Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-05
Decided Reversal in Tone of
Market Today.
WASHINGTON INFLUENCES
Hartman Prosecution News Led to
Sharp Break.
U. P. STOCK OPENED AT DECLINE
London Weakness Averted Further
Discouraging Influence on Deal
ings-Fair Volume Of Business.
Hnecial nIsnatch TO The Stnr.


NEW YORK. June 5.-There was not
much room for doubt as to the reason for
the decided reversal in the tone of. the
stock market from that which prevailed
yesterday. The explanation of the course
OF prices rested plainly enough in this
mornings advices from Washington, with
respect to the attitude OF the admniStra-
tion toward the prosecution Of the head OF
the Hartman system.
Yesterday for some rather vague and In
definite reasons. the idea seemed to COM
monty prevail that the administration had
reached the conclusion that 1t would be
Just as Well for everybody concerned to
let the question In point go by default and
lapse into obscurity. 1t is true that there
have been several limitations coming
from Washington that such was likely to
be the case. but each of these reports has
been denied and none of them ever carried
any direct authoritative sanction.
Today's Washington advices indicated
that the general matter of the Hartman
prosecution stood just where 1t has done
before, namely, under careful considera-
tion by the proper authorities. Still, mas
much as Union Pacific was easily the
leader In yesterdays recovery In prices, 1t
was not remarkable that the sharp break
in the stock this morning should have been
an influence of weight upon the general
market.
U. P. at Decline.
Union Pacific opened at a decline of one
point from It's closing figures of yesterday
and during the greater part of the session
the stock was under considerable pressure
although it should be said that the bulk of
the selling had an extremely professional
appearance.
The latter description was equally ap-
plicable, however, to the dealings in other
securities Thus the break of nearly five
,r,Ii .,l, fool
place upon the announcement that the divi-
dend on the stock had been advanced from
per cent TO Is per cent annual basis
was a movement characteristic of a stock
market composed mainly or professional
trading.
There has to be sure. been some talk to
the effect that the dividend of American
Smelling common would be established
upon a 10 per cent basis but ideas to this
effect were generally abandoned many
weeks ago.
Fluctuations in the commodity markets
today were more irregular than they have
been of late and the movements there could
hardly be cited as a decided factor in the
dealings in securities.
Announcement was made in the early
part of the business session of an addition
al engagement of gold for export amount
ing to Sl.O00,GO0. bringing the total ship
ment up to date to $500, 0O0 and the
foreign exchange market was not percep-
ubly affected in consequence, rather more
the yellow metal than has been the case
previously.
As heretofore, however, local money mar
ket conditions gave very little reflection to
the quite considerable exports of gold. This
mornings figures of the operations between
the banks and the sub-treasury, which do
not of course, include today's gold en-
gagements. set forth loss by the former
since last Friday of S3,747,OOO. which gives
rather poor outlook for next Saturdays
bank statement.
In the changed temper of the street Q
further dscouraging influence was exerted
by the weakness In the London stock mar
ket. although a general rally occurred
there with the progress OF the business
session. Practically all of the operations
here for foreign account were on the SELL
ing side, although the total was not par
ticularly large.
The volume OF business measured we'll up
to yesterdays total, and the dealings
showed the same great concentration of
activity In a small number of stocks that
has been the chief feature of the market
for so many weeks The leading features
IN this respect were Union Pacific. Read
ing. American Smelling, Amalgarnated
Copper and United States Steel common.
The last named was exceptionally firm in
the early dealings, and while 1t later yield
ed in sympathy with the general mar
ket. the stock at all times showed a fair
measure OF support optimistic reports
to the showing which the corporation
will make for the quarter now drawing to
a close
In contrast with the reception accorded
to the advanced dividend on American
Smelling, it might be noted that American
Car and Foundry advanced further and
that Pressed Steel Car was exceptionally
firm. doubtless in sympathy with the
strength OF the other railway equipment
stock. Chesapeake and Ohio also contrived
to move counter to the general list. pre-
sumably IN connection with the recent
successful conclusion of the companys
financial negotiations.