Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-09
Trading Today Continued to
e' Contract.
EXTREME OF DULLNESS
LESS THAN 100000 SHARES OF
STOCKS TRANSFERRED.
sluggishness Attributed in Part tt
Equitable Disturbance-Alsot to
Peace Uncertainty.

Special Dispatch to The Star.
NEW YORK. June 9.-The treasury OF
the state of New York did not benefit sub
stantially from the tax which 1t has levied
on the transfers of stocks through today 8
dealings upon the stock exchange. Trading
continued TO contract, and less than 10000
shares of stocks changed hands during the
first half of the business session. The ex-
IRENE dullness of the market might cor
rectly be designated its most salient
characteristic, for in other respects 1t was
almost entirely featureless.
Even the fertile ina gination of the room
traders produced no very satisfying expla-
nation OF the speculative stagnation, or, at
any rate. advanced any reasons of novelty.
Some observers attributed 1t to the transfer
tax on stocks others to the Equitable Life
tangle and others still to the uncertainty
as to the upshot of the negotiations which
are believed to be under way looking to a
termination of the Russo-Japanese war.
Further excuses for inaction were prof
fered in the desire to ascertain definitely
the condition of the crops, as will be set
forth In the report of the Agricultural De-
partment tomorrow afternoon and in view
of the recent slightly Increased activity in
the money market there was more than the
usual amount of anticipatory discussion Of
saturday 3 Dank statement
Preliminary Estimates.
The preliminary estimates of the princi-
pal movements in currency indicated that
the banks had Jared better than had been
previously surmised
These estimates pointed to a loss by the
ranks on balance of about 81, 5OO.O 600. where
as they have scored a deficit in their deal
1ngs with the subtreasury alone on the
clearing house week of nearly s.. 100000.
Ihe rates for loans on call today aver
aged little more than 2k per cent and no
substantial alteration was noted in the fig
ures at which loans on time could be ar
ranged
In few cases were net changes amounting
10 as much as 1 point recorded. The
slight declines which were generally shown
In the railway list might be sufficiently I'M
derstood from the fact of the slight rise
o. the two preceding days. Relative
strength was apparent in Louisville and
Nashville, Atlantic Coast Line and the
shares of the railway companies in the
southwestern states
In the industrial group American Smelt-
ing and National Lead were firm in COM
parison with the other stocks in that quar-
ter.
In the commodity markets cotton con-
tinued strong and grain moved irreguarly
with trading curtailed by reason of uncer-
tainty as to tomorrow's government crop
report.
The operations here for foreign account
we're barely in excess of 5000 shares with
small preponderance of sales. A few div
tdend declarations and earnings statements
comprised the only definite news bearing
upon one stock or another. 1t was the SUBJ
Ject OF some comment that the dealings in
bonds were upon relatively more active
scale than those in stocks
The TACT that transactions in the bond
market do not carry the burden of the 50
per mile tax may have, and probably had
something TO do with this phenomenon
The bond market also was, broadly speak
ing, a good deal frmer than the stock
market. and some issues showed really
striking animation, notably for tie income
bonds of the Central Railroad of Georgia
All of these advanced to new high record
figures. CustOmarily the directors of this
company meet late in the summer for the
purpose OF fixing the rate of payment TO be
made on the income bonds
All classes of these bonds are entitled
TO receive per cent interest. II earned
and II the payment be deemed expedient
in the judgment of the directors. There is
no question that the company will show
this fiscal year per cent earned on all
classes of the income bonds and a COM
fort ble SllrDlIlS besides