The daily morning journal and courier., 1907-06-06
LAIE FEATURES OF
 THE STOCK MARKET Pressure Against Hartman
 Issues Once More. RALLY IN LAST HOUR Buy on Breaks and Sell on Rallies-Some Opinions.
RALLY IN LAST HOUR

Rallies-Some Opinions.
 The stock market yesterday was a tame affair, marked chiefly by heavy | liquidation of Hartman shares, due to the mere announcement from Washing ton that the administration would make an effort to force Mr. Hartman to give up certain information he had refused to the interstate commerce commission. This was taken to mean that there would be no change in the programme to prosecute MT. Hartman if peg could be found on which to base any action.
 The bears made full use of the state- ment that steps would be taken to force Hartman to answer some questions he had refused to do before the interstate commerce commission. While, of course, this may not mean that criminal ac- tion will be pressed against Hartman, the market is in such condition that it is easily affected by any news from Washington.
 While much of the liquidation of Union Pacific may have come from the bears, there evidently was a good deal of selling by tired holders of the stock, who were willing to get out of it and stay out until the programme of the administration concerning the company has been more clearly defined.
 Ia rally, due to bears covering and the pushing up of the price of Reading by the bulls. The whole list showed signs of improvement, excepting that Union Pacific Jagged.
 The engagement of another $1,500,000 for Paris had little effect on the money market, which was easier than on Tues day.
 "'The public seems to be letting stocks severely alone" says the New York Globe, ''and there can be no sustained upward movement until the big inter- ests take hold of the market. This they will not do until some of the dis turbing factors, chief of which at pres ent is the Hartman affair, have been eliminated. We can therefore, as be- fore, only advise selling on all bulges and buying on all breaks
 Some of the Wall street opinions given yesterday as to the outlook were as follows:
 T. A. Mcintyre & Co.,. Therefore, the best that can be expected is a contin- ued narrow and irregular traders mar ket for small turns until the crop sit- uation and. outlook becomes much more reassuring, and also the money stua- tion than at present
 Dick Bros. & Co.,: The upturn in the market seems to us to be fully warrant eds and although we do not expect any great activity or sustained buoyancy we look for further Improvement The short interest is still large, and may be- come powerful bulllsh factor.
 Marshall, Spader & Co. The market continues mere traders affair, and is probably we'll sold out of speculative commitments, as far as the public IS concerned, and to this extent may be regarded in a fairly strong technicai condition Meantime. notwithstanding the relatively low range of values, 1t IS pertinent to ask on what grounds can a speculative movement, having for its object an important advance, be urged!
 Miller & O.: The Pennsylvania Rail- road company is throwing down the gauntlet and putting on it's fighting clothes which is the first intimation ol importance that the railroads are noc going to die with their boots on be- fore being bankrupted by socialistic legislation. By withdrawing the com mutation rates they will reach the pockets and the hearts of the constitu- ents who have appointed their legislat- ors with the idea of having sane legis-
 Ali of the people are greater than some of the people, ana especially so than the one whom they appointed as their chief and now that We shall have an open battle some good results can be expected from the same. The Amer ican people, when aroused, can be de- pended upon to do the right thing at the right time. The Pennsylvania is of importance as railroads go, as we re- gard it's action as an important one against any further legislation. We, therefore, deduct that any change thal should result from now on will be for the good, and therefore look for bet ter market
 New York Tribune: Exports of gold under present conditions are not bear argument on securities, Indeed they ought to be taken as a reason for buy ing American stocks and bonds, inas- much as they represent the great finan- cial strength of the United States, and it's ability to supply foreign demands for the metal at time when the Bank of France is particularly anxious to strengthen it's gold holdings. We have the gold, and can afford to let some of it go abroad Money brings a high CT price in Europe than it does in this country at present, and as the move ment of money is controlled by the rates offered for it's use it is not sul.- prising that foreign bankers are with drawing the precious metal from this center, and if the movement should as- sume large proportions money rates here would be readjusted to a higher level the effect of which would be to bring to an end gold shipments. Local banks are in a strong position.
 Prices are much below those that pre- vailed at this time in 1906 twenty rep resentative issues, for instance, show ing an average price of 9095 as com pared. with price of 9223 year ago. The bond market has been disappoint- ing to bond houses, but there is no req Son to believe conditions will be always as they are at present. While some difficulty is experienced in disposing of new issues, the cheap prices at which they are offered appeal to people who are firm believers in the country J