The Washington herald., 1907-06-01
MARKET IS A PUZZLE
Prices Go Up at Start, Then
Swing Both Ways.
COTTON SHOWS STRENGTH
Reports Indicate Crop VIII Fall He
low NOrmaI-GOvernmen Statistics
Expected to COrrOborate Experts
Figures-Wheat Shortage in Europe
Reflected in Movements Here.

New York. May 31-Dealings in stocks
IN Wall street to-day were almost entirely
left, as they have been for many weeks
past, to the professional spectators, and
with these operators the day appeared to
be one Of no great Qualification of thought
as TO whether any movement. either one
way or the other. in prices was in prog
ress.
At the beginning, prices were a little
higher than they closed on Wednesday
seemingly on receipt Of buying orders
from out Of town sources where the i'm
preston that ruled in Wall street on
Wednesday was still strong that the
Presidents speech at Indianapolis would
be a helpful occurrence marketwise. Very
shortly after the opening. however, the
market declined as the result of liquida-
ton sales made by those who believed
that antiCipations regarding the character
OF the Presidents speech had been cast
down by the event.
Again the market rallied. this time to
the highest prices Of the day. under the
influence of buying, based upon the re-
Ceipt Of more favorable weather news
from the agricultural districts: but after
this time the market became dun and
inert and toward the close, receded sharp
ly, leaving prices generally below those
OF the last business day.
The recession in the market was due
perhaps TO an upward bound IN wheat
prices. but an outbreak Of speculation for
the rise in cotton on "a larger scale than
has been witnessed At any time pre-
viously during the year was more likely
cause.
Cnuse for Wheat Advance.
The advance i'm wheat was commonly
credited as being brought about by the
receipt here OF more dire stories of for
eign crop damage. one estimate Of the
European wheat shortage this year being
that there was likely to be a deficiency Of
190C 010 bushels.
The cotton market was. however. to-
day the center Of speculative interest
over the holiday there was another ex-
traOrdinariiy heavy rainfall over certain
portions Of the cotton belt that presum-
ably did considerable damage, and there
was published this afternoon an estimate
by a cotton expert of respectable author
fly that conditions only warranted a sta
tistical average for the crop Of 65Is per
cent, or level Of condition very much
lower than they reported in recent years.
The result was not unnaurally a frantic
buying Of cotton by spectators for both
accounts, which advanced its price very
rapidly. It appeared to be the consensus
in the cotton trade to-day that the gov
ernments report as 10 the condition of
the crop, due next Tuesday. would I'm Il
general way confirm the existing impress
sion that the present outlook is for a rel
atively small crop. The movement for
the rise in cotton is. at any rate. based
on the supposed injury that the crop has
received thus far during the season.
The visible supply Of cotton is now
larger than it has been for several years,
but, on the other hand. the cotton manu-
featuring business everywhere is ex-
tremely floUrishing, and is making a
larger consumption Of the staple than ever
before known.
The best thing shat could be said Of the
stock market to-day was that il appeared
20 be in such state that the adverse in
fuence Of President Roosevelts remark
able address. delivered yesterday. was not
felt. There were, it is true. many people
interested in financial affairs who declared
that the speech was not uufavorabIc i'm a
financial sense, and others who main
tained that it was such mixture Of quail
flied and 'hedged' utter8nces that no one
could really tell whether the Presidents 8
view about the control of corporations by
the government had changed or whether
he himself knew just what they We're At
the present time