The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-27
LITTLE TRADINGDO
Days Business One of the
Smallest of the Year.
WHEAT OPTION PRICES RISE
Drought in Kansas and Nebraska
and Cold Wave Create AIsrm-Net
Increase In Rock Island and Atchi-
son March Earnings Most Crafty
fng-Fear Bank Statement.

New York, April 2s-I.ack Of animation
was once more to-day the only notable
feature Of stock exchange dealings. The
volume Of transactions in the market was
even less than it was yesterday and was
such as 20 make the days business one
Of the smallest of the year; while, as had
been the case throughout the week, buy
ing and selling of stocks was practically
confined TO a few issues and seemed TO
originate from a relatively small number
Of room traders on the floor Of the eZ-
change. Indeed outside of the Reading
and Union Pacific stocks to-day, the stock
market was only nominal.
Much the same conditions. too. were re-
ported from the foreign markets, dull
and lifeless" being the characterization
Of financial business made in the days
cables from foreign houses to their
correspondents here. In the morning hours
Of the stock exchange session to-day
the market exhibited the same hrmness of
undertone that it has done for some time
past, but in the afternoon prices sharply
reeeded.
Indications concerning Tomorrow bank
statement pointed to a cash loss by the
banks of something over 100000. this be-
ing the first loss of the kind for many
weeks. As It is commonly supposed that
bank loans have also undergone a large
increase during the week as the result OF
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 to-
morrOw's bank statement will for a third
successive time be poor.
Money Rates EnsIer.
Rates for the use of money to-day
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 leth-
aegy in speculation. and should a large
buying demand for stocks arise it is prob
able that these rates would advance con
siderably.
Sterling exchange was once more
stronger to-day under the effect Of remit /
tanees of money TO London against sales |
of stocks recently made here By foreign /
holders, and ia greater or less degree /
because of the repayment of the general
Jeans that is now being demanded. The /
only occurrence of interest in the Euro |
pean eenters was the heavy oversubscrip- /
tion of the German governments new
loan, which was well understood TO be of /
technical origin, and did not at all slim /
ulate the general investment market |
abroad.
OF routine matters Of news bearing upon /
the market to-day there were only two |
worthy of comment, the statement of /
earnings Of the Rock Island and Atchisou /
railway companies for March, which /
We're somewhat better than expected /
showing IN the one case an increase in |
gross of. $l,000000, and in net Of 1896, 0O9 /
and In the other a gross increase of 81, 400,- !
900. and net increase Of S559,0G0. The real
ly important development of the day was
a greater rise in the price of 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 fur
Their bad news from the Western grain |
fields.
More Crop Damage Stories.
Not only was the drought In Kansas and |
Nebraska unbroken, but a host of crop 1
damage stories of various descriptions |
came from the Southwestern section, and /
a severe cold wave swept over the entire !
middle and northern portions of the win /
ter wheat belt that. it was said, was pro- /
ductive Of serious Injuries TO the crops /
Winter wheat is now. it seems, in a state /
far enough advanced where freezing tenn |
peratGres are distinctly harmful to it,
There is little doubt, of course, that a /
strong speculative movement for the rise 1
in the grain has been started recently. and /
that a good share of current tales Of in |
jury 10 the crops must be accepted at d |
pretty full discount But there is no deny
ing the fact that the general crop season /
this year has been far less prOpitious as /
regards abundant harvests than il has /
been for several years back. and that as a /
rule the crops are entering the year IN a /
poor state
It is to be remembered, on the other |
hand, that the season is still early, and 4
that whatever damage has been done to 4
the crops IS not such as cannot be fully /
repaired later on. There has been natur-
ally good deal of curiosity in the feeling 4
lately as to the character OF those pc /
culiar reasons which have caused London /
prices on Reading common stock to be /
singled out as centers of particular /
strength in generally apathetic market. /
No Mystery Involved.
It viii probably be found In due course
that these reasons consist only of the /
fact that the two stocks In question are 4
easier to move" by spectators for the /
rise than most others that could be select
plantations have been offered. As regards /
Union Pacific, It was variously said to- /
day that the earnings Of the company
We're still showing great increases, and /
that certain large financial interests were
buying back the stock sold by them dur 4
ing the declining market since the first /
OF the year, while there was a resurrec-
ton of the familiar story broadly circu- 1
lated last autumn that the Union Pacific /
management proposed to turn over all the 1
stocks Of railway and other companies 4
held by 1t TO a new holding company
whose shares IN turn were to be dis /
tributed to the present Union Pacific /
stockholders.
Incidentally, also, 1t was rumored, means
would be taken in the course of this dis
tribution 20 raise over 500, 000. 900, of which |
the Union Pacific Railroad now stands in 1
need for the purpose of paying of its
debt incurred in purchases of stocks last /
year and of providing money for improve
ment work partially completed.
It will probably be found that the only
substantial element of truth in this story
is that the management OF the Union +
Pacific Company is confronted with a i
debt Of Slo0.00o0O0, which it must nquidate /
before the fall OF the year This is the
other side OF the Hartman financing.