The Washington herald., 1907-06-09
WALL STREET NOTES
Brokers Hear Hartman viii
Not Be Prosecuted.
MARKET IS BULLISH

Bad Bank Statement Cannot Stem
the Upward Course of Prices-Sig-
nificnnt Buying of Anaconda Indi-
Gates English Liquidation Has
Ceased-Crop Report shows Better.
New York. June s.-A dispatch from
Washington 10 a prominent house yester-
day said:
The big stick has been whitfield down
to a silver" Wall street seemed to think
so. too.
Nothing definite came from Washing
ton during the two hours Of the stock
exchange session to throw any light on
the attitude of the administration toward
Mr. Hartman and his system Of roads
beyond what appeared in the morning pa
pers, but while the correspondents of the
houses that on Friday had sent very
definite statements over the private wires
to the effect that the whole matter would
be allowed 10 drop were not able to add
much to what they said when they felt
so secure in their attitude. they served up
reminders Of the Il told you So variety
Perhaps the most specific dispatch of all
was one which read:
"As / told you. a way will be found 10
let the President down easy. This is
probably the reason why it has been de-
cided to await the full report of the In
tCrstate Commerce Commission The
whole thing has been put into the ice box.
where il will remain all summer. and
how much longer nobody knows, or cares,
for. as a market factor IT is a dead one.
Naturally. the Hartman stocks were
the leaders Of the market. The news from
Washington, while leaving much to be
desired in the way Of defniteness. was
certainly calculated TO disturb the conf
denCe of the bears, whose position had
been based largely upon the belief that
the prosecution OF Mr.. Hartman, and
possibly Of some Of his roads. would be a
great obstacle 10 bullish operations dur
ing the coming summer. There was not
enough I'm the news 90 enable any one 90
say definitely that such might not yet
prove To be the case. but the bears We're
compelled 10 doubt where they had not
doubted before. Being no longer IN the
possession OF a ''sUre thing. they thought
It prudent 20 cover al least a part Of their
lines.
The Hin stocks sympathized with the
Hartman issues on the ground that a
change in the attitude Of the administra-
ton would probably have d bearing on the
purpose TO investigate the relations be
tween Great Northern and Northern Pa
cifc and the joint control of Burlington
by thes two roads. There was an inn
portJnt difference between the buying in
the Hill stocks and that I'm the Hartman
issues. Apparently the bears did not real
ize the extent % which the argument on
which the rise in the Hartman issues
was made served as a. bull argument on
the stock named after Mr.. Harrimau's
greatest rival i'm railToading and the bulls
were Lot DISPOSED to give their secret
away. believing that they might be able
to utilize it 10 greater advantage if they
kept it to themselves for the present.
The bank statement was bad one.
but it could not stop the upward course
Of prices. Neither could the Kansas re-
port on the condition Of wheat. which
showed a condition Of only Sc for the
crops, as against 81 in May, although the
decline in condition was greater than
most people in Wall street had expected
There was tendency to question the
accuracy Of the report brokers taking
the ground that the very atmosphere I'm
Kansas is charged with bullishness on
wheat and that every source from which
the State bureau derived its information
was under the influence Of the sentiment
favoring good prices for the product OF
the farms
Notable strength was shown by the
hard coale-s, seemingly corroboraung the
rumors Of plans 10 give stockholders
some sort of distribution in connection
with a scheme TO segregate the roads
from the coal properties, which have
been current for several days past.
A broker whose favorite contention IS
that the public is generally wrong saws
he finds so much pessimism among the
wholesale dry goods dealers that he can
not resist the temptation to take a
strongly bullish attitude on the market.
The one branch of trade, he SAYS. that
has been most severely hit by the un-
seaSonable weather has been doing its
utmost to discourage every other branch
1t may be jealousy" he adds. but at
all events there is nothing enlightenine
in it, for the more the gloom spreads, the
more it will envelop themselves"
There was some rather significant buy
ing Of Anaconda, which gave point 10 the
story that the liquidation Of stock by
English holders had ceased. For weeks
the foreigners had been sellers of Ana
conda but it was said yesterday that
such selling would no longer have TO be
reckoned with, and that liquidation OF
the accounts Of spectators about 10 re-
tire from Wall street had also been com
pleted. With the liquidation out Of the
way, good judges Of values were inclined
to regard the stock as one of the cheap
est on the list Its IS per cent dividend
gives a yield Of more than u per cent on
the market price. and the present earn
lngs leave such a margin Of safety that
even should a reduction be made in tho
price Of Copper. it would hardly imperi
the established rate of return to holders
Of the stock
The general tone Of the letters sent nut
at the close Of the week by the commits.
sion hOuSes was more bullish than fol
some weeks past Some founded theil
more cheerful views on the idea that the
administration had modified its attitude
Of hostility to the corporations. others or
the supposed improvement in the croT
outlook; all conceded that liquidation had
ceased; that large interests had appar-
emily resumed their Purchases Of stocks
NEW YORK MONEY.