The Washington herald., 1910-04-30
WALL STREET NEWS
Movement of Market Toward
Recovery of Decline.
NET GAINS IN LEADING STOCKS
Cotton Options Rise sharply, Par
ticularIy Those for Mny Delivery.
Wheat Market Also Advances.
London Money Rate Aids New
York Market situation.

New York. April 29-The entire general
movement Of the security market to-day
was toward a recovery from yesterday
violent decline. The rise was not con
Quoted with the rushing speed of yes
terday's fall. Indeed, at times during
4 the day, the market seemed dull. and
once or twice prices fell off in a way
that momentarily indicated that the buy
ng movement had petered out. Never
theless. the advance was again each
time resumed. and closing prices were
Eenerally at the days highest and az net
gains, running from 1 TO points.
Although the money market most Of
! the day was firm in general as It was
yesterday, renewals of call loans being
made at from to 61s percent, the price
OF funds declined under larger offerings
In the afternoon. so that at the close
OF business the loaning rate was Pa per
cent
4 The cotton options rose sharply, par
f. ticularly that for May delivery. indi-
eating one thing at least. that those TO
D whom option had proved themselves. was
undoubtedly able 10 finance their opera
tons. It seems to be the prevailing
opinion in the trade that whatever
temporary hardening Of the money stu
alton. has been due 10 causes connected
with the current speculation in cotton.
the course OF payments pro and con that
DIS now keeping a large amount OF money
locked up viii shortly be adjusted, leav-
hng the money market free TO return TO
Its normal shape. Estimates ran TO an
Extraordinary extent, as TO the amount OF
money turned over in to-day's cotton
transactions.
The wheat market also advanced,
partly by reason OF the retirement of
short contracts and partly because of the
receipt Of unfavorable crop stories from
Kansas and Nebraska. and the publi-
5cation Of not over enthusiastic report
on present crop conditions by leading
agricultural trade journal.
Exchange Is Weaker.
The days stock market was undoubted-
~ helped by considerable buying for the
account OF London. which along with the
elevation Of the money rate, led TO further
weakness IN sterling exchange. Specu-
lative Wall street did not pay any par
(ticular attention 70 the news that the
English budget bill had practically be-
come a law. and the collection Of a great
sum Of money now held up in English
Internal taxes was, therefore, near at
hand. In banking circles, however, the
view taken was that il would be found
that the financial preparations leading UP
to this event had already been taken and
that the money market had IN effect
passed through whatever stress might be
Expected 10 result from the undertaking.
In the more cheerful feeling prevailing
n Wall street to-day greater disposition
Eas naturally manifested to regard such
favorable elements in existing conditions
i is the continued reports OF heavy railroad
Earnings. and attention particularly rest
D. upon yesterdays publication which. at
he time II was made, went practically
4inregarded Of the financial statement
ssued by tho Pullman Company 10 the
New York Stock Exchange for the seven
nonths ended February 2S This state
%hent showed that the company was earn
hE at the moment in excess Of Is per
Rent upon it's total volume Of capitaliza-
on as recently enlarged.