The Washington herald., 1907-06-15
ALL MARKETS DOWN
Paris Affected by RumOrs Of
Egyptian Troubles
LOANS CLOSED TO RUSSIA
Refusal of Government to Get Per-
mission of Douma TO Float Issue
Has Effect in Money Mnr<ets-StOry
About Union Pacific stock Is De-
MED by the officials.

New York, June 14-All the leading
markets Of the world to-day were de-
pressed, and so far as those on the other
side of the Atlantic were concerned,
weakness seemed 10 center around the
continuance Of speculative liquidation in
Paris. There was a variety Of reasons as
signed for this development. The Paris
market has TO doubt been affected to
greater OF less extent by rumors of tinan-
ciaI troubles in Egypt and Brazil, and by
certain domestic perturhations, such as
those arising from the disturbances in the
wine growers district in France. and in
the growing restlessness of the French
people over the eXactions and imposi-
tions in the way Of taxation imposed by
what is practically a socialistc govern
ment in the country.
There has been, too. q good deal of gen
eral speculation for the rise in securities
in France. and the time for the half
yearly financial settlement is approaching.
Moreover. the Russian political situation
IS assuming a phase not entirely pleasant
from the point of view of holders of Rus
sian bonds. TIE indications are that
another struggle between the Car and
the Russian Douma is impending that
may lead to "a dissolution Of the country's
legislative assembly
Donna Controls Loans.
Specifically. of course, it is well 10 re-
member that when the first Russian
Douma. or parliament. met. its members
nassed a resolution declaring that the
people Of the country would repudiate
any national bond issues that were made
I'm the future without the DOuma's con-
sent. and. as the Cars ministers have
not been willing to recognize the Douma
90 the extent of asking it for this con-
sent. they have found the financial mar
lzets of the world closed TO them. and
have hence. perforce. been compelled 20
Withdraw a considerable portion Of the
Russian financial balances in London
Paris. and Berlin. with the necessary ef-
feet of tightening money in these capi-
tails.
London was weak to-day because a
resumption was feared Of the drain or
cold from London to Paris, ana the
sion I'm the markets west Of IT, Here
there was selling FOR the decline, as dis
+irgr1izhaG from genuine liquidation, which
WIS prcvoke5 partially 10y the occurrence
abroad partially 10y the notable lack OF
burirg power displayed in the market
Yesterday. and 90 some extent by James
J HUTs Desslmistir Interview published
yesterday afternoon.
weak nt start.
The market was weak I'm the first two
hours Of business. and up to that time
declines of from one 90 three points We're
forced I'm the active stocks. Later In the
dqv prices rallied about point, but still
closed at decided losses.
Call money rates to-day rose 90 3l2 per
rent for the first time for several weeks.
and the price of time funds was again
higher.
This did not prevent. however. the en-
ragemant Of 100000 i'm gold for export
In response to urgent demands from Paris
nor did il avert indications that these
metal remittances would be augmented IN
the coming week.
FepeciaI pressure to-day was eXerted
AGAINST Reading common stock, OWNS
10 q change of belief on the part o'
the suacuIativa element as % the Akeli-
hood of an increase in the dividend on
fhp stock at the next semi-annual meeting
Of the directors, soon 20 he held for the
purpose Of fixing the dividend rates. An'
a cause assigned for the sharp decline
3D Union Pacific stock was the publication
Of a story that there was movement
on foot among certain stockholders OF th'
company TO enjo!n in the courts the IS
Euauca Of the $4,000 900 convertible bonds
recently proposed by the companys di-
rectors for the purpose mainly of raising
money 20 pay the debts incurred by the
COMPANY in the purchase Of stocks Of
other railway organizations.
Authorities Deny story.
This news was printed in very vague
terms. and the authorities Of the company
denied all knowledge that any such actor
was likely 10 be taken.
The stock market to-day appeared
equally unaffected by the cessation Of th'
local stevedores' strike, which ended Fl
the complete defeat Of the striking long
shoremen. by the threatened strike o
teIegraphers. and by the renewal Of the de
cline in the wheat market The furthe
fall fin wheat was due seemingly 90 The
spread of high temperatures and favor
able weather over the Western sections
presenting a vivid contrast TO the disma
weather conditions locally.
The Secretary Of the Treasury made
formal announcement late in the day tina
there would be no issue Of Panama Cana
bonds by the government in the i'm
mediate future. II would, naturally, b.
poor policy for the government to maxi
r-rr an i-rus under existfng Cf~crlu