the charac tier of those peculiar rea-
sons which have caused the Union Pacific
and Reading Railway common stocks to
be singled ont az centres Of particular
strength in a generally arathetc market.
IL will probably be found in due course
that these reasons consist only of the fact
that the two stocks in question are easier
to move by spectators for the rise than
most others that could be selected In
the case Of Reading no special expla nations
have been offered. As regards Union
Pacific il was variously said to-day that
the earnings Of the company were still
showing great increases and that certain
large financial interests were buying back
the stock sold by them during the declining
market since the first Of the year while
there was a resurreo ton of the familiar
story broadly circulated last autumn that
the Union Pacific management proposed to
turn over all the stocks Of railway and
other companies held by il to a new holding
company, whose shares in turn were to be
distributed 10 the present Union Pacific
stockholders. Incidentally. also, il was
rImored, means would be taken in the
course Of this distribution to raise over
SIOO. 100000 OF which the Union Pacific Rail-
road now stands in need for the purpose Of
paving on it's debt incurred in purchases
of stocks last year and OF providing money
for improvement work partially completed.
II will probably be found that the orly sub
stantial element of truth in this story ia
that the management Of the Union Pacific
Company is confronted with a debt OF
500. .OOO. 900 which it must liquidate before
the fall OF the year. This is the other side
Of the Hartman financing.