The Washington herald., 1911-04-28
WALL STREET NEWS.
Change for Better Enliyens
Days Trading,
RAILROADS MAKING MONEY
Stocks LOwer-Speculafive Contracts.
Bonds Increase Strength - Crop
Is POOr-BOnd Sales Fall on.
Bank Reserves Are High.

New York, April 27.-Stock market i'm
provement Continued to-day during the
fore part of the session of the stock ex-
change. Then the buying lessened, and
the market became dull selling off slight
| ly before the close on much reduced
volume of business, and displaying at the
end small, irregular net advances and de-
clines. The principal stocks, however,
We're mostly little lower.
of course, varying interpretations were
placed upon this development. one view
| being that the greater firmness in prices
shown in the market during the present
| week had resulted merely from the re-
tirement of speculative contracts for the
/ fall that Were rather actively put out in
! the preceding week. and that there were
! indications that this recovering movement
| had reached its elimination.
Another reading of the market was that
distinct change for the better in the
general situation had occurred by rea-
| son of the increased strength displayed
J by bonds and other investment issues and
| because of the unimpaired brillance of
! the general crop prospect, which is now
making Il highly favorable comparison
with the corresponding season last year.
| All through April, in 1910, the condition
! of winter wheat steadily and notably
deteriOrated. as did that of most of the
other leading crops.
Crop Report Good.
This year conditions have changed
for the better in a striking manner. so
much SO that the Price Current, in its
weekly editorial report, declares that
there has been in the present month
| 4 uniformity of favorableness in its
current crop correspondence that has
| rarely been eQualed.
The only exception to this generally
! happy state of agricultural affairs is
/ belt, where il seems that too much rain
has lately fallen. No decided amount
of arm has been suffered, however, and
clear and warm weather prevailed to-
day in Texas and Oklahoma.
Dealings in bonds to-day were not
quite large as yesterday. but the
advancing tendency of this class of Sc
curities was still manifest Such in
creased buying as has lately been no.
ticed here has undoubtedly come from
institutions rather than from the pub
lie.
on the other hand. il is institutional
buying that always cuts the largest fig
ure in bond transactions. The public in
I its stock exchange transactions usually
concerns itself with stocks. Both wheat
and cotton values to-day declined. Ster-
/ ling exchange was weaker. and the
/ Bank of England's proportion of re
serve held against liabilities declined in
its weekly report
Even so, the banks reserves are still
high. and such falling off rs has oc-
CURED has been solely due to the pro-
nc unced activity of English trade.
Morgan Gets BOndS.
News OF fresh security issues CONF
prisod the announcement of the sale by
the National Railway; Of Mexico of So
H",000 twO-year AZ per cent bonds. and
the same by the Interborough company
Il J. p. Morgan & Co. OF $l0,Oo),G $50 AZ
per cents.
II there was any news devcIopment of
the day of particular Importance, it was
the railroad earnings statements that
appeared, which. along with others that
have lately been published, pointed rather
strongly to the fact that the railroad
companies are now beginning TO get the
upper hand of operating expenses.
The Rock Islands gross earnings for
March decreased $93.G10 but the COM
ranys 5 net increased $2gl. .0NC.
The Union Paciics March gross de-
creased $6S4.O00 while the falling off in
net was only $346, co..
Not quite so good a showing was made
by the Southern Pacific. whose gross de-
creased $3Z5O00 and net $JS7000.
All this, of course, is highly encourag-
ing. even if net decreases are still the
rule.
Much has been made in Wall street
curing the present year Of the s-Itement
that the railway companies had got
themselves into position where they
were practically unable to make any
considerable reduction in expenses. and
that they were being ground between
the upper and neither miIstOnes of in
creased expenses and decreased busi-
ness. Proof of the abSurdity of this
contention is now being furnished.