The Washington herald., 1907-06-02
WALL STREET NOTES
Stock Market Stagnant, with
Prices Stationary.
UNION PACIFIC IS WEAKEST
No Basis for Attack on Hartman Is
sues-Bank Statement Has UnfaVor-
able Appearance, Owing Ia Large
Increase of Loan Accommodations
Reasons Assigned for Disturbances.

Increase of Loan Account-Various
Reasons Assigned for Disturbances.
New York, June Nothing more
dreary than the lstess drift Of to-days
market could well be imagined Most Of
the brokers were away, and most Of
those who were on hand wished them
selves elsewhere. There were no outside
orders 10 execute, and what passed for
business consisted largely OF transactions
representing evening up" by professional
traders who did not wish 20 retain
position over the weeks end When
there was "a predominance of buying
orders for the covering of shorts, prices
rose slightly; when there was pre-
dominance Of realizing sales, prices feu
of again
Very little suficed to turn the scale,
but there never was enough to turn il
much or 10 keep it long inclined I'm either
direction. No movement received half Sd
much attention as the movements Of the
clock, and these seemed SO slow that one
trader Is said 10 have offered 10 bet that
the hour hand lacked strength % ever
reach the zenith OF the dial II reached
there, however. and great was the relief
felt by all who had fingered through the
two eternal hours. The general comment
on the market after the close was that
.sl
able as a game Of solitaire AT q wayslGc
station while waiting for a train on
wet day
President Mellou's statement about i'm
efficiency Of labor was the subject ~
discussion, but did not seem
20 have much effect on the market. moth
ing had The traders admitted that it
was "a serious situation that drew such
remarks from such "a stauch friend ~
organized labor as the president Of the
New Haven, but apparently thought that
the matter was so weI understood that il
could hardly be made the basis Of a sell
ing movement in the stock market at
this late date.
Everybody said one shreud operator.
has had it brought strongly 90 his mind
that not only must he pay the highest
rate of wages. but that be cannot expect
10 get good service. The man who em-
ploys number of laborors or mechanics
knows that the least cfhrIsut of them Is
the standard 90 which an or thom come.
and that De cannot get rid of the poor
workman no matter how much DO may De
dissatisfied with his work"
Union Pacific was the most active and
Che weakest stock on the list. Rearish
effort was concentrated here probably for
the reason, II applied 90 the market as a
whole. it would have been too slight 90 be
or news or rum0r on the
stock there was none, though there was
the same disposition as ON Friday after
noon 90 argue that whatever view might /
b. taken OF the Presidents speech as "a .
whole, there could boz uo doubt ae 90 the /
attitude toward the practices that made /
'uion Pacific the center Of Wall street |
speculation last year. The pressure on I
bee stock was maintaiued with fair con- I
sisteucv from start t1 finish. and the .
price dropped fract0naly below the low T
ast point OF the break ON Tuesday last F.
with rp evidence of support even 10 that I
evei
The HiI stocks declined I'M sympathy .
with Union Pacific. although the weather .
reports from the Northwest were rather 7
favorable. and while there was talk OF a F.
-enewed outbreak Of liquidation in these .
ssuss, some Of the closest observers of /
he trading said they failed 60 detect any
-eaI evidence Of selling Of that character
The volume of transactions both iu Great .
Northern and Northern Pacific was small.
and probably there was nothing more
significant than the closing out of trad .
'rs commitments prrmaturely made .
or the rise early iu the week. when it .
Vas supposed the Presidents speech would .
'e a bun argument
An Unexpectedly large increase in the T.
oan account gave the bank statement +.
m unfavorable appearance but this did .
rot suffice o. increase the selling move
nent IN the market Il really had no in
lGonce at all BY the time the state
ucnt made its appearance. which was q
ew minutes earlier than usual, the
raiders who were closing out their lines
IF long stocks had nearly completed the
ask; when they got through the market
became dulIer than ever. bur perhaps
shade harder. The Increase IN the loan
tenn was attributed 90 corporate borrow
ug. the Delaware and Hudson financing ID
'cing possibly "a factor in causing it.
Transactions i'm only 215.0o0 shares
made a very small showing even for a
saturday period Of summer dullness.
DisaEreeing with the general view Of
he causes underlying the present Condi-
ion of affairs In Wall street one Of the L
most widely read Of the weekly market
atters says.
The financial disturbances are not
eCuliar to New York. nor. looking back
yer three or four years. has this market
Uttered by the decline in prices more ,
han other markets, and so far as we
an see. not so much. Il seems as II :
o-called financial authorities everywhere
rere being appealed 10 10 explain the ]
ise IN the value OF money, or, what Is
he same thing, the lower prices Of
ecurities compared with their yield"
one Of the so-called financial authorities
ecenty appealed to 10 explain the rise
o the value Of money" was Lord ]
;othschild and he blamed Roosevelt. I
lemenceau, and the socialistic tendencies
4 England. Perhaps there could be no I
lore wholesome sign Of an Independent !
ointment than the willingness Of a Z
Wall street house 10 hit back" The
pirit Of the reply has been generally {
pproved in the street even II its argu- J
lent has not been accepted as conclusive.
NEW YORK MONEY.
New York June l-Manev an call quoted nomi- S
Ally at per cent. Call loans during the week y
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