The Washington herald., 1911-04-29
WALL / STREET NEWS
Little Interest Marks Trans
actions on Market.
WHEAT REPORT EXCELLENT
supply of Stock sman-weather Re-
port Favorable - Buoyancy Re-
turns-speculators In Doubt-strfke
Rumors Have Little Interest-Lon-
don Money Rate Declines.


New York. April 2s.-Although the stock
market to-day was no more active than
1t has been lately and transactions were
even slightly less than they were yes
terday, the strength Of the market was
greater than on any previous day In the
week. .
There was dullness at first. but 1t was
evident that the supply Of stocks for
sale was not large and that speculative
reasons for attacks upon values such as
that found a week ago in anticipation Of
a poor report made by the United States
Steel Corporation were almost entirely
lacking.
Indeed. although to-day's run Of news
contained little Of interest, 1t was char
acterized by the one great favorable fac
tor that has put in an appearance in the
present week, the spread of magnificent
crop weather all over the country and
the continuing brightness Of the promise
in this regard is. plainly beginning to
have some effect upon general business.
The advance summaries of the trade
journals available this afternoon indicate
that the higher temperatures have bene-
fitted retail business, even II wholesale
commodities prices are not greatly
changed.
Weather Report Good.
To-day the Modern Miller. which shares
with the Cincinnati Price Current the
leadership among the agricultural jour-
nails. declared that conditions over the
winter wheat country had in the past
week been almost ideal The ground Is
said to be in splendid condition. and the
abundance of moisture that has fallen in
all quarters has not generated harmful
insect pests as 1t sometimes does. It will
be almost too much to expect that this
splendid prospect will be continued for an
indefinite period without some interfer-
ence. But so far as it has gone it affords
encouragement for expectations of a
bumper harvest yield this year. and this
matter is rapidly coming to be the prime
factor in Wall street considerations.
The firm undertone of the market
shown during the comparative lifeless-
ness of morning hours of stock exchange
business changed in the afternoon to
something resembling buoyancy. Closing
prices were almost at the days highest
and advances ranged from a gain OF
23s points exhibited by Canadian Pacific
which carried the price to a new high
record level considerably above the last
cne-net advances of more than a point
as a rule in all the leading shares. II
may very well be that all this repre-
cented no more than the backing and
filing of the professional market which
has been going on for some months past.
Spectators Interested.
And yet 1t Is undeniable that the strong
elements in the existing financial and
business position are being pressed more
and more to the front in the minds OF
that class Of capitalists, sometimes called
speculators. whose business 1t is to fore
see future conditions far off and discount
them in the security market
Beyond the announcement Of various
railway financing arrangements and the
news that such important Issues OF rail-
way securities as those put out in the
immediate past by the National Rail-
ways of Mexico and the Chicago North
western had been sold by the bankers
who originally bought them to private
investors developments were of merely
routine sort
Talk of a possible strike by the freight
handlers on some of the Western rail-
way lines attracted little attention, nor
was any more than passing notice given
the American Woolen shareholders in
Jersey City, at which the plan of the
directorate of the company was indorsed
to buy up and cancel a large quantity
of the common stock. The programme
that has been carried through in this
respect Is not at all to the liking Of con-
sefvative people, but as the stocks con-
cerned are practically on the inactive
list what happens to them is not treated
by Wall street as a matter of acute in
terest.
More shipments of gold were made to
Canada to-day, because, presumably of
the activity of trade there and the ease
in money here In London money rates
declined on account. it is said, of a re-
lease of treasury bills amounting to s12.-
5o0, eco.
Estimates of to-morrow's clearing
house statement differed a good deal,
prophecies varying between a gain in
cash by the banks of about s., 600 600, and
loss Of nearly the same amount.
The banks have seemingly gained
heavily from the interior of the coun-
try on direct shipments, but, or the other
hand, country balances with local insti-
tutions have been drawn down to nav
for out-of-town subscriptions to new Sc
curity issues.
NEW YORK MnNEv