The Washington herald., 1907-06-06
WALL STREET NOTES
Bull Campaign Slows Down,
Unable to Keep Up Gait.
SHELTERS PAY 8 PER CENT
Dividend of Two for Quarter Has
Effect of Shaking Down After News
Had Been Discounted on Tuesday.
HHTrimHn'S Lines Still Subject of
COmnent-Union Pacific Inactive.

New York, June 5.-The market started
off on the upgrade at too high a rate Of
speed on Tuesday. The bulls had ap-
parenuy forgotten that to climb steep
hills demands slow pace at first. and ran
out Of breath before they had got wei
started. Under the circumstances. the
reaction this morning was not the worst
thing that could have happened. 1t gave
d needed breathing spell, and the maraeV.
after getting It's second wind, started up
again d. more steady pace and. possibly,
with greater power OF endurance than
before. 1t was agreed that tie move
ment for the next few days should be
watched with interest for indications Of
a definite tendency one way or tho other.
The more cheerful view Of the crop
situation expressed on Thursday by some
of the operators most active In the stock
market was reiterated and emphasized to
day, but Few were disposed TO accept the
estimate OF a Western expert" that
Kansas would produce a wheat crop Of
100000, against 81 00J.GJ0 bushels last
year. Earlier predictions had put the
States yield as low as 100000 bushels
but ore Of the best known and most con-
servatiye Of Western capitalists, a man
whose business interests keep him IN
touch with the -four industry, made the
prediction that the Kansas crop would
not raj, short Of last year by more than
about 10 per cent This meant a crop OF
100000 bushels for the State. and rail-
road interests said the corn outlook was
satisfactory, not only in Kansas, but
elsewhere. g
At Il o'clock the American Smelling and
Refining directors met 10 act on the dIvi-
dend question. and about half an hour
later the Wall street news tickers an
nounced that the rate had ben raised
from per cent 20 an per cent basis by
the declaration Of per cent for the quar-
ter BY that time, too the price Of the
stock had fallen couple Of points from
the uPeu'rs and Immediately after Il
broke further, until f. reached its level at
Il o'clock, from which it had started on
the preceding day. and beyond which lt
had risen 20 the extent OF 8 points. The
rise from IA to ll9 and the drop back 20
the starting point afforded speculative op-
orators an opportunity 90 make profits
both WAYS, and there IS every reason TO
believe that s9me uf tlem availed of it.
The break in Smelters following the an
nouncemeut Of the dividend was Of the
order Of "a shake-out and when it had
accomplished its purpose. the stock grad
ua,ly improved This was natural The
Increase I'm the dividend is. OF course, a
factor e permanent Importance. which
probably had not been more than dis
counted by the rise 20 lla on Tuesday
The decline from that level was altogether
the result Of a weak technical position
produced by relatively large traders
bull account. put out on the very conf
dent. and. as IL proved. correct forecasts
Of what the directors would do.
II may take the market some time 20
establish a level at which Smelters should
sell as an per cent stock.
a broker whose mind is full Of mathe-
matics said that IN the first couple of
hours of trading % per cent Of the talk on
the ao1r Of the exchange concerned the
question Of whether or not the govern
mcnt intended 10 push legal proceedings
against Mr. Hartman. - II per cent
concerned the Srnclters' dividend, 81 per
cent referred 20 the weather and the
crops. and the remaining 3-4s Of per cent
As 20 whether the figures We're per
tectlv accurate. no further testimony
could be- advanced than the general state
meat. in which every broker was willing
to CONCUR. that the interest IN the Harrl-
man question far tr1nsceuded that felt In
any other subject whatever. The traders
utilized the uncertainty regarding the out
come Of the conferences alleged TO have
beer arranged at Washington 70 put out
varying rumors and profit by the vibra-
TONS that these produced IN the market.
In the second hour rumor took a most
pessimistic turn and prices were driven
down. although hardly any two brokers'
could he found to agree as t. the exact
cause Of IT, beyond expressing the gem
rral opinion that there must be some
thing in the news from Washington. "
As a matter Of fact. there was no news
from Washington other than the reports
i1 the morning papers. but in a purely
professional market, movements were
easily made and when made their Sig
ni.cauce was not great
Whatever might he the ultimate out
come. criminal prosecution of MI Har-