The Washington herald., 1907-06-11
MARKET IS LISTLESS
Crop Reports Fail to Bring
Prices Up as Expected.
PROFIT-TAKING NEAR CLOSE
Exchange Finds Little Encourage
ment, and No Immediate Advance
Is Looked FOr-COnditiOn of VIM
ter and Spring Wheat Not as Poor
as Few Weeks Ago.

as q Etn ~ tths ago
New York. June l0.-Considering the
fact that the stock market had advanced
considerably in the last half Of last week
the great majority Of trading spectators
in Wall street were inclined to the
opinion before the stock exchange opened
to-day that prices of stocks during the
day would decline irrespective of any de-
velOpments in the way of news bearing
upon the market. These conclusions
were not at all illogical
The market at present is extremely mar
row and extremely professional, and
while an improvement in speculative
sentiment has lately been discernible, #
is commonly held not TO be such as to
justify hopes of an immediate and broad
advance.
Nevertheless that Wall street is no
longer the center Of such dark pessimism
as has lately prevailed was abundantly
shown by the course Of the market to-
day. In the early dealings prices were
uniformly strong, although having to
contend from the very outset with realiz-
ing sales Of stock Toward midday the
market became extremely dull and ex-
pectetions Of The appearance Of the gov
ernments June crop report were shown
at noon. am when it was known that
the publication of the report would not
be made until tomorrow. the position I'm
the market naturally became fixed so that
throughout the entire middle portion of
the day buying and selling of stocks was
almost at a standstill
Crop Report Not had.
The crop report was very much better
than had been looked for and caused a
sharp advance in the quotations Of all
the standard shares; but a final rush Of
profit taking carried prices down so that
irregular net advances and declines for
the day We're shown In the active stocks
The stock market does not now enjoy to
the extent that il did several months age
the presence in Wall street OF a large
body Of rich and powerful spectators
who are quick 20 utilize every pretext
that is presented 20 them for speculatiug
either for the rise or for the fall in values
on an extended scale
Cnquesti0nably, under conditions such
as ruled in the market for 4 long time
previous 10 the present year. there would
have been witnessed to-day a vigorous
rise I'm prices. To begin with. develop
ments with reference to the foreign Sc
curity market We're more favorable.
The liquidation that has been going on
i1 London for Paris account ceased. and
the Paris bankers did net bid ar all for
gold in the open London market allowing
The Bank OF England 20 secure AT a re-
dIced price both for our own and for the
account Of the Indian government all of
the E.51aglo in geld Offering there to-day
Discounts in London declined in response
% this, and sterling in Paris rose. and
as an inevitable further result there was
no more gold engaged here during the day
for the Bank of France.
tt is too soon To express the opinion that
the movement of gold from this side 70
Europe that has lately set I'm has now
been entirely suspended. A slight change
in the rate of sterling would Of course.
once more allow gold exports 20 take
place. Il is clear, however. that the i'm
pulses making for such q movement of
gold out Of the country are no longer as
strong as they were. and that financial
matters abroad are getting into better
shape One plain indication Of this to-day
was the stronger showing made by the
Bank Of Germany. which reported for the
week a small loss in cash. but a large
contraction I'm loans.
sDeculatOrs' Work Seen.
But the great matter Of interest to-day
fin Wall street was the official exhibit
made at Washington regarding the state
rr +-e c-7-e rr,g---,-,l,,.-.. +r. ----.f e
May the crop killing experts I'm the pay
Of speculative wheat houses here and in
Chicago have been steadily At work de-
claring that the weather during the month
had been such as 10 cause ruin and dis
aster in the crop section. and that the
governments June report would show a
lower average Of agricultural conditions
than had been seen before at this season
in the past decade.
As no one denied that the weather in
May has been, on the whole. unfavorable.
a round decrease in the condition Of
spring and winter wheat for the Nav
period was commonly anticipated. al
though il was pointed out that as Off F..
setting this. the weather since June / /
had greatly improved. The governments .
figures. when they were made known. /
The condition Of winter wheat was put
at IA decrease Of only - points from
the May figures. and a level not undulv /
low fer the time Of year. The statistical /
average Of spring wheat was estimated /
a. SSG, as compared with 934 ar the same
time last year pointing to spring wheat 1
crop Of G51g2009 bushels. which. con- 4
sidering the decrease of 10000 acres in /
the spring-wheat area, shows a condition /
Of the crop decidedly above the average /
of previous years
Altogether. the promise Of the moment !
IS for a crop Of both spring and winter I
wheat of 625,000c01 bushels. as against .
prophecies at the same time a year ago .
Of 100000 bushels. and a final harvest /
IN 1896 Of 73j,oo3 o)0 bushels.
Although this undoubtedly makes it 1
certain that the cOUntTy's wheat crop I'm 1
the present year viii he below that of .
the two preceding seasons. II attCsts the .
probability that the crop will not be so /
much reduced as 10 amount to anything /
that can he called q crop failure. Upon
the publication OF the crop report to-day /
wheat prices heavily declined.
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