The Washington herald., 1907-07-31
WALL STREET NOTES
Earnings of Steel Trust Sur
prjSeS the Traders,
MARKET SESSION Is IULL
Revival by Sudden Ap-
penFnnce of Buying Orders for I'm
neutrality-suspicious. Party to In
duce Public TO Buy on Reaction.

New York, July 30-The only news de-
velopment potential of pronounced market
effect came out after the market closed,
when the last bulletin on the news tickers
spread the information Of the Steel cor
poration's earnings.
In every Office in which the news was
read of there were men who insisted that
the figures represented must be erroneous
and nearly every one expressed some IN
credulity.
Not one Of the scores of predictions
made in the past few days had repre-
sented the earnings within S2,JOOOOO OF the
amount actually reported and that the
company could have broken all records by
more than 100000 seemed to many an
impossibility When confederation Of the
bulletins was received there were mani
fest in many quarters very live concern
over the effect of the news on the mar
ket and a large number Of orders were
given for execution on the London curb
at the earliest possible moment tomorrow
morning.
The stock market session was for the
most part dull and uninteresting. Price
movements were languid and uncertain,
wandering rather aimlessly in narrow
range, and there was a considerable de-
crease in the volume of trading.
There was a time in the middle Of the
day when traders thought they had an an
swer 10 the absorbing question as to
whether concerted support had been with
drawn from the market. The market
then in one Of its most sluggish periods,
was Unexpectedly revived by the sudden
appearance Of buying orders in Union Pa
cifie. Southern Pacific, and Reading. It
looked as If the question was answered
in the affirmative, and many traders who
up to that time had been content TO re-
main short of the Hartman stocks, Gov
cred as hurriedly as possible. Some
brokers on the floor said that the support
70 the Hartman stocks seemed designed
TO keep Union above IA and Southern
above 80. and they claimed that there
were outstanding further large orders for
execution in case either dropped below
the figure named.
a broker who sympathizes with the ef-
fort Of the Union Pacific party TO attain
higher prices said ii was not the inten-
ton to secure immediate profits The
basis Of the plan, he declared. was the
maintenance OF the Hartman stocks on
the higher level. so that. If the public
ever does come in the market, II Will pay
a fair price for them
An afternoon advance OF call money 70
Slz per cent, was welcomed as a movement
which might tend to retard gold exports.
1t was reported that many Of the Atchison
convertible bonds, 100000 of them. ac-
cording to one report, had been sold over
the counter since the subscriptions closed.
In this way and in regular subscriptions,
it was said. the company had disposed Of
more than half the issue at par
ReassUring expressions on the money
situation were given by the ranking Of
fcer OF one OF the largest banks.
A point that has been overlooked in re-
cent comments. he said, but which should
always be borne In mind Is that prac-
Ucally ali of the railroad corporations,
and most OF the industrial corporations,
with headquarters in the Wall street dis
trict, have provided for their fiscal needs
for the year. Concurrently, the great
majority Of these corporations. partic-
ularly the railroads, have taken steps TO
curtail all activities, TO effect economies
in every possible manner, and to reduce
extension and Improvement work 10
necessary minimum
Inevitably the banker said, this action
must result as the remaining months of
the year go on. IN the release Of more
and more money. up to ihe time actively
implied in business.