The Washington herald., 1907-06-19
MORE SHARES SOLD
Exchange Transactions Show
Slight Increase.
FOREIGN MARKETS ARE DULL
London, Berlin, and Paris All De-
manding Gold 10 BE Used in Semi
MOnth-Adams Express Move Sim
liar 10 One Nine Years Ago.

New York. June 1S.-stock exchange
transactions were a little larger in guam
tity to-day tha they were yesterday, but
the character of the market for securities
was Of exactly the same piece as that of
the day preceding. There was the same
relative degree of animation displayed in
the first hour of business, with a rising
tendency in prices and a concentration Of
speculative activity in the Union Pacific
and Reading common stocks Thereafter
the market was practically stagnant, Just
as it was throughout the greater part of
the day yesterday, while prices gradually
receded so that net gains and losses in
quotations were indiscriminately scattered
az the close.
The recession was commonly explained
as caused by the circumstance that the
directors Of the Central Railroad Of New
Jersey at their meeting to-day declared
only the regular quarterly dividend on
the companys stock. There has been
some expectation recently that this divi-
dend would be increased. and. following
such action, there would be an increased
distribution on the Reading common
shares inasmu IN as the Reading company
holds a majority in the Central Railroad
stock
The foreign markets were quiet and ir-
regular to-day. but in the main heavy
English cons0ls again falling to new low
record price for the year and 10 level
that makes che return on them 3 per cent
per annum. The leading factor in the
financial situation abroad at the moment
IS pressure for money there for use at the
half yearly financial settlements.
Berlin i'm Need of Funds.
Berlin, It is understood, is i'm especial
need OF funds for this purpose. but the
London and Paris markets no less than
that Of Berlin are all anxious 20 enlarge
their reserves. and for the time being our
own markets. aside from that Of the gold
mines themselves, appears 10 be the chief
source of supply. In London to-day dis
counts were q little easier because 1t
was said there is likelihood that gold
would soon be exported from this city TO
London direct: and it is probably the case
that il the Bank OF England should, Ike
the Bank CT France, allow interest on
gold in transit, the English institution
could take gold from this country. Sucu
q policy. however, would obviously be In
advisable from the English point of view
in many WAYS. While the Bank OF Eng
lands proportion Of cash on hand 10 liza
b.lities just now is not very large, Il IS
still not uuseasOnably small, and for the
Bank Of England 10 use extreme meas
ures 20 force gold from this country
would set a precedent whose financial
bearing I'm an international way might
become uncomfortable later on. For all
this. the matter of chief interest in the
financial district to-day was the engage
msnt of 100000 !n gold for export TO
Paris on t0-m0rrow's steamer coupled
also with recognition Of the fact that, as
sterling exchange here still held firmly.
despite the gold engagements, il was
altogether probable that metal remit
tauCes would be increased upon the
steamer sailing the day following.
Shipments Nearing End.
There is some comfort in the knowledge
that If the ingatheriug Of gold Of foreign
banks is solely due TO the necessities
incident to the end Of the half year. the
operations must be drawing 10 an end.
iHasmUch as Ine time when gold can be
shipped from this city 50 as 10 arrive
in Europe on or before the end Of the
month is rapidly narrowing
In response to all these Developments
time money has in the last fortnight
steadily hardened. and rates for its use
as regards bid and asked prices were
Egain raised to-day.
Aside from the resumption Of gold eX-
ports, the only other subjects Of talk I'm
Wall street to-day were the announce
ments made in the morning newspapers
OF the S24 90 distribution TO its stock
holders by the Adams Express Company
and the fluctuations of prices on the pro
duCe exchanges. The Adams Express
Company. according to the plan as stated.
is TO distribute to its shareholders S24,-
Cp0000 Of the assets accumulated IN its
treasury in the shape of a gift Of forty
year collateral trusts bonds covering the
securities in which the assets in question
are invested.
Same Plan as Before.
The plan adopted by the express com
pany is practically the same as that util-
ized nine years ago. when a similar dis
tribution OF 100000 was made. The
bonds are TO draw per cent interest, and
It is officially declared that the interest
now drawn by the securities that will
pass under the collateral trust mortgage
IS greater than that which is sufficient to
pay the interest on the new bonds
created. Naturally, the Adams Express
Company stockholders would be greatly
interested TO know what the precise
nature Of these securities Is.
The quotations for the speculative op-
tlOns in the wheat market to-day con-
tinUed their yesterdays brisk advance in
the morning, but fell in the afternoon.
leaving wheat prices only moderately
above those made at yesterdays close.
The strength Of the grain market in
the last few days is thought by careful
observers TO have been mostly due TO
the forces making for a natural recovery
after a pronounced decline since the
news from the grain fields, although still
more or less mixed, tells generally Of i'm
proved conditions. But a specific reason
for the rise in wheat to-day was, as
must be admitted an emphatic renewal Of
indications that the shortages I'm the
foreign crops this year would be large.