Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-07
A Generally Weak Tone Marked
= Today's Dealings.
LARGE BUSINESS VOLUME
Grain Market Irregular, but Not
Dominating influence.
WEAKNESS IN N. Y. CENTRAL
Rumors Of Washington Announce.
ments-Little Alteration in
u Money Situation.

Special Dispatch to The Star.
NEW YORK, May IA large increase In
the volume OF business and generally weak
tone characterized the dealings in today's
stock market, although the latter was by
no means wanting in rallying power. Yes
terday the downward drift in the market
was commonly ascribed to the sharp rise In
wheat. which was based. Of course. upon the
present discouraging outlook for the winter
wheat crop.
The grain market was irregular today.
but. generally speaking. steady. but there
were few people who referred to the course
of the latter as the dominating influence In
the stock market. There was, to be sure,
some preliminary discussion Of the show
Ing which Is expected to be made in the
governments monthly crop report which
will appear at midday Friday. but as mat
ter OF fact todays advices with regard to
the agricultural situation were quite con-
ficting.
One OF the so-called crop experts issued
q report estimating the general condition
OF winter wheat at IS, against 81 last year,
and. on the other hand. the Secretary OF
Agriculture was quoted as saying that the
reports OF crop damage from unseasonable
weather and the ravages Of insects had
been greatly exaggerated.
Additional individual state reports made
public today indicated. however. a material
lowering In the condition of the winter
wheat crop during the last thirty days. As
noted above, however, agricultural pros
poets could not, with truth, be assigned
to the foremost place in importance among
the influences controlling today's stock
market. much greater effect upon specu-
lative sentiment was in fact exercised by
q further extensive decline in Delaware and
Hudson. and by the rather striking weak
ness in New York Central.
Vague Rumors Current.
Vague rumors were current also of some
of the Forthcoming unpleasant announce
ments from Washington including report
that the Secretary of the Treasury had de-
cided to make large Withdrawals of cash
from the national banks In connection with
the maturity of the government per cent
bonds This last rumor was denied. 1t Is
known that the Department Of Commerce
will on Monday issue its report upon Its
investigation of the organization of the
Standard Oil Company, but Wall street
imagines that still other occurrences with
q Washington tag are to be reckoned upon,
Little alteration was observed In money
market affairs and sterling exchange con-
tinued steady. Only narrow margin
exists between the current rates and those
at which experts OF gold might be under-
taken. and the situation in this respect
might also be named as among the dis
turbing factors In the days stock market.
The subtreasury today transferred to San
Francisco for the local banks 100000 in
addition to the 100000 sent to that point
ycStcTudy, anu I'D 10 THIS mOTuIHS Indl
institution has gained in Its operations
with the local banks more than $IOOO0
Reverting to the stock market. there was
little to be said of the weakness in New
York Central. unless 1t might have been
the further consideration accorded to the
companys very discouraging statement of
earnings for the first quarter of the year.
Decline in D. and n. Stock.
A great number of rumors. some of
which seemed to be well substantiated, &C.
companied the decline In Delaware and
Hudson. although the movement In the
stock. as was the case yesterday, took
place upon comparatively small transac-
lions.
1t was commonly reported and accepted
that one very large holder of the stock had
for reasons satisfactory to himself liaui-
dated part Of his holdings In yesterdays
and today's markets. and there were other
rumors which, in case they have any foun-
dalton In fact. may or may not be substan-
tiated at next weeks meeting of the stock
holders,