The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-28
MARKET IS LIFELESS
Bank Statement Good and
Stimulates Buying.
FORM POOL IN UNION PACIFIC
Trading ChieAIy Professional, with
Reading and AmaIgamated Active.
Little Change ina Coming Week.
transactions Low for Last Six Days.

New York, April I.-Up TO the appear
ance OF the weekly bank statement in
Wall street to-day, the stock market was
fully as lifeless as it was yesterday, and
prices in it were no less heavy. A poor
bank statement was generally antici-
pated, reports from the winter wheat
section were again unfavorable, and
there was nothing in the news TO stimu-
late buying Of stocks
The bank statement, however, was in
the nature of a pleasant surprise. as for
the first time in several weeks it eXhib-
tied a decrease in loans. The falling on
in the loan account was not very great,
only amounting to S1,5s1.000 but it was
enough 10 suggest suspension Of the
process Of transferring loans from pri-
vate lenders and Out-Of-tOwn institutions
10 the national banks thar has been stead
fly going on ever since the decline in
local rates for the use of funds.
Moreover. although estimates were TO
the effect that the banks had lost during
the week something over $L10o000, to-
days statement reported a gain by the
banks of Sl46C00, and the bank surplus.
therefore, to-day. was moderately in
creased, though a very considerable de-
crease had been generally looked for
This showing naturally stimulated buy
ing back of stocks sold speculauvely for
the decline. and led 10 a general rise in
prices in the last half hour OF business.
Market Is Professional.
The market was in no way less pro
fessionaI than it was previously during
the week. and the dealings still largely
conferred in the Union Pacific. Reading,
and AmaIgamated Copper shares. The
real leader of the market throughout the
last fortnight has been Union Pacific
common stock.
Whether, as is believed in many we'll
informed quarters. the buying of Union
Pacific has been only for the account of
q newly formed pool" in the stock. based
on the manifest fact that the, price Of the
stock is exceedingly low as that of "a 10
per cent dIvidend-paying security, or
whether the development of interest in
the issue emauates from hnanciers close
10 the management CT the property, and
concerns plans relative to the formation
Of rev holding companies and the like, or
whether the buying merely represents a
further retreat Of The large short interest
known to exist in the stock. all The liz
dicati0ns is that an accumulation of the
Union Pacific common shares for some
purpose has been in progress.
So far as the money situation is con-
cerned. it must again be emphasized that
the only true guide 10 this matter is the
course Of money rates and not vague
and misleading differences drawn from the
r-FaH
The clearinghouse returns is SO obyl-
ously onc-sided and subject 10 so many
influences of a sort of which Wall street
can never take full C1gn,zance, that ID
affords no substantial clew to ii probable
contraction or relaxation Of credit al this
center.
Money Rates No Higher.
At the moment certainly there is no IN
dication that higher rates for money are
likely to prevail in the near future than
have for month past Rather Jnfavora-
bic news concerning the crops an easier
working of money generally, not only in
this country. but in Europe; a stronger
tone in the sterling exchange market
leading TO talk about gold exports later
on; a slight check afforded 10 mercantile
business by the lateness of the spring
season, and an unimpOrtant speech by
the President of the United States at the
opening of the jamestown Exposition on
the subject of the governments relation
TO international business management
comprised about all the Influences of the
week bearing upon security prices.
The course OF the stock market at
tested, however, that very little attention
was paid TO these or any other develop
ments Commission house business In
Wall street remained throughout IN,
week al "a low ebb transactions on the
Stock Exchange seemed TO emanate al
most exclusively from the room trading
spectators there, and although the trend
Of she security market was upward
rather than downward it was not sum
GENTLY distinct as to deserve serious
analysis. In banking circles at the enc
of the week the impression seemed to b,
strong that the stock market is, or. a
least, should be, for month OF more Il
come a waiting one.