The Washington herald., 1907-06-09
MARKET HOLDS WELL
Hartman Issues Are PrOmi-
nent in the Trading.
IGNORE ADVERSE CONDITIONS
Traders Fail to Heed Heavy Gold
Exports or Unfavorable Weather
10 Have Become Thoroughly Liqui-
dated-Wheat Condition Is 30 1-2.

New York. June S.-The only activity
in the London market to-day was in the
American department, Nd, except for the
strength in our stocks. there was not a
strong feature, consols. indeed, declining
fractionally 10 a new low record for the
year.
The opening Of the local market was
generally at advanced quotations. as
compared with last nights close. Union
and Southern Pacific being prominent on
account Of the character Of the news
from Washington, which led to a great
many people in the street TO believe that
the administration would not pursue as
aggressive a policy in the matter Of
bringing Hartman into the courts on
charges arising out Of she revelations dis
closed at the Interstate Commerce Com
missions inquiry last winter as it had
been credited with entertaining.
These stocks continued prominent in
the trading all day, and closed at sub
stantially higher prices. although at some
recession from the highest recorded dur
ing the session. The Hin issues, the
hard coalers, and Pennsylvania were
also strong, and there was hardly q
geock on the list Of any prominence that
did not score a considerable advance.
KANSAS Crop Report Bad.
This was the more significant. as the
bank statement proved decidedly dep
pointing the Kaus~s State crop report
showed a greater deterioration for the
month of May than had been expected.
and the weather and crop news gener-
ally was not Of favorable kind.
Early in the week the market began 10
give indications OF having become thor
oughiy liquidated. and about the middle
Of the period manifested a distinctly hard
ening tendency. which it has maintained
down to the close of to-days business.
This it has done in spite of heavy gold
exports, which for the week have aggre-
gated SLl0o00l. and of weather conditions.
which, while not as Unfavor3bie as those
prevailing earlier were. nevertheless. not
OF kind 20 repair the damage suffered
by the crops during the month of May.
The topic of most general Wall street
interest during the week was the attitude
Of the administration toward Mr. Harri-
man and his roads, and while az first
Wall street was unwilling to believe that
there could he any compromise in view of
the conditions brought 10 light last win
ter. il has since been forced to change
this view on account of the vacilladng
policy which seemed % have recently pre-
vailed.
Tn the wheat market prices have tiuc-
tuated without any decided tendency. bU-
cotton has been active and strong an
through the week, until the July option
has now reached q higher level than at
the same time in any previous year since
1876. The underlying argument which the
bulls on the staple have used in advancing
prices is that while the condition Of 70ia
shown in the government report did not
promise a large crop, the promise is still
less satisfactory on account Of damage
sustained since that estimate was made.
Contradictory Reports.
Reports in regard TO the progress Of the
grain crops have been Of the most contra
dictory character. bur as a rule tended 10
show that the condition at the beginning
of June was lower than at the beginning
Of the month preceding. The most sigHif-
cant Of all was that issued by the Kansas
State Bureau Of Agriculture to-day
which showed g condition Of winter wheat
as low as S. I'm comparison with a cOndi-
tion of 81 a month ago.
In Wall street not a great deal Of re-
lance is placed upon the reports from the
individual States, the general disposition
being 10 regard the figures issued by the
government for the country at large as
far more reliable than those emanating
from any other source whatever.
Notwithstanding the heavy gold exports
during the week, and the loss Of cash by
the banks fin other ways. which is re-
fected by a substantial decrease in the
item Of surplus reserve in the bank state
ment, the money market continues easy
the trust companies being apparently vel
supplied with lendable funds although
unwilling TO put them out at the rates