The Washington herald., 1907-06-28
ALL STOCKS DOOMED
Manipulation Is Evident in
Leading Securities.
CLOSING PRICES ARE LOWER
Call Money Rises 10 Per Cent. but
Has Little Effect on General Situn-
tiOn-Advanee in Wheat Prices of
3 Cents "a BusheI Has Bearing. Be-
cause of Scarcity of shorts.


cause OF Scarcity of shorts.
New York, June pa strong rising
tendency again prevailed to-day in both
stock and grain markets. due, seemingly,
however, as must be admitted, more to
professional effort than to any other
causes.
In the stock market, at any rate, the
advance was plainly not inspired by the
news Of the day which. although not
destitute Of many favorable features, was
still Of a decidedly mixed sort. There was
q continuance OF the Improvement in
sentiment On the foreign financial eX-
changes that has been evident ever since
the probabilities gathered at the begin
ming of the week that there was to be no
trouble AZ the London and Paris financial
settlements.
The weekly statements of the great
French and English national banks as
made To-Day. were, Of course. confused by
the complications incident To the prepare
ton for the end Of the year, and it must
be said that in local banking circles our
own weekly clearinghouse returns will,
for the same reason, be regarded in the
present week, as it was last week, as Of
relatively little value as an exhibit of
bank conditions.
Speaking absolutely, the Bank Of Eng
lands report was less favorable than il
J -
proportion Of reserve TO liabilities from
4750 TO 427O, as against a fall from 40 to
as in the previous year.
French Bank Weaker.
The Bank Of France made an even less
pleasant exhibit, its cash increasing for
the week but S1.600,Oo0, while its loans in
creased over 100000, but no doubt the
chief force to-day in the foreign markets,
as it has been throughout the week, was
the feeling of relief over the clearing up
Of the French political situation.
Here the improvement in the market
went on, with one or two pauses. through
Gus the day. although the volume of bust
ness was less than it was yesterday; and
except when active bidding was in prog
ress. those who desired 10 sell stocks in
the market found It difficult 10 do so az
the last quotations made.
Closing prices were somewhat under
the best, but were still such as TO show
gains Of more than a point in most OF
the leading stocks, and conclusions Te-
garding the results OF the days stock eN-
change session were commonly summed
up in the financial district IN the re-
mark that the trading element on tho
floor Of the stock exchange, finding that
speculative liquidation in securities had
been pretty thoroughly completed, We're
bidding up prices, and were likely 20
continue doing So until a level was reach
ed at which stocks would be once more
plentifully offered foor sale.
Call Money Rises.
In the stock market to-day, very little
attention was paid 20 a rise in the price
Of call money to per cent. the highest
price touched within three months, and
10 a sensational rise in the price of
wheat
The advance in wheat options. that Oc-
Cured almost wholly in the last hour OF
business, carried quotations for grain up
from ~ 70 cents a bushel
The reason for the movement appeared
20 be, as commonly described In Wall
street Technology, a scarcity Of shorts.
Ostensibly its basis was tile circulation
Of crop damage stories and the pTOmulga-
ton by d private crop expert Of an esti-
mate of a greatly reduced wheat yield in
Kansas. The belief stiIl is however.
in conservative grain circles, that the
weath.r Of the last two weeks has been
almost wholly beneficial for the crops,
and such as TO serve according 10 all fair
standards Of judgments, 20 brighten hopes
for the seasons harvest.
Corporation Reports Good.
Spectators for the rise in stocks to-day
found comfort, on the other hand, in some
good railway and Industrial reports OF
earnings. in a somewhat easier tone in
time-money rates, and in a fall Of over
quarter Of cent in sterling exchange. |
which makes gold exports fer the time
being, difficult, if not impossible
The fall in sterling was no doubt wholly
traceable TO the days advance in the
price of call-mouey accommodations. and
was in natural consequence Of the in
drawing Of money by home financial in
ctlLht4.NHr -HHlurIl 10 lllf season OF Inc
year.
Another matter that UnquestiOnably ex-
erted very considerable influence upon
the price of stocks to-day was a wide
spread rumor that the city Of New York s
offering Of 100000 { per cent municipal
stock tomorrow would be taken, although
up to a few days ago the presumption was
that bankers would not be willing TO sub 4
scribe TO the loan on the terms laid
downfall IS 20 say, at a price for the
stock Of not less than par
Nay Want 20 Help.
The idea gaining current to-day was
that financial powers having great inter
ests at stake in the present situation
would feel extremely DESTROYS Of makingsI
the loan q success. even if only an ap-
parent one. on account Of the depressing
effect upon investment securities that
might follow a contrary result Il must
be said. if any such determination as
this was arrived az. some Of the largest /
financial Institutions in the city were
neither parties to IT, nor had knowledge
Of it, and the officers Of these banks
declare it as their opinion that no taking
Of the city loan for such a manipulativa
purpose as that detailed could be q rer-
mlneUt ADVANTAGE 10 The financial ef+4a