The Washington herald., 1909-06-26
WALL STREET NEWS
MarketIrregular, Due Chiefly
to Weather Conditions.
RISE IN JULY WHEAT OPTIONS
"aiiroad Earnings show Enormous
Sross and Net MISREPRESENTATION Pa
cihc Preferred weakeDs After It's
sensational Jump of Thursday.
Hot Wave Helps All Grain Crops.

New York, June 25.-A falling on in
the volume Of transactions and con-
FUSED medley Of advances in separated
quarters Of the market was what the
stock market had TO offer to-day, its
irregular character being emphasized per
haps by the influence OF weather condi-
tons, which created a tendency among
professional spectators 10 contract their
operations. Expected proht-tsl1ing sales
set In, too. after a relatively large ad-
vance in the two preceding days.
In the early part OF the day there ap-
peared 10 be a great deal Of selling OF
stocks for the account OF London, where
the security market was, II not weak,
yet inclined TO heaviness on account OF
various small uncertainties. such as those
having reference to the present tangle In
the German Parliament over the nation s
budget. and the expression Of doubt as
to the results Of the forthcoming finan-
cial settlement in Paris. A depressing in
huenee in all the foreign markets al
present is the approach Of the time for
the midyear financial payments.
Market Is Firm.
After the foreign selling had subsided
here this morning. however. the market
was frmer. and thereafter presented a
fairly strong appearance for the rest OF
the day. Plans OF the reorganization OF
the Third Avenue Railroad Company, as
announced, were found 10 involve, as had
been generally expected. an assessment
of Ss5 a share on the company's stock. but
the course OF the market indicated that
this requirement had been fully dis
counted In the price OF the stock, and
the commonly expressed opinion was that
the company had Jared in the proceeding
far better than had been thought likely.
The strongest feature Of the market
throughout the day was the Traction
group. rOU5h-&et-oFchtan pre-
ferred stock in particular made a net
advance OF nearly two points. and there
were rumors. we'll founded. that the plan
Of reorganization OF the IuteTborough-
Metropolitan situation will shortly be pro-
mulgated under the auspices of a prOmi-
nent banking house.
Union Pacific weakens.
Union Pacific preferred stock. on the
other hand. weakened decidedly after its
sensational and altogether unexplained
Jump Of yesterday and the day before
Near LlE Close UL Int mar hFk q S-A-A Il
rise again occurred, as II did yesterday.
IN Reading common stock, and the buy
ing OF the stock was Of a character that
did not seem to be altogether specula-
tive.
Railroad earnings. as they came IN to-
day, again showed enormous increases,
the Missouri Pacife's gross enlarging
Sll9 900 for the third week OF June. the
Chicago and Northwestern SSlS.000 for
the month OF May. while the Atchison's s
Nay gross increased $l,3S4,000 and its net
800 600
A rise OF sensational character occurred
IN the July wheat options, based wholly,
however. upon an advance in the foreign
markets. caused by reports that the de-
crease in the Argentine wheat acreage
this year would amount 10 over 80 per
cent. and that the German crop was in
poorer condition.
There were also rumors here to-day
that a large export business in the staple
had been done. SO far as the home crop
news was concerned. II was Of the best.
The present hot wave covers the entire
country from the Mississippi River east
ward, and that II is giving a tremendous
impetus 70 the growth TO all grains after
the great amount OF moisture that has
fallen in recent months is manifest.