The Washington herald., 1907-06-22
MARKET is LISTLESS
Slight Increase on TranSac-
tiOnS in Shares.
ALL NEWS UNFAVORABLE
Best Thing that Can BE Said of Con-
ditiOns Is that They Are No Worse.
andria, Egypt, Reported - Much
Gold Engaged for shipment.

New York June T.-The activity Of the
security market was increased to-day in
that the transactions in stocks were 2l2,-
coo shares, against 10000 shares yester-
day, but even so. the volume Of business
was the third smallest Of any day in the
year thus far. and there was. no change in
the listless, inert, and utterly inconse-
quential character of the dealings The
animation Of the market was, as usual,
greatest in the first hour Of the stock ex-
change session. and was accompanied by
rather pronounced continuance Of that
heayiEess Of undertone which became
prominent toward the close Of business
yesterday A little later on, recOveries in
stocks by speculative sellers for the de-
cline led to 4 rally, but after this, until
the end of the day. the market was at
standstill, and all but a very few Of the
leading stocks closed at declines.
Rather especial features of the trading
were, perhaps, an exceptional depression
of "a points in Chicago and Northwestern
stock caused by what was, or was de
signed to appear Ike liquidation in the
issue. Canadian Pacific was another no.
tably weak stock. and the fall in its price
bore some relation. supposedly. to the
near approach Of the London financial
settlement
Many Depressing Factors.
Speaking generally, the best thing that
could be said about the market to-day
was that it did not show more weakness
than it did in view of the admittedly un-
Favorable tenor Of the days news. De
velopments in political and financial af-
fairs abroad are not Of a pleasant sort
They comprised. 10 begin with. the dis
turbance in the wine-gr0wing districts in
France. where riots began TO assume al
most the appearance of a revolution. The
occurrences in and around Narbonne and
BeZiers to-day unsettled the foreign inan-
Cial markets everywhere. and led partiC-
ularly TO heavy selling Of most Of the
securities that have recently been favor
ite subjects of French speculation.
Aside from this. there We're symptoms
to-day of Egyptian financial trouble. and
the suspension was announced Of a small
bank I'm Alexandria: and it Was probably
difficulties OF this last named sort that
led 10 engagements of gold here to-day
for English account. and to the action of
the Bank of England in offering. for the
first time since the BOer war. TO pay in
terest on gold in transit from this cOun-
try.
II at least must be said that If this
action of the directors Of the Bank Of
England was not in consequence of ur- |
gent requirements of the kind described. /
il was an uncalled for step, and one that /
is such as 20 preclude English criticism !
from assailing a possible similar action 1
al a future date by our own Treasury /
Department
The distinction is made, of course. that /
the Bank of England is a private insti- |
tuition, and can do as it pleases, while /
our Treasury Department is not supposed /
20 bother itself with the country's money /
market: but the majority of people in 1
this country Will be apt TO conclude that f.
this is "a distinction without a difference, /
when il comes 10 a national financial /
exigency.
Much Gold Engaged.
The days gold engagements reached the /
sum of S26o0,O0o of which $1,000 was /
for England. For the week the gold ex- I
ports will amount to S61W00
Forecasts Of to-mOTrow's bank state /
ment took only small account Of the gold
that will be sent away on tomorrow s
steamer, but as il was, they indicated
a loss by the clearinghouse institutions
during the week Of from S.J00.000 TO 5000
co.,. and as the bank surplus last week
was reported as standing at but A5l4GZ5.
it is pretty clear that the drain of gold /
from this center cannot go on without
causing decidedly higher rates. locally.
for the use Of funds. Prices Of time funds
are inde9d, very considerably higher than
they were a fortnight ago, but thus far.
owing 10 the t0rpOr of speculation. call
money rates have hardened but little
Naturally. in the present state of af-
fairs. the announcement yesterday and
to-day of new financing arrangements by
the Chesapeake and Ohio, the St. Louis
and San Francisco. and Texas Pacific /.
Railway companies were not received with
enthusiasm. although the arrangements
In question appear to have been conser-
yatiyely and wisely made. and with the
most praiseworthy ends in view.