The Washington herald., 1907-06-04
MARKET IS GLOOMY
Bad Weather and London
Selling Cause Depression.
LEADING ISSUES IN DECLINE
Fear Expressed that Cotton Report
To-day VIII BE UnfavOrable.
shows Heavy Operating Expenses.
Hartman scores Administration.

New York. June SIT was accepted as
a foregOne conclusion in Wall street
to-day, before the opening Of the stock
market, that at the opening of the market
the price of stock should decline. But
examination Of the reasons for his widely
dispersed belief did not disclose any as
sured foundation for It. and convictions
as to likelihood OF a decline in the mar
ket seemed largely the result Of the
wretched weather conditions experienced
locally since Saturday. which again tes-
tilted in an emphatic way to the alb
normal condition Of the weather in gen
eral IN the spring season thus far.
So far as the grain crops were con-
Cerned, reports from the West early this
morning we're. if anything. Of more IA
vorable sort than they have been re-
Gently, and it was admitted that the
large rainfall in Kansas and Nebraska
during the last fortnight had improved
crop prospects in these two States par
ticuiarly
on the other hand. much was made in
speculative comment of the adverse in
fucnce upon business and financial af-
fairs that might be exercised by a cur
tailment of the years cotton crop. an
event that seemed not improbable in
vieW Of the damage that the crop has
incurred. The governments monthly re
port as TO the condition of the crop will
be printed tomorrow, and the cOncensus
was to-day on the cotton exchange that it
wifi show a state Of the crop very much
below that az the same period in cor
responding years IN the recent past
Fear for the Future.
Pessimism concerning the immediate
future Of the stock market was made up
10 d greater or less extent Of discourage
ment over the lack Of resiliency dis
played in the market by the absence over
Sunday Of any developments serving TO
put financial affairs in a more promising
light.
In the London market early to-day
considerable general decline took place.
and it seemed 90 be attended with eyi-
dences Of some especial trouble on the
London stock exchange. As soon as pos
sibie after opening OF business here this
was sold for the account Of London
houses, being 10000 and 5000 shares Of
stocks, and this in itself was sufficient TO
bring about a fall here at once averaging
about a point in the leading issues.
The news Of the day during business
hours was If not notably bad at least
hardly such as 10 stimulate buying Of
stocks. and financial sentiment was so de
pressed that announcement of more than
passing interest would undoubtedly have
been required TO have brought about a
radical change in the general character
of the market. All DEVELOPMENT went TO
show that large movement Of gold from
all the worlds financial centers 70 Paris
was i'm progress.
The Pennsylvania Railroads April
statement Of earnings. although better
than those Of preceding months. vet at
traCted attention because Of the C0ntinu-
Gus increase in the operating expenses
of the system. The Pennsylvania gross
earnings increased %3,l21,000 for April. but
its net earnings increased but &ll0m0. and
for the four months ended April 90 the
net earnings Of the system have de
creased S5Jf,02o
Hartman Scores Administration.
An interview was published attributed
20 the president Of the Union Pacific sys-
TEN declaring that attacks upon the rail
way companies of the country had pre-
vented the Union Pacific from borrowing.
as was hoped. S50.0ylEl0 in France. and
that it remained for the Union Pacific. in
common with other railway companies
TO make substantial economies. This in
terview afterwards received an official
qualification. but. nevertheless. produced
an unfavorable market effect.
The wheat market was. in the main.
weaker to-day. ana closed at a net de-
cline. although it rallied a little from its
low point Of the day upon the publica-
tion Of a "bullish' crop report by well
known expert
The cotton market was very favorable
throughout for reasons which have been
heretofore described Selling pressure
was applied % the market to-day up to
the last hour Of business. and before that
time declines Of from to points were
common in the stocks. Particular weak
ress was shown by Union Pacific
Amalgamated Copper. Consolidated Gas.
and InteTbOrOUgh-MetrO stocks
In the final hours Of the stock exchange
session the market improved. but the re-
cOvery appeared to be chiefly due to the
buying back Of stocks by spectators for
the fall.