The Washington herald., 1907-06-08
PRICES STILL RISING
Street Pays No Attention to
UnfaYOrable News.
PARIS GETS $3,6OO,00O GOLD
General Belief Pervades Market
that Washington Administration
Recent COnsOlidations-W Up
Cents a BusheI ON False Alarm.

New York June THAT general i'm
provement in stock market conditions
which became so plainly visible ycstcr-
day, and which was displayed both indef-
nitely, in a more cheerful state Of specu-
lative temper. and definitely, in a rising
tendency in prices. was again exhibited
to-day. and in an even more unmistakabIe
way than it was on the day preceding.
The noticeable feature Of the market to-
day was its failure to decline under the
PRONUNCIATION Of what, in speculative
sense. was considered bad news.
This is the first time for a long period
that the market has evinced strong re-
sistance 10 influences that would ordi-
narily make for lower valuations. and it
is needless to say that what happened is
a hopeful sign regarding the immediate
future Of values. There were announced
at different times during business hours
engagements Of gold at the subtreasury
for export amounting 10 S36oo,oo0 the
largest amount of gold so taken in any
day thus far during the year. and nearly
R6sregating the quantity that the insur-
ence underwriter- will allow 10 be sent
abroad on any one steamship.
Wall street UncOncerned.
Sterling exchange, too. stII held flrm
Indicating that the gold shipments are
by no means over; although on the other
hand. sterling in Paris advanced little
and the London money market was some
what easier.
Wall street to-day paid absolutely no
heed TO this development. Money is, Of
course. abundant for the moment 1T this
center and is returning here from the
interior of the country i'm considerable
volume, circumstance 90 which witness
was borne by the fact that exchange bills
drawn in Chicago to-day on this city sold
at a premium. The feeling in Wall street
appears TO be that the financial com
munity can for the time being well afford
TO spare gold for Paris. and that il will
be the best policy for this country's in
terest in the long run 20 allow the Bank
Of France to build up its gold reserves
to their accustomed levels as the bank is
rapidly doing Money rates, therefore
to-day did not harden at all and the en-
qUestionably reflects in greater or less
degree the certainty that the largest semi
annual disbursement of interest and diri-
dend money ON record in the country is
only three weeks off
wheat Jumps on False Report.
1t is plain also that this matter is
already making itself felt in the security
and investment markets. Again. to-day.
there was a violent rise ar one time Of
over . cents busheI from the days low
est level I'm the price Of wheat in the cir
cglation Of a rumor that the Kansas State
crop report for the month of May would
show p condition of only 523. as against
s. a month ago. which if true. would in
Ciaata probable wheat crop in Kansas
this year of not more than 5000 010 bush
els. as against 100000 bushels last year.
1t was afterwaId ascertained that the
Kansas crop report had net been issued.
and i'm the grain trade much skepticism
was expressed as 20 the likelihood of SO
great drop rs 80 points IN the condition
of wheat IN Kansas since May l. Never
theless, under ordinary circumstances the
.uptum iu wheat to-day would have
and "a vigorous renewal there of a selling
movement
Securities Also Advance.
To-dav's prices of securities were not
at all oerturbcd by what happared on the
produce exchanges and. in fact. while
the wheat market was advancing the
stock market advanced, too. II appears
70 be thought probable that some deter
ioration in the wheat crop has indeed oc-
CURED in Kansas. and. 10 a less extent
In Nebraska since May /. but I'm all usu-
ally weII-informed quarters it is held
that there has been in this period a gen
eral Improvement in crop conditions over
last year and since the first OF the pres
ent month these conditions have been
very decidedly bettered
There was a rumor fin circulation on
the stock exchange to-day which might
very well have been true, that an in
crease in the distribution on Reading
common stock was near IT hand, ana q
sustaining force in the market was no
doubt a general belief that the Inter
state Commerce Commission. as n result
Of its investigation into the conduct Of
the Hartman system OF railways. has
been led perfOrCo to the conclusion that
10 suit at law viii lie against tho Union
Pacific management for whatever has
been accomplished by the management i'm
recent years in the shape of railway con-
sCldatons. Some enlightenment on this
subject is daily expected from Washing
tom but the opinion is held in high cir
cles I'm the financial district that while
various prosecutions may be directed by
the government for alleged violations. in
specific instances. Of the antitrust act
they will not be Of a broad and sweeping
character.