The Washington herald., 1907-07-12
DECLINES ARE SLIGHT
Outlook Is a Little Brighter
Than on Wednesday.
CROP CONDITIONS IMPROVING
Better Feeling Prevails in London
and Neutrality-suspicious. to the
tween Nine and Ten MilIiOn-Inter-
state Commerce Body and L. p. Case.

New York, July l1.-Prices of the great
number Of the active stocks in the secur-
ity market again declined to-day on net
balance, owing TO a selling movement in
the last hour Of business, but the declines
We're seldom more than fractional, and in
the earlier portion of the day the market
displayed considerable strength The real
feature OF the stock exchange session
was its relative duHness. total transac-
tons amounting to only $4,000 shares, or
only about half the volume Of yesterdays
trading In general, speculative pessimism
was less pronounced than on the day be-
fore, many operators for the decline be-
ing unwilling to extend their commitments
after such a continuous fall in the mar
ket as had taken place. and which had
resulted in a recession In values which
had wiped out more than half Of the ad-
vance Of the previous fortnight.
On the other hand, any strong incentive
for the purchase Of stocks was admittedly
lacking. and spectators for the rise were
manifestly disguised by the rapidity with
which their profits had melted away on
the first three days Of the week.
A better feeling plainly prevailed to-day
IN the London and Paris markets, where,
although the same relative poor success
as that which has been recently witnessed
here attended the offering OF new public
securities. an impression gained ground
that the investment situation was on the
mend.
Money Returns to Banks.
The banks of England and France to-
day, as was expected, made statements
that exhibited the return of money TO the
Institutions following the Jaly ! disburse-
mcnts. and although the condition Of
each of the national banks referred TO is
still low for the time Of the year. it Is
undergoing manifest Improvement.
II there be excepted q decline Of il
points in the price OF Consolidated Gas
shares. a fluctuatiOn which is, however,
not unusual in the quotations for this
stock, the movements Of prices to-day
were entirely without especial feature,
and II seemed to many close watchers
Of the market as II the days operations
consisted largely of tentative sales of
stocks by spectators for the decline
which did not, however, succeed in dis
lodging any considerable quantity of
stock.
At any rate. the state of the loan mar
ket for stocks at the close OF the business
day testified 10 the augmentation of the
speculative interest for the fall in the
market. The news Of the day is really Of
encouraging tenor.
A fan in the price of both wheat and
cotton occurred, the fall being particularly
violent in the case of the former COM
modify. 1t was based on more favorable
crop news. because of a widely spreading
oil =
talk, that the outlook is for a full average
crop of the staple this year. The weather
over the spring wheat section and
throughout the corn belt has been since
the lst of the month of forcing character
and with the enormous supplies Of both
wheat and corn carried over from last
year the belief is becoming very firm
in the grain trade that our farmers will
have at the end Of the season such an
eXportable surplus Of both these products
that the season viii be for them fully as
remunerative as any known in recent
years.
Bond sale More Gratifying.
1t was officially stated to-day with re-
gard to the subscriptions made yesterday
70 the AtchisoH, Topeka and Santa Fe
Railway Company's 100000 bond issue
that $4,000 Of the bonds had been taken
and that delayed subscriptions would
probably result in bringing up the total
10 between 100000 and 100000 This.
as compared with the unofficial state
ments of results made yesterday, and
generally believed, which were TO the ef-
feet that less than S3,OO0,OOO Of the bonds
had been bought by the AtchisOn share
holders was in the nature Of a pleasant
surprise, and it must be said that in the
present state of the bond and investment
market the upshot of the affair has been
much more gratifying than any one sup
posed il would be II is understood that
the Atchison company has before It propo-
sitions from bankers and others looking
forward 10 the purchase Of all the re-
naming bonds unsold
Although the figures OF the transactions
Of the local banks with the subtreasury
pointed to the probability of a deficit in
the bank surplus al the end Of the week.
the banks having lost TO the subtreasurv
during the week thus far S9SJ1.O00 the
prevailing rate for call money did not at
all indicate the approach Of money strin-
gency. These rates. which were early in
the day at ~ points, fell in the afternoon
TO "a points. the lowest rate touched in
long period, ana experience has attested
that II IS the money rates themselves, /
and not estimates Of the bank statement.
that afford the best clew to the future of
the money situation.
Another factor in the market to-day was
undoubtedly the announcement that the /
report of the Interstate Commerce Com |
mission investigation OF the Union Pa /
cifc Railroad Company would be given to |
the public on the coming Sunday morning. |
and the opinion was held in what Wall |
street calls good quarters that tho report |
is not likely TO be such as to cause any
notable decline IN Union Pacific stock. /
Although dealings In Union Pacific shares /
to-day were nearly One-Cuarter OF the en-
tire quantity OF stocks purchased and /
sold. the price Of the stock fell but /
slightly DURING the dav as q whole