Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-10
Feverish Opening Relapsed Into
Sluggish Conditions.
MARKET VERY IRREGULAR
Union and Southern Pacific the Con-
spicuous Features.
AN ADVANCE IN GRAIN PRICES
Government Report Close in Line With
Common Expectation-London
Heavy and Uneasy.
MARKET VERY IRREGULAR
AN ADVANCE IN. GRAIN PRICES
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK. May 1O.-As was to be ex-
pected. in view of the tendencies of the
stock market in the last hour of business of
yesterday. the trading at the opening of
business this morning had a rather feverish
appearance. but with the course of the day
the dealings gradually relapsed into the
sluggish conditions which prevailed through
out the week previous to the announce
ment OF the Union Pacific financing
1t was only natural that Union and South
ern Pacific should have been conspicuous
features of today's market. as indeed they
were, although the fluctuations in both
stocks were irregular and not particularly
extensive.
financial plans of the Hartman system. as
announced yesterday. were regarded with
less favor today in the light Of the further
consideration accorded them.
supplementary statement with regard
to the transactions in question was issued
this afternoon by the Union Pacific man.
agement, but 1t set forth nothing really new.
The course Of affairs in the market at
large was about as irregular as that noted
In the Hartman stocks. Dealings during
the first hour were upon fairly large
scale, but the trading subsequently, showed
contracting tendencies.
The government crop report was greeted
with rapid advance in the grain market,
but the dealings In securities were as little
affected by the showing as they were I'M
Influenced throughout by the prospect. The
governments figures confirm to some extent
the reports made by the various state agrf-
cultural commissions. but finally considered.
the exhibit was pretty closely in line with
the common expectation.
The Governments Crop Report.
The governments percentages show a fall
Ing of of seven points from the conditions
of April 1, and indicate q wi inter- wheat
crop of 405. 100000 bushels. as against an
estimated yield of As. 600 900 bushels at
the corresponding period Of last year. 1t is
probable that there has been a considerable
deterioration in the condition Of the crop
since the compilation of the governments
estimates. but. on the other hand. few
weeks OF favorable weather conditions
would lead to a substantial improvement In
the outlook.
The London stock market was generally
heavy, and no little uneasiness seemed to
exist there with regard to the political dis
turbance In India. American stocks were
exceptionally firm. however, and foreign
houses were buyers on balance to the ex-
tent Of about 10000 shares.
The preliminary estimates of the princi-
pal movements in currency during the week
indicated nothing more than a nominal
change In the banks cash holdings notwith-
standing the heavy transfers Of currency
TO San Francisco. Money market conditions
also showed little alteration.
Aside from Union and Southern Pacific
there was little news gossip In connec-
ton with the transactions in one stock or
another.
The statement of the Erie Railroad Com
pany for the quarter ended March 81 showed
that an increase Of $4-..O00 in gross earn
ings had been converted through enlarged
operating expenses into a decrease In net
earnings of 1924, 900, and that the company
had failed to earn its hxed charges for the
quarter by $4,000. The Erie's shares were
not however. materially affected by this
exhibit.