The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-05-09
.KFNANdrl1AMn coMMEB0fAI.
WEDNESDAY,, May 1

q
greatly increased dulness. The volume oi
transactions In stocks was $40 900 shares
considerably less than half Of yesterdays
relatively small total and one OF the
smallest days Of the year 70 date. It was
regarded as a favorable symptom, how
ever, that despite the ipertia OF the market
prices asa rule displayed a moderate ten
dency to advance and the general impras-
sion was that had II not been for the further
development Of acute weakness in one or
two stocks larger gains in prices to-day
would have been shown than actually
occurred. A certain degree Of r~esiliency
was obviously impaired to the market
by the circumstance that for four Success
slve BUSINESS days up to this morning
prices OF stocks had declined. The fall
since Friday OF last week has not been
heavy, but it has been continuous, and
failing the leverage Of fresh bad news from
a speculative point OF view professional
traders in stocks we're naturally inclined
to retire a portion OF their commitments
for the decline. Tho foreign markets
to-day were as uninteresting as our own,
although London sent here before the
opening OF business q higher range OF
quotations for securities. A rather poor
response was made to these in tie open
ing transactions here. the listleesness OF
spectators regarding the market prevailing
over all other considerations. Somewhat
later the market became unsettled by e
further decline Of over two points in the
New York Central shares, which carried
quotations for the stock down to a level
only a little higher than the lowest point
touched by it hitherto during the ear;
and from then on the trading was Of the
most desultory character. The Brooklyn
Rapid Transit shares we're exceptionally
depressed by the prospects OF the passage
OF the public utilities bill at Albany. Later
in the day q rally set in which left irregular
advances and declines finally in the active
stocks, but with advances predominating.
Few Of the gains and losses made we're
more than fractional.
The stock market clearly derived some
help to-day from a pause at least in the
advance in wheat prices. The grain mar
kets were subject throughout business
hours to a greater variety Of contending
influences han have recently centred upon
them and vibrated rather feverishiy be-
tween strength and weakness, closing at
last at a small net decline. They were sus-
tanned on the one hand by the usual budget
OF unfavorable crop news Of all sorts from
different sections and from a sensational
rise in the price Of wheat in the Hungarian
market and depressed on the other by a
spread OF warmer weather in the country
generally west Of the Mississippi River.
For several weeks past the strength Of
wheat in Europe owing to purely local
causes has played 9 greater part In the
advance IL! the commodity here than
for the rise lave been will
ing to admit; and there appears to be
doubt that the destruction OF grain
in Rumania on account OF the peasants
Instruction there, the unfavorable pros
pect for the crop In the Danube section
and Indications broadly that foreigners
will rave to buy moro wheat this year
than they did in the previous season nave
stimulated the wheat export trade,
the Inevitable result upon options
for the furture delivery Of the grain. More
for the sensationally poor
statement Of the New York Central Lines
Tor the March quarter wore heard to-day
the financial district. One Of these
was that the New York Central Com
pany had, In view Of conditions in the money
been applying earnings in bulk
10 the large construction and improve
nent work that 1t is now undertaking,
il was also said that there figured in
the payment Of a very large sum
II money representing the prompt liquida-
ion OF damage claims arising from the
.ecent disastrous accident near White
Plains. Conversely there were many
in circulation to-day regarding
he imminence Of new borrowing by the
New York Central as well as by the Della
ware and Hudson and Union Pacific COM
A good deal Of probability was
lttabhed in quarters Of considerable rank
o a story that the Union Pacific company
vas about to borrow 800, 600 900 or more
through an issue of convertible ~ per cent.
ponds and IL is now commonly believed
hat the advance in the last few weeks in
he price OF Union Pacific stock has had
more connection with a future issue OF
securities by the company than to the
ormation of any holding company" or
banking organization" to take over the
Union Pacifc's investment interests. Pub
was made IN the afternoon to-day
u the April earnings of the New York
Lake Shore and Michigan Southern
nd other Vanderbilt lines, which mainly
howed large increases; but these state
only had reference Of course to gross
,arnings, and it is the reduction OF gross
eyenues OF railroad companies by current
Ugh operating cost with which Wall Street
3 now chiefly concerned. Talk Of gold
xports in the near future was stopped
o-d1y by a decline Of nearly a quarter OF
cent in sterling exchange. At the great
honey lending institutions, too, a little
nore frmness In money rates was reported.