The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-09

Street seemed to think 90 too.
Nothing definite came from Washington
during the two hours of tbs Stock Exchange
session to throw any light on the attitude
OF the administrator toward Mr.. Hartman
and his system OF roads beyond what APP
peared In the morning papers. but while the
correspondents of houses that on Friday
had sent very definite statements over the
private wires to the effect that the whole
matter would be allowed. TO drop were not
able to add much to what they had said then,
they felt so secure in their attitude that they
served up reminders Of the told you so"
variety. Perhaps the most specific despatch
OF all was one which read: A / told you,
n way will be found to let the President down
easy. This Is probably the reason why IT
has been decided to await the full report
Of the interstate commission. The whole
thing has been put into the ice box. where
1t will remain all summer. and how much
Ion ger nobody knows or cares. Az a market
factor 1t is a dead one"
Naturally the Hartman stocks were the
leaders OF the market. The ne ws from Wash
ington. while lea wing much to be desired in the
way OF de1nltene $50, was certainly calculated
to disturb the confidence OF the bears, whose
position had been based largely on the belief
that the prosecution Of MIR. Hartman and
possibly of some OF his roads would be a
great obstacle to bullish operations during
the coming summer. There was not enough
In the news to enable any one to say definitely
that such might not yet prove to be the case,
but the bears were compelled to doubt where
they had not doubted before. Being no
longer In the possession Of "a sure thing"
they thought IL prudent to cover at least q
part OF their lines.
The Hill stocks sympathized with the Har-
riman shares on the ground that q change
In the attitude OF the Administration would
probably have a bearing on the purpose to
Investigate the relations between Great
Northern and Northern Pacific and the Joint
control of Burlin gton by those two roads.
There was an important difference between
the buying In the Hill stocks and that in the
Hartman issues in the fact that while a
large proportion of the purchases in the
latter were made for the covering Of shorts
very few Of those made In the former
we're for that purpose, Apparently the bears
did not realize the extent to which the argu-
ment on which the rise In the Hartman issue
was made served as q bull argument on the
stocks named after Mr.. Harriman's greatest
rival-in railroading-and the bulls were
not disposed to give their secret away, be-
Loving that they might be able to utilize 1t to
greater advantage II they kept it to them
selves for the present.
The bank staten emit was a bad one, but it
could not stop the upward course OF prices.
Neither could the Kansas report on the con-
dition Of wheat, which showed a condition
Of only SO for the crop. as against 81 in May,
although the decline in condition was greater
than most people in Wall Street had expected,
There was a tendency to question the ac-
cilracy OF the report. brokers taking the
ground that the very atmosphere in Kansas
Is charged with bullishness on wheat and
that every source from which the State bureau
derived Its information was under the In
fiuence of the sentiment favoring good prices
for the product Of the farms.
Notable strength was shown by the hard
~coalers. seemingly corroborating the rumors
of plans to give stockholders some sort
of distribution in connection with q scheme
to segregate the roads from the coal prop
critics. which have been current for several
days past.
A broker whose ~favorite contention is that
the public is generally wrongfsays he finds
SO much pessimism among the wholesale
dry goods dealers that he cannot 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 unses sonable weather has been doing
its utmost to discoura Re every other branch.
1T may be jealousy" he adds. but at all
events there is nothing enlightened in It.
for the more the gloom spreads the more
it will envelop Themselves"
There was some rather significant buying
OF Anaconda. which gave point to the story
that the liquidation OF stock by English
holders had ceased. For weeks the for
eiRners had been sellers Of Anaconda, but
IL was said Yesterday that such selling would
no longer have to be reckoned with, and that
liquidation OF the accounts of spectators
about TO retire from Wall Street had also
been completed, With the liquidation ont
of the way good judges Of value were inclined
to regard the stock as one of the chea neat
on the list. Its 2s per cent. dividend gives
a yield Of more than ~ per cent. on the market
price. and the present earnings leave such
a margin OF safety that even should a re-
duction be made in the price Of copper it
would hardly imperil the established rate
Of return to holders of the stock.
Dealing with the fact that the world over
the yield on investments is greater. equal
security being given, than at any time in a
generation the weekly letter OF a conserva-
tive house says: This has been a great SUR
prise 10 those who deal in bonds, whether
those of governments, of municipalities, OF
railroads or of industrial companies. The
most experienced dealers In these could not
get IL into their heads that any such result
was possible unless the merits of the security
were doubtful or there we're a general failure
Of banking credit. KnowinR that there was
no doubt about the merits and kno wing that
financial credit was good, they. having plenty
Of capital, proceeded with light hearts 10
underwFite new issues and to buy blocks of
old ones, with the result that investors re-
fused TO take the securities of their hands.