The Washington herald., 1911-04-21
WALL STREET NEWS
Missouri Pacific Situation
Remains Doubtful.
BONDS SELL TO INSTITUTIONS
Prices Irregular-Cotton Oil Breaks.
Union Pacific Advances - Money
Weak-Cotton Outlook Is Poor.
European Banks Issue Statement.

New York, April 20.-There was quiet
Ing down of interest in the stock market
to-day, following Tuesdays relatively
sensational activity and weakness; but
whereas yesterday the undertone of the
market was distinctly resilient, to-day
prices moved irregularly and speculative
sentiment was obviously more or less
confused
Much doubt continued to exist as to the
exact status of the Missouri Pacific situ-
Stion; nor was this particularly cleared
ep after the close of business, when it
was announced that the president of the
National City Bank, who, according to
previous rumor, had entered the Missouri
Pacific directorate, had. after all, decided
that he could not accept the place.
An effort has been made in some quar-
ters to create the idea that the long
series of backing and filling of capitalist
interests regarding the Missouri Pacific
property that has taken place in recent
months, and the peculiar phase that
these relations have now assumed. neces-
sarily means shat 4 financial and railway
war OF some magnitude will now be un-
dertaken.
There seems TO he little ground for
such an opinion. The prediction is not
extreme, however that fo- some time 10
CCHle II Will re NdTu ~ H!lSItSl lllt gen
eral public, or that portion of the gen.
eral public possessed Of speculative ten
denotes in the Missouri Pacific shares.
If the movement in the stock market
Indicated anything at all to-day, ii did
that the buying in of contracts for the
fail. which, according to all superficial
indications. were the chief cause of the
markets strength yesterday. had decided
ly subsidized.
Breaks at Noon.
The market was fairly strong during
the morning, but in the afternoon it
turned weak. and stocks seemed TO be
supplied in volume al any advance.
American Cotton Oil common made an
other break of nearly two points, which
led TO a general supposit!On that the full
semi-annual dividend of the stock will
not be declared. Another stock that
seemed TO be pressed for sale whenever
any buyers offered was United States
Steel common.
On the other hand. Union Pacific COM
mon, which is as much leader of the
market as United States Steel. showed
more rallying power and closed al a fair
advance.
strong feature of the market was
General Electric, although dealings in the
stock were limited. The annual report
of the company. published in the papers
this morning. told of a reCord-breaking
volume of business in the cOmpany's last
fiscal year.
There was no Mexican news of any i'm
portance to-day, and in the worlds finan-
cial centers lament was more pronounced
than ever concerning the current cheap
ness of money and the declining ten
denCy in money rates. As a result. there
was ar increased demand for investment
hODi marker and larger
buying of these securities for the ac
count OF institutions.
Sterling exchange again exhibited
weakness on account of lower rates in
London. which were in turn due to some
moderation in the general pace at which
financial and commercial business in Eng
land has latterly been transacted.
The Bank of England and the Bank
of France both reported IN their weekly
statements heavily enlarged proportion
of reserve held against liabilities.
Rain SpofIs Cotton.
The sustaining force in the cotton mar
ket is just now the certainty that prac-
tically all of last seasons crop has moved
to market; that the demand for cotton
for manufacturing purposes in England
is still strong. and that in the last week
or ten days there has been perhaps lit
tie bit too much rainfall in the Southern
States for the best interests of the
coming crop.
For grain. on the contrary, weather
conditions are still exceptionally favor
able, the Price Current to-day in its
weekly summary stating that winter
wheat had rarely been in so promising
a condition at this season of the year
as ii is a. the present moment. The
impelling cause of the advance in wheat
to-day a decidedly higher in
other countries. due almost entirely TO
disCouraging reports received of the con-
dition of the growing grain in Hungary
and Prussia