Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-10
Steady Contraction Followed
an Animated Opening.
HAFlY EARLY GAINS LOST
Due to Delayed Government Figures
on Cereal Crops.
REPORT THE MAIN TOPIC OF DAY
Hardening in Money Conditions-Lon-
don Was Depressed Early, But
Rallied Later.
Macy EARLY GAINS LOST
THE MAIN TOPIC OF DAY


Special Dispatch TO The Star.
NEW YORK. June 1u-When Wall street
ssccrtaincd that it would have to wait until
= o'clock in the afternoon for the govern
Trcut'S figures upon the condition of the
cereal crops as of May /. the trading in
securities. which had previously shown con-
siderable animation. contracted steadily.
A. the outset of the market the inprov-
ing tendencies which ran along through the
greater part of last week were resumed
with considerable spirit, and many OF the
active railway stocks made further ad-
yanCes extending to and in excess or one
full point Corresponding gains were made
In the Industrial and miscellaneous issues
and in the traction shares.
In the large majority of cases reactionary
tendencies developed in connection with
abatement in activity and most of the ear
lier gains were lost In part or entirely In
fact, the days interest and discussion CEN
tered almost entirely upon the government 3
crop report, although the rather limited
and irregular movements in the grain mar
ket suggested that the showing would not
be in the nature of any great surprise to
spectators in wheat.
Other matters which engaged some little
attention were the slightly hardening con-
ditions in the money market and the I'M
abated strength in sterling exchange in spite
OF the large exports OF gold. Chiefly be-
cause OF the latter this mornings figures of
the operations between the banks and the
subtreasury since Friday showed loss in
actual cash by the former of more than
S32OOONO
Additional engagements OF gold for eX-
port We're indicated in the early part of the
day, but none actually made during
the greater part of the business session,
and this. in connection with belated publi-
cation of the crop report intensified the
general feeling of uncertainty which char
acterized the trading after the first hour
of business.
The London stock market was rather Sc
verely depressed in the early part of the
day. chiefly on heavy selling for Paris ac-
count, but rallied with the course of the
buSiness session, and closed firm. The
French selling conferred chiefly upon the
copper stocks, and led to a sharp decline
In Rio Tintos. although a substantial re-
covery took place in that issue later in the
day.
On the other hand Paris was a buyer in
London and Russian governments, which
scored further Improvement Operations
for foreign account were conducted upon
both sides of the local market, but showed
a preponderance of sales, doubtless in adj
vance of the opening of the settlement
upon the London stocf exchange.
Little interest appeared to be taken in,
ana no effect was pIctuCeu DS, the ITeSl-
dents outgivings al the jamestown expos-
ton. and even the rather overworked Har
riman cognOmen and the related matters
were allowed some rest today. Still. there
be no question that the now commonly
assumed abandonment of the plans TO
bring criminal proceedings against the
gentleman and his associates has had
highly favorable effect upon specula tive
sentiment.
Rumors of Members Short
1t was common talk upon the floor that a
number of operators upon the short side of
the account. who were conspicuousy al
though it is generally believed adventurous
ly successful during the break in the market
in March. had reversed their attitude and
were now taking on commitments for a
rise
II that view of the case was correct it
would not be easy to explain the fattening
out in the market after the first half hour
of business. for the dealings in general were
no less professional than has been the case
for several weeks past.
In the early part of the day conspicuous
features of the railway list were Erie New
York Central St. Paul Union Pacific and
the Hill stocks. but these latter followed
the general course of the market outlined
above.
Brooklyn Rapid Transit was exceptionally
steady both on account of the appearance
OF more scasonable weather condi ions
which caused yesterdays heavy travel to
seaside resorts, and also on renewal of
last weeks rumOrs OF some impending de-
yelOpments particularly favorable to the
stock.