The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-05-07
MNlNcE7L ~ doMMkNcIAL.

I4no security market to-day, but such as IL
was 1t was attended with general decliEcE
In prices. In the> eariy part Of the day,
although the dulness of the market WA
pronounced, an upward tendency neverthe-
less put In an appearance, as 1t often does
on tho FIRST day Of the week: but before the
close Of the first hour Of business prices
Teceded and again moved upward a little
Bit, only to fall with considerable heayinese
In the afternoon. Dealings were still
greatly concentrated In q few stocks and
the entire days market WAS 30 absolutely
professional as TO suggest that a large
portion Of the TRANSACTIONS were not strictly
Of genuine character, Commission house
business was; no far as could he seen, at an
utter standFtill. Thore were only one or two
instances In which specific reasons could
Re. adducsd for such changes in prices as
occurred. A decline Of 5H points In Della
ware and Hudson stock was accompanied
with a that the Delaware and Hudson
company was ~meditating a sale OF bonds.
That the company is meditatinR such a sale
has long been known. although IL will prob
ably be found when the transaction takes
place that the high credit Of the company
has stood 1t ia good stead as regards the
price it has had to pay for it's accommoda-
ton. The New York Central ahares were
naturally depressed by the very unfavor-
able report published last week Of the earn
ings Of the New York Central system for
the March quarter, the deficit recorded
therein being such as to raise questions
as to the ability OF the company to
maintain dividends on it's stock at the
present rate II no improvement in it's
earnings takes place. The Atchison COM
mon and preferred stocks were particularly
strong, on the other hand, because OF the
friendly reception given commonly to the
Atchison new financing plan announced
toward the close Of last week.. In general,
however, WallStreet was disposed to-day to
draw pessimistio conclusions from the bor-
rowing Of railway companies like the Atchi"
son for relatively long periods at 5 per
cent. 30 far as 1t concerned prices Of rail-
way stocks upon which the interest return
at current quotations lie only between 5
and Q per q The argument at the mo-
ment 10 that II railway companies can only
raise money by the sale OF 8 per cent. in
terest bearing bonds, something more than
0 per cent. ought to be expected from the
yield Of the common shares OF such rail-
way organizations. A somewhat frmer
undertone was reported to-day in the
foreign financial markets, although this
seemed to be due, on the London Stock
Exchange especially. to rather stronger
hopes than ave bsen recently entertained
that part Of the demand for gold currently
addressed to London from Paris might be
shifted to New York. Paris was an eager
bidder for gold to-day in the London market
and obtained half the gold offered there
for sale. Sterling exchange here advanced
and the foreign exchange market was
flied with rumors Of preliminary nego-
~tiEtions for gold exports from this centre
10 Paris on the triangular" basis. At
present, although sterling Is not at a price
that would justify such an operation. ii is
far from the necessary level. and the differ
ence could probably be quickly made up
IL foreign importers Of the yellow metal
were to offer inducements to these ship
ments Of the usual nature. The bearing
of all these tendencies upon prospective
money rates here is plain.
The distinct cause Of unsettlement in
the stock market to-day was undoubtedly
the receipt Of further discouraging news
from the winter wheat and spring wheat
At the opening OF the produce
exchanges to-day the price Of wheat was
depressed q little owing to the prevalence
OF showers over Sunday in Kansas and
Nebraska and one or two other winter
wheat States and also to the receipt OF
telling Of Unexpectedly large
shipments OF the grain from all ports OF
export to consuming centres; but after
the price Of the wheat options
shot up sharply upon the publication Of
The figures OF the Missouri State crop re-
port indicating a fall in the statistical con-
Of wheat in the State from "a FER
cent. on April 1 to 50 per cent. on May /.
A further batch Of stories Of crop damage
followed, one Of these taking the form OF
estimates from certain agricultural au-
thorities that seeding OF spring wheat in
the Northwest would be reduced from
10 to ~ FER cent. by the lateness of the spring
,eason. Wheat advanced two cents q bushel
rom its low price earlier in the morning!
md, broadly speaking. speculation in the
commodity as well as in stocks in the Sc
,urity market was undoubtedly affected
" the exr ~ectation that the Governments
,rop report for May, due next Friday. will
how a decided imr airment in agricultural
conditions throughout the country. A
too, that injured the market to a
or less extent was a rumor that
he Government Department Of Commerce
nd Labor would on next Monday make
report hostile TO the Standard Oil
.omcany.