The Washington herald., 1907-06-08
WALL STREET NOTES
Interest Shown in White
House Conference.
ATTACK ON ROADS NEAR END
Believed that Administration Is
Ready to Cease Warfare Owing to
csts-Harriman stocks ard COnIers
Show StrenGth-steeI Moves Up.

New York. June 7.-Telegrams Of a re-
assuring nature in regard to the inten-
tons of the administration reached many
Of the leading houses from their Wash
ington correspondents this morning, and
while some of them were very vague,
others were as definite and explicit as il
the seuders spoke by authorization. One
OF the latter kind was as follows "The
meeting at the White House tonight viii
not be for the purpose Of outlining pro-
ceedings against Hartman or his roads.
Its principal object will be to devise
means by which the President may retire
as gracefully as possible from his anti
corporation attitude. which according 20
strong representations made to him from
all over the country. has been hurtful to
business and not fruitful of any good re-
suit Il viii probably be agreed that the
Department Of Justice should proceed
with the prosecution of the hard coal
roads, ali Of them except the Pennsyl-
vania, for alleged violation of the inter
state commerce law. this being done TO di-
vert attention from the backdown in other
directions. am told that the result OF
the Meeting will be on the whole decidedly
favorable 20 the market"
Any such predictions as those made in
the telegram quoted above, when coming
from an apparently reputable source,
could hardly fail to exert an influence in
the market, as 1t was impossible 20 OBJ
tain direct refutatl0n of them within the
limits OF the session. The traders did not
hesitate to utilize such reports. even il
only for making small turns. Doubts
might have been cast upon the stories
by the fact that the hard coaleTs. which
IL was said would be made the subject
Of prosecution by the government were
among the strongest stocks on the list.
but even this did not deprive them Of
their influence. the recipients Of the mes
sages taking it merely as an indication
that the anthracite companies were pre-
pared 20 meet any legal proceedings that
might be brought against them. They
have probably become accustomed 20 that
sort Of thing by this time.
RumOrs of antitrust prosecutions and
the strength Of Reading combined 10 re-
vive interest in the alleged plan TO make
a distribution 90 the stockholders Of the
anthracite roads OF some sort of security
20 represent the coal properties. which it
was said would be segregated from the
railroads so as TO avoid an conflict with
the law passed last year and satisfy all
parties that there is no lroHClad agree
ment 10 curtai output and tx prices for
the whole mining region. Nobody could
be found who would say definitely that
such "a plan had been decided upon. or
that it had ever even received COnsidcra-
ti0n from leading coal interests, but most
of the traders said the matter had been
very much talked of off and on FOR many
months past, and nat where there was
so much smoke there was probably some
fire.
No considerable part Of the strength in
the Hartman stocks came from the Gov
ernfg Of shorts because OF the effect pro-
duced on the minds of the bears by the
reports from Washington affecting to
forecast the result Of the DAYS confer
ence az the White House There was.
however. considerable other buying. and
If some Of this was as good as it looked.
IL meant that large interests had begun
To take an active part on the bull side of
the stock, after having neglected 10 FOR
considerable period.
Sentiment on Southern Pacific was
helped by the strength Of the market for
the rights and the tendency OF the pre-
ness that has oppressed il since about the
time it sold ez-divideud. No reason was
given for this improvement other than
the very reasonable one that il was
natural recovery from an unnatural posi-
gign--SoUtbern Pacific was too low at 10
Engagements Of gold for export were
heavy. but their influence on the market
was hardly porceptible. Many of the
traders, expecting a reaction. turned to
the bear side, but the market took their
stock easily. and they found when they
wanted 10 get il back that it was not
there. The wheat-damaEe stories did not
bolp them much Neither could they de
rive any benefit from the reports which
tkoy diligently circulated. that large in
;erosts had sold stocks on the rise, and
We're no longer committed 70 the bull
side Of the market. The market itself
replied TO that assertion in no uncertain
tone. and when the ticker talks as II i'd
this afternoon it avails the trader nothing
to say You're another
For some reason the Erie issues have
/ again come into favor in prominent COM
mission houses. Of course there never
was any good ground for the extraordi-
nary decline in these stocks. as the road
has continued 10 make excellent prog
rlee in The matter of earnings aud 10