The Washington herald., 1907-05-08
MARKET IS BEARISH
Public Refuses to Take In
terest in Speculation.
BAD CROP REPORT HAS EFFECT
Particular Pressure Brought to Bear
on American Smelling amd Retin-
ing, Delaware and Hudson, and
New Yoris Central shares-Wheat
Markets are All Irregular.

New Yoris Central shares-Wheat
Markets are All Irregular.
New York, May professional speeu-
lators In the stock market, whose opera
tions havd supplied by far the greater
portion Of the transactions in stocks since
the great depression in prices that eulmi-
uted on March Il, We're to-day inclined
to be more pessimistic in their views
than they have been at any time in the
last two OF three weeks, baslng their
conclusions, apparently, upon the con-
tinued lack of public interest in the mar
ket. and the failure of the market TO abb
sorb. without considerable recession IN
quotations, the realization sales Of securi-
ties that have been made in the last three
or four stock exchange sessions
Continued emphasis was also laid in
these circles upon the unfavoraole char
acter Of the crop neVe, the reduction OF
railroad earnings as shown in current re-
ports. and upon more or less fugitive IN
dications pointing to the possibility OF
gold exports.
There was therefore. to-day, renewal
of speculative attacks upon the market
somewhat more vigorous than have been
recently made. and although before the
close OF the day something OF TecoV-
ering movement set In, most OF the proml-
mont stocks closed for the fourth sue
cessive day at considerable declines
Right at the outset, prices were little
steadier, but such gains as were made
seemed only for the purpose Of faciltat-
ing sales. and the market weakened
rapidly thereafter. and so held Throughout
the day until the last hour OF business,
when it rallied as described
Pressure On Smelling.
Particular pressure was brought against
the American Smelling and Refining,
Delaware and Hudson. and New York
Central stocks. Fluctuations in The Ameri-
can Smelling ana Refining shares are al
ways. comparatively wide, and the decline
in the stock to-day attracted no especial
attention.
The selling of New York Central stock
followed. perhaps rather naturally upon
more detailed consideration of tbe poor
report OF the company for the March
quarter. 10 which due reference has been
already made There was de7rth OF eX-
plantations TO account for the fail in Del
aware and Hudson stock following so
closely upon the decline in the stock
yesterday The story heard yesterday IN
regard 10 the matter was that the decline
grew out OF the likelihood, as supposed.
that the company would soon appear IN
the market as a borrower of money, but
Il hardly seems reasonable that so pro-
nounced "a fan in the price of the stock
In two days as has taken place, could
be referrablc 10 such cause The Dela-
ware and Hudson Company stands IN
high credit. and if spectators have been
selling its stock because of the possible
Imminence of borrowing by the company
of a few millions of dollars. even at cur
rent high rates for the use of funds, they
have had slender cause for their course.
wheat Market Irregular.
There were not many fresh develop
ments to-day affecting the financial or
business situation. The wheat market
on all the country's produce exchanges
was nervous and irregular and closed at
q slight decline from that of yesterday.
The reports from the Western and South
western agricultural sections were more
favorable than they nave been, but at
tention was more particularly directed TO
conditions in the Northwest, where IL
was said the cold. freezing weather. which
has continued so long. had thus far
caused the planting of the spring wheat
crop TO be made with the greatest diff
Guilty, and. in some parts of the spring
wheat territory, had prevented any plant
ing at all
Speculation for the rise in wheat derived
not q little help from the strength of the
commodity in the foreign markets, owing
TO unfavorable crop conditions there of a
sort not dissimilar to those which have
prevailed here.
The bulletin of the Kentucky agricul-
tural bureau for the month Of April was
published to-day showing condition Of
winter wheat of Ss per cent, as against
80 per cent in the previous month and q
per cent at the corresponding time last
year. Kentucky is. OF course, a small
winter wheat growing state, only raising
normally about 100000 bushels of the
grain.
Conditions Deteriorate.
The figures of the report, however
taken in connection with those for Ohio
Missouri and Kansas. lately made, testify
that very considerable deterioration il
conditions is likely TO be shown in th5
government report for May /, due on
Friday, and II also seems clear that fl
the week that has passed since the gov
ernment observations were taken these
conditions have grown worse rather thar
better.
Suggestions of gold exports from thi.
side We're regarded in banking quarter;
to-day as being rather academic. although
Il was conceded that the question of thes,
exports will be decided almost solely b!
the course of sterling exchange in tn.
Paris market Sterling in Paris is still
above the figure at which gold can b.
sent to Paris from London as a purely
exchange transaction, and. whether
therefore, gold will be sent from this sid,
10 Paris. as is rumOred. on a triangular
basis. depends upon the urgency witt
which French bankers press their de
mands for the yellow metal in London.
Foreign Markets Heavy.
The foreign markets as a rule to-da!
We're weak and heavy, although discount
were lower everywhere abroad. Hop
appears to be given, however, for an earl!
reduction in the Bank of Englands mini
mum discount rate.
Here to-day money rates were quite un
changed, rejecting in no way the transfe
of 81. 900 TO San Francisco through tn
subtreasury. which with a loss by III
banks TO the subtTeasuTy up to the open
ing OF business this morning of Sl29, 90,
points TO another round cash loss by tn
clearing house institutions for the wee
as a whole.
NEW YORK MONEY.