The Washington herald., 1907-06-06
FEWER SHARES SOLD
Volume Of Transactions OH
Exchange Decreases.
COTTON REPORT IS DISCUSSED
Market Exhibits Character Strictly
observation-disclosures at Outset,
Weak at CIOse-Street wonders If
Hartman viii BE Called.

New York. June 5.-The volume Of stock
exchange business to-day was somewhat
less than it was yesterday, and although
the usual up and down movements within
a limited range occurred in the security
market, the tendency of the market was
manifestly reaCtionary.
The market exhibited somewhat more
plainly than at any time during the week
its strictly professional character. Alike
in banking circles and in the large COM
mission houses, interest in fluctuations
in prices and the immediate future Of
values appeared to be NJ a minimum. and
the only significance of dealings in stocks
was that attaching to the half-hearted
speculations Of habitual traders. a large
majority Of whom make 1t a rule 20 close
out their accounts at the end Of each day.
There was, in fact a slackening Of ac-
tivity to-day in all the security and com
modify markets. both at home and
abroad. LondOns sales and purchases Of
stocks here were in only nominal guam
tity, and there were no striking develop
ments, either on the London Paris. or
Berlin exchanges.
Here the market was depressed at the
outset stronger in the middle Of the day,
and weak again at the close.
In both the wheat and cotton markets.
efforts making for something resembling
an equilibrium between contending spec
ulative forces was plainly evident The
days news from the wheat fields. though
OF mixed short was in no way partiCu-
larly notable and closing quotations Of
the leading wheat options were at no
great change from those Of yesterday
afternoon.
Cotton Report Interpreted.
On the cotton exchanges, a greater opti-
rnism concerning crop conditions was tenn
pered with realization Of the fact that the
governments figures as submitted yester-
day presenting a higher average Of con-
didon than had been actually looked for.
were vet also to the effect that the acre
age OF the crop this year was the same
as last Il was further considered that
the cotton crop had unquestionably re-
Ceived severe damage since May =. the
time when the governments last observa-
lions were taken.
The narrowness Of the present security
market was conspiCuoUsly shown to-day
in the effect produced by the announce
ment at Washington last evening that be-
fore July l an attempt would be made in
the Federal courts 10 force Z. II. Harri-
man 70 answer the questions ne refused 10
answer at the sessions of the Interstate
Commerce Commission recently held in
this city. Why such a PRONUNCIATION as
this should have logically possessed any
market influence whatever it is very hard
to discover. There has not been from the
beginning the slightest doubt that the
government would seek to compel Mr..
Hartman to answer the questions that
were put to him.
Are Questions PrOpers
To have adopted any other course would
have been a tame submission by the gov
eminent 10 Mr.. Harrimau's defiance Of
the authority Of its officers. and il is Of
the first Importance that it should be @
settled matter whether such questions as
those addressed 20 Mr.. Hartman are or
are not proper in q government iayesti-
cation. But a considerable period Of time
must necessarily elapse before this mat
ter can reach an ultimate determination.
Ii will presumably come finally before
the Supreme Court Of the United States
and IL viii be very surprising. under the
circumstances, II the issues involved will
be decided before the end of the present
year.
The break in the Union Pacific shares
to-day. which carried the whole market
down with il in the preliminary trading.
was considered 10 be due TO the CirCum-
stances that various Wall street specu-
latOrs had been led TO believe. IN the last
few days that there was 10 be an abau-
dOnment by the government of ali hos
tile action against the Hartman railway
management
Dividend Anticipated.
A sharp decline in American Smelling
and Refining common stock, following the
news that dividends on the stock
viii hereafter be paid at the rate Of 8
per cent, testified. as usual, the actions
OF the directors Of the company in ad-
e. vancing the dividend rate had been duly
discounted IN the stock market
The best feature of the market during
the day was the advance in the American
Car and Foundry common shares. said to
be upon the ABSORPTION of a block Of
stock for foreign investors. consequent
upon the general understanding Of the
profitable business now being done by
I00,0oJ TO Paris was announced to-day.