The Washington herald., 1911-04-27
WALL STREET NEWS
Bond Market Shows Expan-
sion and Greater Strength.
IDLE MONEY ACCUMULATES
Report of q. s. Steel Corporation
Freely Dfscussed-Copper mt Market
Priee-RaiIway Bond Issues An
~Hounced-Kansas Winter Wheat
Report Suggests s4,OOO,OOO Crop.

New York, April e6.-The real feature
OF the general security market was the
greatly enlarged dealings and decided
; strength shown by bonds. Bond transac-
tons aggregated s4,215O00. the largest in
any single day for long time. The
strength was generally distributed, but
eealings in advances were alike. and
were especially large in the New York
currency ~ per cents. which sold al
1881. a new high record: in the Lake
Shore and Michigan Southern As, the
Norfolk and Western convertible Is, the
, Third Avenue is, and the Chicago, Bur
lirgton and Quincy joint As The bond
market is Of distinctly encouraging char
acter.
But short time since the buying Of
short-term notes lessened, first because
the price Of the notes had advanced to a
high figure. and, secondly. because their
companies began to restrict their issue
finding that the--earixet for old-fashioned
Investment securities %~-sr-----'ag bet
ter. The progress of theApovemeSt~ n
this direction is very c!es& directrn--
itself once more TO these sane sold-fasr-
toned railway bonds, of which Ton yincinG
illustration was found in to-day's mar
ket and in ~, over-the-counter transac
tons in bonu houses Meantime. the in
pour of money into the banks does not
cease, all the large financial centers re-
porting a heaping up of idle money in
deposit institutions on a gigantic scale.
United States Steel Report. -.
AS usual. the report of the United
States Steel Corporation for the last quar-
ter. which was made public after the
close of business yesterday. was the CEN
trail topic of discussion to-day in Wall
street commission houses. and in the
main the prevailing disposition seemed to
Lbe to lay weight upon the favorable
rather than the unfavorabe element the
showing made
Stress was laid to-day more than any
thing else. upon the fact that the corpo-
ration earnings steadily increased through
the March quarter: while, as regards the
future il was conceded that for some
time at least. earnings were likely to
continue 10 enlarge in consequence Of the
impetus previously given. and that the
question Of the general future of the
business must depend upon the quicken
ing or retarding pace set by the CoUntry's
miscellaneous business as a whole.
There were two or three rather inter
esting news announcements. One was
that the United Metals Selling COMPANY
had apparently decided TO go ahead and
sell copper at the market price as It
produced without any effort 10 continue
longer the policy of holding. price-,
which has for a long time past charac-
terzed the operations Of this extremely
influential copper selling agency: and ;he
fact that this determination was greeted
to-day by a rise in the market for cop
per stocks was not q little significant.
An issue Of S75GoO00 OF Chicago and
Northwestern general mortgage per
cent bonds was sold 10 hanl,nrs and the
Central or New England Railroad Com
pany made Known its intention to issue
soon Sl2,5go.nn0 5h- year per cent re-
funding bonds. TIE AtChiSOn Railroads.
Cav-loRding report for the third week
Of the month was better than it lately
has been. and Secretary CobUrU. of the
Kansas state Agricultural Bureau. made
sn official report showing an April condi-
ton Of winter wheat, which along with a
smaller proportion of Abandoned acreage
resulted in an estimate Of an 81 010G0-
bUshel wheat crop in the State this sea-
son as compared with 81, ono bushels
harvested last year.