Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-17
Transactions in Today's Mar
ket Woefullv Light.
GENERAL DEPRESSION
FOREIGN QUOTATIONS SHOWED
THAT APATHY RULED ABROAD.
Indications That Future Dealings Are
to Be Irregular - Stock Prices
Eased Off Fractionally.

Special Dispatch to The Star
NEW YORK, June 1T.-Even for n Sat-
urday in early summer transactions in
the stock market today were woefully
light. The opening was dull to the point
of staguation, with an all-around prac-
teal depression which was apparently
owing only to the process of approximate
ing the quotations for Americans In Lon
don. Apathy ruled abroad, consols were
unchanged in London and government
bonds were firm there and on the CONT
nent.
There was a little speculative activity
in mining shares on the other side but
other lines were neglected, Americans
tending especially to suffer on this &C
count. The foreign trade situation seems
to be good. and there is no question of
the ease of European money markets, SO
that foreign financial critics are forced
to infer that the quietness of speculation
must be owing. not only to the desire to
await the further steps in the negotia-
lions for peace in the far east but also
somewhat to the concern manifested in
important quarters over the aggressive
attitude of the German emperor toward
France.
The steadiness of consols and other
government issues precludes, for the time
az least, expectations that the new cloud
over the peace of Europe is likely to be
reflected in liquidation. There was no
overnight domestic news calculated to
stir the market here out of It's rut
The weekly reports Of the mercantile
agencies told of normal trade and industry
and the compilation of bank clearinss for
the country during the week showed an In
crease of - per cent over the volume for
the corresponding week last year. although
exhibiting a slight decrease from the fig
ureS for last week.
Nominal Dealings.
The preliminary forecasts of the bank
statement indca ted satisfactory showing
but expectations in this regard were in no
wise reflected in the nominal dealings in
securities.
There seem to be signs that the course of
the money market in the near future is
likely TO be irregular, although nothing like
d serious hardening of rates is looked for
The recall of Japan's financial agent for
the purpose of considering plans TO float in
foreign markets a peace loan wherewith to
take up the s25o,CCO.OIO issue negotiated at
home, has long been foreseen as an newt
able sequel to the termination of hostilities
and now that such a loan is imminent the
interna tional credit situation will bear a
little more careful attention than has beer
extended to ii lately.
For the most part prices for stocks eased
on frdctlonaliy from the opening quota
LonS, which were of themselves from IA to
= "'i'" last night ; maj ngureS. There
were some comparatively firm features
especially Reading. although early efforts
70 continue the activity and advance of
ms issue did not meet with much success
mere was fair degree of speculative ac-
JN!ty IN the bond market notably in the
japanese 4l1s, where there seemed to be a
taking. -
The Bank Statement
me bank statement was hardly in line
with preliminary estimates, for il exhibited
an increase Of $15,34OOOO in loans and a
corresponding increase in deposits of s1g.-
4'-.on- The changes in the cash items
were IN substantial accord with the fore
cast made yesterday. based on the known
movements OF money. and an increase on
that account of 81 495 900 was noted but on
account of the loan and deposit expansion
reserves decreased s2.6lS.O and the banks
now hold 81. 209,Oo0 In excess of the lawful
requirements. compared with S3S 800 S75 last
year, and s10,099.5 $40 two years ago.
The only rational explanation forthCom-
lnsto account for the increase in loans was
the shifting of accommodations from the
trust companies to the banks in order to
leave the trust companies In a better posi-
ton to prepare for their semi-annual state
ments.
No change came from the sluggish tenn
per of the market after the publication Of
me bank statement. Prices tended to ease
)ff slightly all around
The hrmneSs of Pennsylvania and the
heaviness OF Southern Pacific were perhaps
ON the whole. the only features of compara-
tive interest throughout the morning but
in a market like this Ii Is hard TO attribute
any special Significance TO particular or
general price movements.