The Washington herald., 1911-05-02

New York May 1.-The cumulative ef-
feet upon financial sentiment Of the more
favorable developments in the last ten
days was plainly visible to-day in Wall
street, and resulted in the strongest and
most active security market that has
been seen in several months. No doubt
the buoyancy Of the market was due in
considerable part to purchases made to
cover contracts for the fall, which, as
Is now indisputable, were greatly over
extended in the decline that took place
the week before last
This factor was, however, of meager
force compared with the positive rea-
sons for optimism that have lately put
in an appearance and have reference chief
ly to the magnificent promise for the sea-
sons crops. 1t is true that the season is
yet in its infancy; but ii is also true
that April. one of the most trying crop
months of the year. has passed, leaving
conditions favorable for a large crop
yield in degree rarely witnessed in tn.
country's history. The old adage is this
year certainly receiving confederation
that a late spring makes a royal har-
vest.
1t Is now established first, that the gen.
eral crop acreage will be far in excess of
all previous records, that the amount of
of winter killing will be smaller propor-
tionately than ever before known, while
there Is no dispute whatever that cli-
matte conditions since the opening of
spring have been simply superb for all
agricultural purposes.
Rain in Sight.
Plenty of moisture has fallen, and now,
after week of warm sunshine all over
the northern half Of the country, comes
rkx,y :.
showers
Wheat prices to-day advanced somewhat,
but for reason that brought additional
fuel 10 stock market enthusiasm. The
advance in wheat was based mostly upon
unfavorable crop news in foreign coun-
tries; and II will indeed be a remark
able coincidence if the parallel between
financial and business events in the period
from 1888 to 1897, and those from 1907 to
1911, is continued to the extent of pro-
fiding large crop yields in our country.
which will be sold abroad at high prices
because OF harvest failures il foreign
lands.
Other matters helping in the rise In
the market to-day were dispatches from
the west stating that the loading over
the Western railroads were now running
from to per cent ahead Of last year
S--N st4ob lCLN4 AS dS lIlSs were
We're making a far more satisfactory
showing for the month of March. Some
indications of this had already been
afforded in the fortnightly reports of the
idle car surplus during the month OF
April, both of these showing decreases.
Railroad Earnings.
Another favorable circumstance was the
character of the railroad earnings state
mentS for March, which made their ap-
pearance to-day.
Decreases in net and gross were still
the rule. but the tendency which set in
some time since for decreases in net
TO be less than decreases in gross was
continued in more emphatic way. Thus
the gross decrease of the Pennsylvania
lines for March was Sl,934.0o0. while the
net falling off was but $4,000. The gross
earnings OF the New York Central system
for the same period decreased 1856, 900, and
the net S5S2000. The gross of the New
York Central and Hudson River road
alone for March fell off $4,000, with and
actual increase in net of s761.O00.
In addition to all this, miscellaneous
strength of most decided character was
again shown in the general bond market.
Dealings in bonds were s.. 500, 600, and were
almost uniformly at higher prices The
New York City IA per cent. whose fluctu-
ations have come to be considered as
typical of the current investment de-
mand rose TO lO33s a new high record.