The Washington herald., 1907-04-25
WALL STREET NOTES
Rise in July Wheat Options
Affects Market.
VALUABLE COAL LANDS BOUGHT


cite Into NOrth-New Lands Cost
$4,000, OO,D-TiD on Union Pacific.
brooklyn Rapid Transit Drops.
New York, April 24-From the open
ing the market to-day had 10 contend
against the adverse factor of an adj
vance in the price Of wheat, the July
option rising to a higher level than il
had previously reached this season.
Try as they would, the big professional
operators could not induce their less
important brethren 10 take cheerful
view OF the crop outlook. the signih-
canoe Of the weather report issued Oh
Tuesday having too deeply impressed
itself in the popular mind TO be soon
forgotten. Until this report was is
sued there was only the not very re-
liable or disinterested testimony of
so-caued crop experts regarding un-
favorable conditions in the wheat belt,
but the government report made it
clear that the crop had not been max
ing much progress, and that there was
at least some ground for doubt as 10
whether a considerable acreage would
not have TO be plowed up and repIanted
of some OF the other crops.
That replanting was actually in
progress was reported in dispatches
received from various sections during
the day. and on the whole there was
abundant evidence that the operations
for a rise in stocks would have to take
eerfous consideration of the possibility
that crop prospects might become such
as to induce a feeling of conservatism
to put il mildly-in general business
circles throughout the country at large.
Sharp advances we're made in par
ticular stocks with no other object than
to force covering of traders shorts, and
this accomplished. prices quickly fell
back 10 the old level or below.
II is worth remembering when dema-
gogues talk of liberating the business in
terests from the clutches OF the railroads
that the facilities provided by Great
Northern for the handling OF the lumber
business Of Washington have resulted IN
an enhancement Of the lumber resources /
of that State 10 an extent equal to about
tWO-and-a-half times the entire capitalize
ton Of the road. This is only an instance
of the way the roads have been almost
the creators of wealth for the benefit OF
the general community.
delaware and Hudson has taken title
to the large area OF coal land acquired IN
its interest about year ago, and is max
ing preparations TO develop the property
so as To Increase its production OF anthra-
cite very materially. The new properties
cost about 100000, and contain enough
coal to add more than three-quarters of
a century 10 the life Of the company as
a coal producer, on the basis of its pres
ent average annual output The lands
Just taken over are in the very heart of
The Readings territory, but at the pres
eHt time the Delaware and Hudson has
no line into that region and no definite
announcement is made as 10 whether il
is proposed 20 build an extension or make
q working agreement with some existing
road.
one thing is certain. however, the Della
ware and Hudson intends 10 become a
more important factor in the hard-coal
trade than it has been heretofore. In all
probability a great part OF the increased
output viii be shipped North, the COM
pany having for some time past been
very. successful in its efforts 10 build up
a trade in Canada and the Northern
section OF New England.
About the time the market opened tip
that important news on Union Pacific
would soon be made public was indus
triousiy distributed, and it was alleged l
that a large amount of the stock had in /
the recent past found its way into the
hands of strong interests. But not al of
these stories could suffice to hold up the
price at the level which it had attained
10y the end Of the first quarter OF an
hours trading.
The chief depressing influence seemed TO Z
be selling for London account but an eX-
cellent example of the rapidly with +
which the professional element can turn
around was afforded by the fact that ia /
quarters where at the opening there had /
been talk of accumulation by large inter /
ests. half an hour later there was equally /
positive Information that the large inter I
ests We're selling as only large interests /
could sell The original rumOr indicated T
that the professional element was largely /
on the bun side in the stock, the later one +
clearly indicating a complete reversal OF
that position.
An hour later the sentiment swung back I
to where il had been at the opening and 4
during the rest of the session Oscillated /
from one side to the other with fair regu- /
larity, affording the best indication that /
in all probability nothing OF greater inn /.
pOrtance than traders sCalping opera
tons was in progress.
An operator who contributed some /
thing 10 the activity in Union Pacific 1
got credit for the rise in American 4
Smelling and Refining that came abou. /
noon, but was checked by what appeared (
to be inside selling and TO some extent, /
probably by the fact that Amalgamated /
Copper and the other metal stocks did 4
not respond as they generally do when 4
there is legitimate reason for a rise in 4
one issue Of the group.
The news from Albany that the as
sembly had passed the bin to compel I
the trolley companies 90 carry passers- /
gers an the way to Coney Island for a /
5-cent fare sent Brooklyn Rapid Transit .
down about two points ia the last hour
and revived the talk about legislative in
reference with co pOrate affairs which /
had been weapon of the bear Interests /
for weeks past. becoming for this reason I
a factor Of Importance in depressing a
market that at no time during the day
was very robust.
hoe Es-ana#1