The daily morning journal and courier., 1907-04-30

the southwest, very easy money, a slight fall in evchange here.
 It remains to be learned, from to- days authentic data of the weather. bureau, exactly to what extent the rains have given relief, but in the meantime the news is clearly encourag- ing.
 The group about Union Pacific was interesting especially if true. The stor- ies were all interesting, from the one which imposed on MT. Hartman the necessity if immediate resignation to that which created holding company for the securities held in the Union Pacific treasury and placed the stock of this proposed corporation on a per cent, basis.
 Some blocks of 1000 and 2,00O shares of Union Pacific came out on the mid- day rise and there was a growing be- lief in Wall street that 1t reflected some important development.
 It would be only increasing public hostility to the Union Pacific manage ment to pay per cent. on investment and per cent. on Union Pacific com mon from operating results.
 Fully 50 per cent. of the arbitrage business was in Union Pacific. It was bought on orders from this side and was well above parity at the opening. Canadian Pacific was also in demand, There was enough of short interest in it to send the stock up a point.
 That there was large outstanding short interest in stocks at the close of last week there is no question, and yesterdays rise in stocks might very well represent converted drive to make the bears cover. One reason for thinking this was the character of the principal buyers. One broker, who is generally identified with operators who usually take the short side, bought 10, 900 shares of Union Pacific during the \ first hour yesterday and he continued to buy up to early in the afternoon. Other brokers who occupy a similar po sition also bought from 5000 to 10000 shares each,
 At one time there was some very good buying of Steel. for there is still some hope among those who bought the stock between 40 and 30 that the dividend may be raised to-day owing to the Ieompany's good business and prospects. | Chicago, April 29.-Drought in the southwest has been broken. Reports from Texas and Oklahoma say there have been good gains all morning, while at Capitol Hill, Texas, there was a cloudburst. Nevertheless, the wheat and oats crops in Texas and Oklahoma at best cannot be more than 25 per cent, owing to green-bug ravages. Kansas has had from trace to 1-2 inch of rain, and at some points 1t was Training at noon to-day, while there was snow reported at Great Band
 Kansas. Newton, Kansas, had IA inch and it was freezing A private report from that point says the damage all ready is 40 per cent, but rains have re- lieved the crop for the time being
 Concerning Ontario and Western Co., rey, Milliken & Co.,, of Boston, say;
 There is much speculation at the pres ent time as to the future of New York
 Ontario and Western. This road, sub. sidlary of the New York. New Haver
 and Hartford, protecting the anthra-
 cite supply of New England, is coveted by New York Central people; while
 on the other hand. New Haven inter. ests are fully as eager to control the , Boston and Maine. AS interests affll. lated with the New York Central are dominant in Boston and Maine affairs l negotiations will probably soon be be. gun which will ultimately result ir } the Boston and Maine being taken over | by the New Haven. and the Ontario , and Western by the New York Central
 If this change should take place 1T l the affairs of the Ontario and Westerr | it should be good for an eight or ter point rise in it's stock. The New Ha : ven took control of the Ontario ant l Western for strategic purposes, ant ) has not aided it the way of rrofi 3 making The New York Central would t probably direct it's management, and i
 is in a position to increase it's business extensively
 From an investment point of viev and taken on it's own merits there art now many low pricer railroad st0ck that look more attractive from a mark ct standpoint than the Ontario anC Western. It Is now selling at abou the same price it did five years ago. II lthat time many improvements hay,
 taken place in the property, It's earning power has been strengthened, and it earnings have increased to the exten of a per cent. dividend being de clared. The next earnings this yea
 will, figuring from the monthly in lcreases already shown. show an in
 crease over last year of about 20 pc l cent, making a balance for dividend z of fully per cent. on the stock"
 
 YESTERDAY'S STOCK MARKET