The Washington herald., 1907-05-09

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New York. May S.-About the only
prominent characteristic of the security
market to-day was its greatly increased
dullness. The volume OF transactions in
stocks was S76,0o0 shares, considerably
less than half of yesterdays relatively
small total and one of the smallest days
business OF the year TO date. It was re-
garded as a favorable symptom, however
that despite the inertia of the market
prices as rule displayed a moderate
tendency to advance and the general
impression was that had it not been for
the further development of acute weak
ness in one or two stocks, larger gains
in prices to-day would have been shown
than actually occurred. A certain degree
Of resiliency was obviously impaired TO
the market by the circumstances that for
four successive business days up 20 this
morning price of stocks had declined.
The fall since Friday of last week has
not been heavy, but it has been contin-
uous, and, feeling the leverage Of fresh
bad news from "A speculative point Of view,
professional traders in stocks were nat
uralIy inclined 10 retire a portion Of their
commitments for the decline. The foreign
markets to-day were as uninteresting as
our own, although London sent here be-
fore the opening of business higher
range of quotations for securities \
rather poor response was made 10 these in
the opening transactions here, the list
lessness of spectators regarding the Iear-
L. nv rr~fh hrT~ ~
cline of over points in the New York
Central shares. which carried quotations
for the stock down 10 a level only little
higher than the lowest point touched by
il hitherto during the year; and from
then Reading was the most desultory
character.
Fear Public Utilities Bin.
The Brooklyn Rapid Transit shares
were exceptionally depressed by the
prospects of the passage Of the public
utilities bill at Albany Later in the day
a rally set in which left irregular ad-
vances and declines finally in the active
stocks, but with advances predominating-
Few of the gains and losses made were
more than fractional.
The stock market clearly derived some
help to-day from pause at least in the
advance in wheat prices The grain mar
kets were subject throughout business
hours to a greater variety Of contendlng
Influences than have recently centered
upon them, and vibrated rather fever
ishly between strength and weakness.
closing at last at "a small net decline.
They were sustained on the other hand
by the usual budget of unfavOrable crop
news of all sorts from different sections,
and from q sensational rise IN the price
Of wheat in the Hungarian markets, and
depressed on the other by spread of
warmer weather in the country generally
west of the Mississippi River. For sew
erdl weeks past the strength of wheat
IN Europe, owing 10 purely local causes,
has played a greater part in She advance
Of the commodity here than spectators
fer the rise in the article have been will
ing TO admit. and there appears 10 be no
doubt that the destruction Of grain in
R0Umania on account of the peasants in
surrectiou there, the unfavOrable pros
pecJ for the crop in the Danube section,
and indications broadly that foreigners
viii have 10 buy more wheat this year
than they did in the previous season, have
greatly stimulated the wheat export trade
with the Inevitable result upon options
for the future delivery of the grain.
Explain Poor Showing.
More explanations for the sensat ttonany
poor statement of the New York Central
lines for the March quarter were heard
to-day in the financial district. One of
these was that the New York Central
Company had. in view Of conditions in
the money market. been applying earn
ings in bulk 10 the large construction and
improvement work that il is now under
taking. aud il was also said that there
figured in the expenses of the company
for the March quarter the payment of a
very large sum of money, representing
the prompt liquidation of damage claims
arising from The recent disastrous acci-
dent near White Plains Conversely there
We're many TumOTs in circulation to-day
regarding the tmminenCe of new borrow
ing by the New York Central, as well as
by the Delaware and Hudson, and Union
Pacific companies.
a good deal of probability was attached
in quarters of considerable rank to
story that the Union Pacific Company
was about TO borrow 1900 0G0 or more
through an issue of convertible az per
cent bonds, and that it is now commonly
believed that the advance in the last few
weeks in the price of Union Pacific stock
has had more connection with a future
issue Of securities by the company than
10 the formation OF any holding com
pany" or banking organization to take
over the Union Pacific's investment in
this
Publication was made IN the afternoon
to-day Of the April earnings of the New
York Central Lake Shore and Michigan
Southern, and other Vanderbilt lines q"
which mainly showed large increases; but
these statements only had reference. of
course, to gross earnings, and 1t IS the
reduction of gross revenue Of railroad
companies by current high operating cost
with which Wall street IS now chiefly
concerned.
Talk Of gold exports in the near future
was stopped to-day by a decline of nearly
a quarter Of a cent in sterling exchange
At the great money lending institutions,
too, little firmness in money rates was
reported.