Evening star., 1909-05-02
LESS VOLUME OF DEALINGS
W. U. T. Stock and Erie Issues the
Features.
STEEL STOCKS ARE STRONGER
Slight Check to Retail Trade
Charged to Weather-Crop Pros
poets of Reassuring Character.
Special Dispatch to The Star.

NEW YORK. May 1.-Security prices
today in the greater number OF stocks
did little more than mark time, and
closed at small and miscellaneously scat
tered net declines and advances. The
volume of dealings was much less than
it has been on Saturday half sessions re-
Gently. Exceptions, however, to the ir-
regular and trivial movements Of the
market. taken as whole. were furnished
in more than one particular.
There was q continuation Of the de-
cided strength shown yesterday in West
ern Union Telegraph stock and in all the
Erie issues. The Western Union shares
rose 8 points. and as they have also
risen considerably in the immediate past
the advance. therefore, led today very
naturally to all sorts of stories Of alli-
ances and mergers in the telephone and
telegraph field; but the probability is that
the rise in Western Union portendS more
than anything else an increased dividend
distribution on the company's stock, due
year.
Attention was more attracted to the
strength on all the Erie bond issues than
to the rise in the Erie stocks and the
current enlargement Of the Erie's earn
ingS. The winding up of matters in dis
pute between the company and the public
service commission and the visible re-
suits of the betterment work that has
been undertaken in the last year along
the companys lines are presumably re-
sponsible for the advance.
"Pennsy' Shares Strong.
The Steel stocks. too. were stronger
than they were yesterday, possibly be-
cause of the news Of another and second
advance in the price of Birmingham pig
iron; while further feature OF strength
was the Pennsylvania shares, owing to
the imminence of the day when the shares
will sell ex dividend, but also presumably
to the publication of yesterdays flatter-
ing statement Of the earnings Of the COM
pany during March.
The wheat market again rose upon re-
neWed reports of unfavOrable weather
conditions in the northwest. The strike
of seamen on the great lakes was not
looked upon as a market factor, princi-
pally because of the fact that the largest
shipping interest on the great lakes-the
United States Steel Corporation-is not
concerned in the trouble.
Today'S bank statement afforded proof
that whatever increase in loans has re-
Gently been brought about in Wall street
and directly connected in the present
week with the preparations for the May
disbursements has been largely should
cred by the trust companies.
Increase in Bank Surplus.
The average figures of the weekly
clearing house statement indicated an in
crease in the bank surplus of 81, 100. coo
owing to a decrease in the loans of 81
100000, and an increase of little less
than 100000 in cash. The actual figures
of the statement reported decrease in
reserve of S2,6OOo00. an increase in loans
of less than 5000. 600 and compare
lively small decrease IN cash. The loans
of trust companies and other banks, how
ever increased nearly $12.5OOOOO.
No doubt the disagreeable weather con-
ditions of thes week in pretty nearly all
sections OF the country had the effect of
checking retail trade, especially in the
large cities. and 1t is true. of course, that
it has served to delay little the season.
able operations Of spring planting. Other
wise, all developments during the week
were favorable to business and finances
and resulted in continuously strong If
at all times dull security market. If it
were to be expected that rain was to fall
and low temperatures to rule throughout
the summer there would be no doubt for
ground for general apprehension regard
ing the future state of trade and indus
try. But warm weather has always come
in the summer months If at times some
what later than usual and no one be-
lieves that 1t will not come In the year
1909