The Washington herald., 1907-06-13
MARKET STILL HEAVY
Little Excitement Over Loss
and Gain of Point.
TRANSACTIONS AT LOW EBB
Fewer shares sold Than at Any
Time During Past -Four Weeks-Fi-
Has Quieting Effect on Business.
story of Failure Unexpected.

New York, June PA fairly large pro-
portion Of the professional spectators
who sold stocks rather freely Yesterday
upon the numerous -prov0cations that
were then offered for such action were
engaged to-day in recovering the stocks
thus sold, that is 10 say. in grasping the
profits Of 1 or . points in the standard
shares that had accrued from the opera
tion. Dealings I'm securities to-day were.
however. the smallest for four weeks
past. and the market was utterly feature
less and very uninteresting II was not
exactly dull market, for changes in
prices within a narrow range frequently
occurred. but these We're due to no other
cause than the quick buying and selling
Of hahitual traders. mostly those on the
floor of the stock exchange Itself Much
tae same state Of affairs was exhibited
in the foreign markets. and transactions
in stock here during the day for for
eign account were at a minimum.
Early in the day when the covering
movement Of spectators here was az its
height. prices Of the leading stocks
showed advances Of about a point from
their yesterdays final figures. They lost
ali this gain later, only 10 recover a por-
tion of II. and closed with advances and
declines which were, in most cases. small
and irregull-ly scattered. At the close
the market was inert and seemed to he
fer the time being pretty nearly in "a state
Of equilibrium.
Financial News Mixed.
one reason for the hesitating course pur-
sued by the market to-day was perhaps
that the financial news of the day was
good deal mixed. The morning newspa-
pers contained two announcements Of nm
favorable character. one Of these that the
government proposed 10 institute az once
suit against the s0-c1led anthracite
coal combination. and the other that
building operator i'm the city had failed
with liabilities aggregating over a mil
lion dollars
The governments action against the an
thracite roads has been long foresbad-
owed. and the managoments Of those
properties have for years been preparing
for such proceedings. So far as public
.A17lfl IL .''ii'HI 'IfN't NiIIN ff Ntir OF
the case has thus far been heard-that Of
the prosecution. The defense has yet 20
be considered. and no fear need be felt
that il viii be a weak one. Il is known
that i1 the case Of some Of the roads that
have been arraiEned a plea. at any rate.
will be made that I'm holding securities of
other railroads and I'm the adoption Of va
Ti0us policies e have been complained
Of they are acting wholly and specifically
within their charter rights granted to
them long since soy state authority.
Wall streets Views.
Wall street appeared to-day TO be chiefly
impressed 10y the fact that the litigation
thus begun must 20 on for years before
reaching a conclusion.
Talk concerning the failure yester-
day Of the Staten Island Iron mauufac-
turing firm and the suspension to-day in
the building trade was still an adverse
market factor to-day of considerable i'm
poTtaucs A commonly expressed desire
was for information as 20 whether other
similar happenings We're or were not
probable, and the gossip Cf Wall street
busted itself with rumors concerning
dry goods" difficulties, which. as they
were referred TO in the vaguest manner.
neither needed or received a contradic-
ton.
The basis Of these stories. however.
seemed 10 be the very well known i'm
pairment Of business in many lines Of
mercantile trade this spring. owing % the
Gbnormally cold weather Of the season.
A story printed this morning that the
Russian government had arranged r SO
C41el0 loan in Europe. and that $l2000C00
Of the money was to he sent from this
side Of the Atlantic. met a denial from
every authoritative quarter, and was al
no time a market influence.
Russian Loan Discussed.
The truth is that. under prevailing cir
Cumstances, no Russian loan can be nego-
tiated without the concurrence of the
Russian DOuma, and that the Car appar-
emily IS not yet willing 70 ask the consent
Of his Countrys newly created legislative
body for such an undertaking. Il is
doubtless true also that the pressure re-
Gently eXerted for gold by Paris in our
own and the British financial markets is
directly connected with the foregoing
state Of affairs.
Developments to-day moved slightly
IN favor Of renewed gold exports from
L-Lio 'filL--ls even tilfNElI ftEi ana Illlfe
money rates here were distinctly firmer
How far, on the other hand. the foreign
exchange situation viii be affected by the
Secretary Of the Treasurv's call upon the
national banks. Issued after the close Of
business hours. for S39GO0000 Of the public
funds deposited with them. remains to
be seen. The money is TO be paid back
90 the Treasury by the banks on July 10,
but the withdrawal Of the money from
circulation can hardly have any other
effect than stifening money rates in the
meantime.
The most favorable matter affecting the
stock market to-day was a further vfo-
lent fan IN the price of wheat. carrying
the price Of the leading speculative op-
tions IN the commodity down over Il
cents on the bushel from the high level
touched a few DAYS ago. This seemed 10
be due not 20 any particular change for
the better in crop prospects, but 20 a
general crUmbling of a speculative move
ment for the rise in the commodity that
had become altogether topheavy.