The Washington herald., 1907-06-11
WALL STREET NOTES
Reports of Wheat Conditions
Prove Little Help.
OUTSIDE BUYING IS NEAR END
Revival Last Week soon Subsidies
Without Having Any Eject ON
but No Shipment Is handicapped
Movement of Metal tn BE Resumed.

movement of Mctni tn BE Resumed
New York. June 1O-If a national grange
convention had distributed its delegates
among the stock exchanges and the bank
ing houses to-day. there would have been
no more crop talk loosened about the
street than was supplied by the brokers
and their customers.
Apart from gold exports, the talk was
of nothing else. and very little else formed
a basis of speculation. Three State crop
reports were food for discussion In the
morning; in the afternoon they eagerly
awaited government crop reports with
concentrated attention. I'm the last hour
particularly crop representations fur
nished practically the sole motive beAind
market commitments.
The government report was less un-
favorable than had been expected
Price movements in the grain and stock
markets Immediately following the publ
cation of the report reflected a general
feeling that the wheat market had been
overbought and the stock market over
sold on the predictions OF damage 20
crops.
There was a continuance Of the bullish
talk on the railroad equipment companies
that has been heard since the increase Of
the Car and Foundry dividend There
were predictions that both American
Locomotive and Pressed Steel Car would
make larger distribution, but the COM
mcnts concerning them were vague at the
best. More definite was a statement re-
garding American Steel Foundry. which
was said TO have inside inspiration be-
hind il. The company, it was reported,
has earned }2,700o)0 in ten months Of the
financial year, and was likely TO increase
thar amount to S3.20O.000 in the remaining
two months
The only report Of administration ac-
uvity came out just before the close in
a synopsis Of the Presidents speech al
jamestown.
Rumors of a concert among the powers
the morning. The favorite story was. that
a meeting Of banking representatives. was
held on Saturday and an agreement
reached 10 support the market in the
hope Of stimulating outside buying III
there was anything at all IN the stories
Of banking support the tape neglected |
TO show il.
Commission houses which last week re-
ported a revival Of outside buying said
that the movement had subsidized as
quickly and unexpectedly as it began
There were some desultJry orders. but /
interest in the market was confined 90 a /
very few localities. and the over-the-wee, /
orders had been dsappointiugIy small 1
and scattered. In the aggregate they I
We're not Of sufficient importance to have /
an appreciable influence on prices.
Mr.. HaTimaus supposed immunity /
from prosecution did Union Pacific no
good. and It was remarked that as far
as Hartman securities are concerned. it /
makes little difference whether or not
Hartman is prosecuted. so long as /
large part Of the investing public thinks T.
ne ought 20 be prosecuted. In this con-
uection. it was said by one of Hsrrl- F..
mans supporters that he has less 20 fear /
from rigorous attitude on the part of /
the administration than from an impress /
sion that the administration has grown |
lenient with him.
One Of the news agencies announced I'm /
F-- "a
ing houses would conclude arrangements /
for the expectation Of 100000 gold be- /
fore the end Of the day. The announce |
ment was made In the first hour Of trad /
ing. and had a depressing effect on SEN /
timent Subsequently there were changes /
in the money markets, both here and 4
abroad, that made expertations unprofta- /
BILE, so that, contrary 70 the general /
expectation, no gold at al was engaged /
for shipment by to-dav's street
or development IN the international
money market. the most unexpected was /
an advance Of IL centimes from the low /
point Of last week, in the Paris check on /
London, Paris accordingly securing none /
of the S3I001o gold laid down in the /
London open market There was a decline 1
of 10 points I'm demand sterling here
almost the first decline since the gold ex- /
port movement began-and both call and
time money were a trine harder The /
sum Of these changes was evidence that |
the Paris demand for gold, which last
week seemed TO be Unsuitable. had been
satisfied TO a large extent
International bankers, however. pointed .
out that the changes were too triling %
justify a conclusion that the gold export
movement is at an end There was an
advance Of but 4 Of 1 per cent in the
prevailing rate Of call money and a very
slight hardening Of time money, while the
foreign exchange market at the close was
unchanged from Saturday Paris it was
said, was not bidding as aggressively for
gold as on previous days, but strongly
bullish deductions were not justified from
the movements Of the day. encouraging
though these were.