The Washington herald., 1907-06-12
WALL STREET NOTES
Presidential Views and Fail
ure the Chief Topic.
DISCUSS VETO OF Low FARE
.Trndes Not Greatly Influenced by
Act of GOV, HuEhes-War Talk
Heard, and Union Pacific Sells
Down. but Little Credence Is Given
TO RumOrs-Gossip and Comment.

down. DuI Little AreNencE Is Ohfen
to RumOrs-Gossip and Comment.
New York, June 11.-Wall street had
two subjects TO talk on at the opening
to-day, the Milliken failure and the
Presidents jamestown speech. but there
could be no d)ubt anywhere as TO which
it regarded as OF the greater Importance.
for the former came in for far more dis
cussion than the latter. Perhaps as a
market factor neither was regarded as
important for. If they We're much dis
cussed it was possibly because there was
little else to talk about or in any way
engage the attention, for the trading was
desultory and Of a wholly professional
character.
The news. such as it was. could not by
any possible twist have been turned to
bullish account The best the most op-
timistic bull could claim for it was that
il was not a factor at all. while the
bears loudly contended that a President
rampant and an industrial corporation
PROSTATE made rather formidable COM
bination 10 confront those working for
higher prices.
In quarters where n reasonable view
was taken OF the Miriken failure, It was
contended that the company was in a
class by itself having started out on "A
new and extensive construction project
at a time when everything entering into
the work, including labor. was higher
than ever before The company's policy
in that respect had been the reverse Of
Andrew Carnegies. whose marvellous
success in the iron and steel industry
had largely resulted from the economies
secured by carrying out new enterprises
AZ times Of Industrial stagnatOn when
everything could be secured on favorable
terms
The bearish contention that the failure
Of the Milliken concern should be ac-
cepted as a warning of troubles else
where was not regarded as well taken.
for It would hardly he possible to find
another that had anything Ike the
same relative extent tied up its resources
in the building Of new plants. II was
an isolated case. and. rightly considered.
ii was the strongest kind of testimony 20
the continued activity in an important
branch Of the steel trade, for what
brought the company down was a vol
ume Of business so great that it could
not be carried on without q very large
supply of working capital
The bears would not give mp, even
when they found that the holders Of
stocks showed no concern over the news
in the morning papers. When it was
found that in spite Of the most gloomy
predictions Of what would happen as
soon as the public fully realized the i'm
portance Of the failure the market con-
Jinucd to maintain fair strength New
and sensational TumOrs We're brought out.
but seemingly failed 10 dislOdge long
stock. Apparently the public had made
up its nina without wasting much time
90 the process, and its determination was
so attach i-5tle significance to the effect
of obvious bearish manipulation.
Brokers who have recently argued that
the President has backed down i'm the
matter Of prosecuting Mr. Hartman
lL-'t.liHL AL4Nf A'NIA il4aA iiIitlll liffl hi
their arguments I'm the jamestown speech
which they thought had been delivered
with "a view 10 drawing attention away
from something else. the Western Rail
road matter most likely. Some houses
sent out word over their wires that the
speech received very little attention. so
little as 20 make il plain that the street
had learned 20 disregard the remarks Of
the President, but this was not strictly
true. for such sentiments as those cx-
pressed at jamestown would have drawn
expression of Indignation. even If uttered
10y the least influential Congressman in
stead of by the head of the nation.
Interest in the market was at very
low ebb when the news reached the
street that Gov. Hughes had vetoed
the 2-ceut-fare bill, and what ordi-
narily might have amounted TO an i'm
portant bull factor had no influence TO
speak Of. Some sympathy was bestowed
upon the senators and assembiymen who
not only had their free passes taken away
from them, but We're prevented from re-
on the roads by forcing them TO
reduce the rate Of fare to cents a mile
Beyond this and a rally In New York Cen
trail which the stock failed 20 hold for
more than a few minutes. there was no
sign Of any interesting news.
War talk began 10 be heard in the
early afternoon, and Union Pacific was
sold down. probably on the idea that the
Western roads would most severely feel
the effects of a conflict with Japan
nobody seriously beHeved that
there was any danger Of an outbreak of
war. but as the market showed absence
Of support, The bears had little difficulty
IN enisting the traders to their side, al
though in order TO retain them they
9fterward found il necessary 10 serve up
plenty of rumor Of the kind calculated 10
depress sentiment. or keep il at the
proper degree of depression.
To aid in accomplishing this a story
was circulated to the effect that a mer-
camille house was in difficulties, although
there was nothing to indicate that suchI
a rumor had any basis whatever, except
in the well-known fact that the depart
ment stores have been reducing the num-
Der Of their employees, as they always do
8t this season, when a great number of
their customers go out of town for the
summer. and the equally well-known fact
that business during the spring, on ac-
count of the abnormally cool weather,
has been smaller than it would otherwise
have been.
Reading, like Union Pacific. showed an
utter absence Of support at the high fig
ures, offering practically no resistance to
the attack of the bears. who without
moved II down about three
points from the top figures Of the fore
noon. Just as the price began to slide off.
the statement was made by one Of the
Wall street news agencies, on what IS re-
garded as good authority, that the divi-
1end rate would not be increased at the
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