Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-18
Small Business Marked Sat-
urday's Half Session.
CLOSE OF A DULL WEEK
LOSS OF NEARLY A POINT IN
READING THE FEATURE.
Declines of Varying Fractions Have
Been the Rule-Inertia of
Market Complete.

NEW YORK. June 1T.-Small business for
todays half session closed a dull week on
the stock exchange and afforded no relief
to the existing stagnant conditions. The
most significant feature in the market was
the loss of nearly point in Reading. which
the only stock to show any activity or
strength yesterday. This was the index
OF the days whole movement.
Declines of varying fractions are the rule.
The quasi-fictitious nature of the transac-
lions by the professional traders seems to
be absolutely without a sustaining basis
in any actual business, either by sellers or
buyers of stocks
Small as were yesterdays advances the
traders had no other resource today than
TO reverse their position, yesterdays mar
row movement having exhausted the posi-
bilty of upward movement The in
ertia of the market Is complete, except for
these timid ventures by. small remnant
of traders.
Small Foreign Account Business.
There was some discussion of the reported
friction between Germany and France over
their relations towards Morocco But it
was said that not over 500 shares were
traded in here for foreign account and
these. so far as they were traceable, were
yesterdays orders delayed until today
in the execution.
The greater speculative activity in the
markets for commodities gives greater op-
portunity and helps to divert attention from
stocks. The heavy tone of the market was
accumulated to a very slight extent after
the appearance of the bank statement.
The increase in deposits was principally
due TO loan expansion and while the re-
W
"a, 10000, the cash increase amounted to
only 81. $4,000. The result was a shrink
age in the surplus of 81, 61SCOO to 81, 209 so
The activity in Japanese Az certificates
continued, but their narrow range made
them less attractive for trading operations
than on yesterday.
Total sales Of bonds, par value, s., $50. 900.
Promise of Revived Interest Failed.
The promise of revived interest in stocks
held out by the support of activity in last
Saturdays market was not fulfilled by the
weeks events, and the volume of dealings
has progressively subsidized from day to day
to lower level than last week and than
any previous record for the year The
purchase of Equitable Life Assurance stock
to be <placed with trustees aroused great
hopes of the removal of the most effective
repressiye Influence on stock market ac-
tivity.
These hopes proved unfounded- Their
plantations of the failure as Being due to
other, causes. This did not entirely clear up
the conviction that readjustments
likely to follow the insurance episode that
would he of substantial effect in the future
market. Restrictions are looked for III the
future administration of insurance COM
panies in handling surplus funds and in
subscriptions to bond issues. The an
nounced determination to confine EQuita BILE
investments to the limits allowed to saw
ings banks was regarded pointing to
changes in a class of holdings now lnclud-
ed in the company's assets. and to modifi-
cations in deposit accounts with other
financial institutions likely to have bear
ing on available supplies in the call market.
1t is recognized also that time is neces-
sary to quiet the anxieties aroused by the
= disclosures involved in the whole episode.
Foreign Influences Depressing.
The definite form taken by the negotia-
lions looking to peace in the far east
proved equally without effect in reviving the
stock market With foreign stock mar
kets generally closed on Monday. there was
lingering hope that their resumption on
Tuesday might reveal some response TO the
peace prospects.
1t was this that sustained the market
here Monday and restored the losses
due to the opening pressure to take profits
on the Saturday rise. But the quotations
current in London by the time our market
opened on Tuesday led to the immediate
abandonment of this idea. So far as the
foreign situation has been an influence in
the weeks market, the growth of uneasi-
ness over the relations of the European
powers with regard to Morocco has been
against it.
The problem of the outcome of the crops
is undoubtedly of prime Importance in the
decision of the future course of the stock
market The variation in conditions from
day to day has little immediate effect, but
this is because of the conviction that def
mite conclusions on the outcome cannot be
formed yet.
Promise of Wheat Crop.
The whea: crop promised on the basis of
conditions reported by the goyernmen MT late
on last Saturday is regarded as sa:isfac-
tory. The conflicting possibilities of I'M
provenent before maturity or of damage
and possibl, disaster in the critical period
of the late maturity of the crops are felt
TO offer too many uncertainties 20 warrant
extended speculative commitments
The reports from the iron and steel trade
fail TO establish confidence in the definite
future course OF that great Dasic industry,
and a change from the presen- lnll and