The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-08
FINANCIAL NEWS
AND COMMENT
Stock Market Makes No Re-
Spouse to Splendid Winter
Wheat Report.
OUTLOOK FOR A HUGE CROP
Arrangements Under Way to
Offer New York Central
4 1-2 Per Cents.
OUTLOOK FOR A HUGE CROP

In no way mas the utter unreSpOnSive.
ness of the stock market to current de-
veiopments been more strikingly illus
trated recently than was the case yester-
day when the Governments report on
winter wheat was published. The report
was strikingly, favorable. surprisingly so
in fact: but the element Of surprise which
is ordinarily likely In any important piece
Of news to affect quoted values failed to
make an impression.
Before the crop figures came out the
stock market had beer stagnant and
steady. After the publication OF the re-
port the market was still stagnant and no
less steady. 1t Is likely that the holiday
prospect at the week end was the domi-
nant consideration In the minds OF the
professional traders who make up the
whole market community at the moment.
for the markets abroad. particularly in
London, were stagnant at practically UNI
changed prices.
There has not obviously been enough
advantage one way or the other in the
balance of opposing forces to communi-
cate any impulse to n distinct movement
in either direction, and 1t is becoming a
matter OF somewhat painful curiosity
at financial centres as to how long this
deadlock may last and what will break
ii.
Wall Street continues 10 place its chief
reliance on the outcome of the railroad
rate case. At the same time IL is now
more or less clear that the share list Is
not orly quite Indifferent to bad news
but no less apathetic in the face of good
news.
The situation is peculiar and IL baf-
fling TO observers of the longest expert
ence, who are beginning to think that con-
ditions exist in which experience counts
r
fed by the fact that they have been
formed more than once in past years
when puzzlng situation was presented
only to have IL appear in the end that the
course OF subsequent financial events fol.
lowed pretty closely the lines Of prece.
dent.
There WIS not much in the action OF
particular stocks which called for special
notice. There was some spasmodiC
strength in the tobacco group. which be-
came quite spectacular in the case OF
Lorillard. Standard shares I'm the ma n
tuctuated over very narrow range.
Closing quotations showed irregular
, changes, but the final tone was firm
There was q fresh display OF weakness
in Standard Oil subsidiaries on the curb
but this had no obvious bearing on the
general stock market position. There has
been disproportionate public speculation
in these and other oil stocks lately.
The chief feature of the day was the
Government estimate of winter wheat
conditions at the beginning of the month
The average OF advance conjecture had
per cent, but the Government calcula
ton was $50
This was so mRh better than had beer
! anticipated that II might have AFFORDED
under other circumstances basis fol
at least an upturn In the share list. Pos
IA lls. % ia
significance because of the private fore
casts which had suggested an outiooH
for a crop as large as 700. 5000 bushels
/ whereas the calculations on the Govern
ment percentage ruled around $4,000, 00(
bushels.
These calculations have to depend al
present on the acreage planted last fall
with allowances for abandonment since
then What the actual acreage Is this
spring will not be known until mex
month. This is one OF the reasons VIII,
the April crop report Is hardly seriou.
factor in marketwise considerations
Another is the chance of damage in thu
next two months or more,
The condition reported yesterday In tn,
highest since 1903. when IL was PLACED
a. 97.3 at the beginning OF April and II
that year the crops suffered badly late
in tho season. Nevertheless It Is alto
Gether encou aging that winter whea
! should be entering the period OF growth
with 80 promising q start.
The remaining budget Of news Of Wal
Street interest was made up Of item!
which attracted Indifferent attention. al
though having more or less Importance
London dispatches said that tho British
political situation vas not liked presum
ably an opinion rejecting the progress O
tho home rule biz without any signs o
surrender to the Ulster compromise OF
fered by the Government. The European
Continent again took the bulk of tn,
lew South African gold laid down In tn
london market At the moment. though
the pos ton in money. either In the for
eign or domestic market, Is not wortl
talking about as long rs there Is no sisl
OF reviving demand for the requirement.
of trade and industry.
The various aspects OF domestic poll
tics were canvassnd without any result
of obvious influence, although the Sena
torial primary vote in Alabama was o
hopeful augury In the preference accorde,
to man of 80 much sober common sens
as Representative Underwood over s.
heterogeneous radical as Representative
Hobson. The banking community con
tinued to be more or less disturbed b.
the unpleasant deductions to which tn
distr,cting OF the country for the Fedora
reserve system has unquestionably len
itself
Late In the day It became known tina
n syndicate was forming for the purpos
of making an offering OF the New Yor
Central 4 y per cent. bonds recently au
thorized. The amount would, It was said
be somewhere between S30,00O,O 900 an,