The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-02
GOSSIP or WAL STREET.

\ those who were on hand Wiahed themselves
elsewhere. There were no outside orders TO
execute. and what passed for business con-
! sisted largely OF transactions. representing
/ evening up" by professional traders who did
not wish to retain q position over the weeks
end. When there was q p~redomlnance OF
buying orders for the covering Of shorts prices
rose slightly: when there was a predomlnance
OF realizing sales. prices fell of again, Very
little suflced TO turn the scale. but there never
was enough TO turn II much or to keep It long
Inclined In either direction. No movement
received half so much attention as the move
ments Of the clock, and these seemed so slow
that one trader 10 said 70 have offered TO bet
that the hour hand lacked strength ever TO
reach the senlth Of the dial. 1t reaehed there.
however, and great was the relief felt by. all
who fingered through the two eternal hours.
The general comment on the market after
the close was that Is was about as exciting
and as proltable-as q game OF solitaire, at O
wayside station while waiting for q train on a
wet day. .H.,..t
President Mellen's statement about the in
efficiency OF labor was the subject Of con-
siderable discussion. but did not seem to have
much effect on the market-nothing had.
The traders admitted that IL was q serious
situation that drew such remarks from sucha
stanch friend OF organixed labor ssthe presi-
dent OF the New Haven. but apparently
| tnOuHnG that the mbtIeI. was 30 WGlt uuuct'
stood that IL could hardly be made the basis
Of a selling movement In the stock market at
this late date. Everybody, : said one shreNd
operator, has had 1t brought strongly TO his
mind that not only must he pay the highest
rate OF wages, but that he cannot expect to
get good service. The man who employs a
number Of laborers or mechanics knows that
the least efficient Of them Is the standard to
which all Of them come and that he cannot
| rot rid ~ the naOy workman no mHtteT how
much he may be dissatisfied with his work"
Union Pacific was the most active and the
weakest stock on the list. oBearish effort was
concentrated here probably for the reason
that II applied to tho market as a whole II
would have been too slight to be perceptible,
OF news or rumor on the stock there was
none, though there was the same disposition
as on Friday afternoon to argue that what
ever view might be taken OF the Presidents
speech as a whole there could be no doubt
as to the attitude toward the practices that
made Union Pacific the centre Of Wall Street
speculation last year. The pressure on the
stock was maintained with fair consistency
from start to finish, and the price dropped
fraotionally below the lowest point OF the
break Tuesday last. with no evidence OF sup
port oven at that level.
Tho Hill stocks declined In sympathy with
Union Pacific, although the weather reports
from the Northwest were rather favorable.
and while there was talk OF a renewed out
break Of liquidation in these issues some oil
the closeat observers Of the trading said
thew failed TO detect any real evidence Of
selling OF that character. The volume OF
transactions both In Great Northern and
Northern Pacific was small, and probably there
was little OF anything more significant than.the
closing out Of traders commitments prema-
turely made for the rise early In the week
when 1t was supposed the Presidents speech
would be a bull argument. g..
An Unexpectedly large increase in the loan
account gave the bank statement an I'M
favorable appearance. but this did not sufice
to increase the selling movement In the mar
ket, 1t really had no influence at all. BY
the time the statement made It's appearance
which was q few minutes earlier than
usual-the traders who were closing out their
lines Of long stocks had nearly completed
the task. When they got through the market
became duller than ever, but perhaps a shade
harder. The Increase In the 1oan Item was
attributed to corporate borrowing, the Della
ware and Hudson financing being possibly a
factor In causing 1t.
transactions In only 72s. 900 shares made a
very small total even for Q Saturday In the
period OF summer dulness.
One Of the leading commission houses
has Incorporated in its weekly market circular
the following extract from a letter OF O Lon
don broker descriptive Of the foreign feeling
over anh-oorporation agitation In the United
States: "Th sensationRlly exaggerated dis
closures. the pernicious interference by
crude and violent methods and instruments
with the delicate and sensitive machinery
Of and finance; the Investigation
mania, which in the hands OF partisan ano
politically prejudloed inquisitors drags dis
jointed fragments Of facts, or alleged facts
before the public. with the result Of theil
being misunderstood or misjudged by tht
people, and especially by the people Of
Europe; the branding OF the leaders Of you
commercial and industrial undertakings al
Rrafters and thieves-all this under the REii
Of the President Of the United states-ha'
most certainly had the result of utterly de-
stroyinK confidence In the statements pub
lished by your leading railroads. and there
fore in their intrinsic value. No greater proc
Of this can be found than that from selling
on a 4 per cent. basis your leading railroads
are now brought to pay over 0 per cent. on th'
market price
Dlsagreeing with the general view. OF the
causes underlying the present condition o
! Affairs In Wall Street. one of the most Widel!
read OF the weekly market letters says; Tit
financial disturbances are not peculiar 70
New York, nor, looking back over three OF
four years, has this market suffered by the de
cline In prices more than other marketA. and
40 far as we can see. not 90 much. 1t SEEM
, as IL so-called financial authorities every
where we're being appealed TO to explain tn
, rise In the value Of money. or what Ia the Sam
thing, the lower prices OF securities oomparet
with their yield. Il Is the fashion to as0rib'
this state Of things to legislation. Wal
street speculAtors blame Mr.. Roosevelt 10
|. what has happened here. while In France 1t i
l Inscribed to NJ. Qemenoeau's proposed inoom'
? tax, and In England II 10 tho fashion to ascrib'
> a similar state Of things to the action OF
. Liberal Government. To the writer suel
views appear % short sighted as to be aimos'
, absurd. Surely any one who tries to se'
, matters as they are n OF avoid percelvlni
: that in Germany, where nothing OF the KIND u
charged, the lnancial poaition is less secur'
= than In either England. France or the United
States. In fact 1t 10. We thin X. common
knowledge that financial Affairs in Berlin arr
on q less secure basis to-day than In any o.
. the other countries named. and Is not thl'
, fact alone enough to show that II Is genera
causes which are at work In increasing TN
yield demanded on capItsl2 We think IL ID
xphathar or mot the fall will 20 further ri