The Washington herald., 1907-06-25
WALL STREET NOTES
No News to Stimulate Mar
ket Can Be Found.
GOLD EXPORTS INCREASING

This May have Caused Prospective !
Investors to Hesitate - Brokers
Write Customers TO Buy, but Conn
sci Delay as July Interest Is soon
Due-AnacOnda Directors Meet.
New York, June 2i-The figures tell the
story. The total transaction in stocks
were 1890 shares, of which about 5000
were in the last hour. and but 1000 In the
hour from 70 to l. 1t was the lightest day
since June Is 1908, and but for the squirt
in the last hour would have been the
dullest since March. 1904. Undoubtedly
the small volume Of trading in the noon
hour is a record for many years
News developments Of a kind TO stimu
late market commitments were as scarce
as orders. and the silence Of brokerage
offices was relieved as little by discus
sions of news affecting the market as by
the noise Of the ticker. In some Of the
houses the silence seemed almost funeral.
In the middle Of the day some of the
most confirmed professional flour traders,
disguised with the steadily decreasing
volume Of business, quit trying to scalp
fractions from another and devoted them
selves TO tie pastime Of electric fan
roulette There was no tax % pay the
State for the latter diversion, one Of them
explained. and for the time being 1t was
much more enjoyable and exciting and
quite as profitable.
Whatever comment there was Of an en-
couraging nature was the same that was
heard frequently last week. As far as the
slight fluctuations Of prices showed any
thing, It was generally agreed, it showed
that the market was entirely sold out;
that no fresh liquidation was imminent
that only a slight degree Of confidence
was necessary TO bring about something
of q rally At the same time IL was note
worthy that these who pTOfessed the
greatest confidence I'm this theory did not
themselves put their money into stocks
20 any appTeciabIe extent. Apparently,
they were content up 20 the last hour az
least, 20 leave demonstration OF 70 %
others or e. some other time.
The vigorous report Of Mr.. Masten, the
master i'm the Consolidated Gas case. was
the subject Of much very favorable com
ment. but the talk was purely academic.
and not at an practical only one man
took courage enough from il 10 put his
money down. He took on $50 shares and
found that indeed, the report had
streugthened the market foc Le had %
Paw Ia points more than did the person
who bought gas on the last previous sale,
The transaction was the only one Of the
day I'm absolutely the only specially In
which there was genuine news de-
velopment.
Some Of the brokers occupied them
selves in composing letters pointing out
70 customers the handsome dividend yield
on scores Of stocks and advising pur-
chases on account OF the investment re-
turn. No immediate activity is expected
as q result Of these letters, however, for
the reason that almost without exception
they were Of the Not yet. but soon va
riety. They strongly advised purchases,
but gave the additional advice that It
would be better 10 wait until the July
interest and dividend disbursements,
which may cause a money furry. are out
of the way. Few. II any Of the brokers
took a position having an immediate bear
ing ON the market.
Though the news developments Of the
dav had little effect IN stimulating either
buying or selling. it is likely that the
heavy engagements of gold for export
deferred some investors from the pur-
chase Of securities. Il was reported that
Inquiries addressed % one banking house
were suspended promptly on the an
n0uucemeut Of the engagement, and II i#
probable that there We've many similar
instances.
In the spring Of 1904, the last previous
gold-export movement Of consequence.
more than Sj0G)0.0U was sent abroad. In
some weI-tnformed quarters to-day it
was predicted that the present movement,
which NJ the close Of business to-day TO-
tailed S22S1,Cg. might run as high as
100000 IT, indeed. it did not equal the
total Of three years ago. There Is one
consolation" a well-knOwn banker re-
marked, the movement shows that the
position I'm New York is stronger than in
Paris or London. It's poor ana cheap
consolation, III grant that, but It's the
best we've got"
Brokers who came down early to 20
over the Monday morning mail, found
that they could as we'll have left it O.
the care Of office boys. Il was the con
seusus among the commission houses that
not in years had the over the week orders
been so small. In the case Of the major
ity of houses commissions on the mail
orders did not amount to enough to pay
any one Of half a dozen or more fixed
charges of the day.
For that matter it is doubtful if a
house in the street got in enough money
from all sources, TO meet the days eS-
/ penses, and the lack Of business was the
more discouraging because 81 followed
days and weeks Of steadily decreasing
trade, Expenses have been reduced, OF
course, but careful brokers hesitate 10
lay off many experienced men OF other
wise impair the efficiency Of their Offices
for the reason that no one knows at
what moment the market will become
active again. and he will need every ex-
peTieICed emplOye, every wire facility,
and every other bit of business machin-
| cry. For the same reason firm members
who consider themselves responsible for
| the conduct Of the firms business hest
/ tate to absent thmseiyes.
Following the example Of the Rock
/ Island and the Frisco. Missouri, Kansas
and Texas, announced that il was fnanc-
/ ing its requirements by bonds, rather
/ than by short term notes. The bonds
were sold on a basis yielding the in
/ testor Sc per cent, and may have cost
/ the railroad more. yet in one very i'm
portant banking quarter it IS maintained