The Washington herald., 1907-06-25
PRICES ARE FIRMER
Despite Small Trading En-
enlargement Is Felt.
FOREIGN HOUSES ARE BUYERS
Orders from Abroad Not Sufficient
to BOcm Domestic NHrket-Locai
Money Quiet. but stinening of
Prices Looked for, Owing tn Prep
aratiOns for July Disbursements.

New Urks June al IduStCitpilS On
the stock exchange to-day amounted 10
only 1900 shares the lowest record for
a full days session in recent years, but
throughout the tone was Grm until it
became positively strong in the last few
minutes Of business. The principal cause
of the recurrence Of strength was the
fact that il had become clearly appar-
ent that the market was thoroughly
liquidated and that even very moderate
buying demand suficed 10 send prices
sharply upward.
The dealings were almost wholly pro
fesaonal, but in view of what was mani
fest as TO the underlying conditions. the
professional element showed an increas-
ing disposition TO array itself on the side
Of advancing prices.
A broad sentiment was more cheerful,
advices from London indicating that there
were no longer any serious misgiv.ngs as
20 the outcome of the settlement Just
about to be entered upon, while there
was a recovery on the Paris bourse. IN
which only Rio Tjnto failed TO partici-
pate. rentes reco.-ring all Of last weeks
loss and a litt's more.
There was practically no business for
f5reign account i'm our market. but some
Of the leading foreign houses reported a
peceptlble increase in the demand from
the other side which did not however. re-
suit in business because the absence of a
real market here made the execution of
orders difficult The Egyptian situation
appeared to De clearing up, and il was
even said that the Paris settlement at the
end Of the week might pass off much
more easily than had previously been
anticipated.
Jiore Gold for Export.
The most important news of the day
was the engagement Of S3,yJlo9 sold for
export TO Paris. bringing the total So
far engaged for that city on the pres
eut movement up TO Szl07n.poJ i'm addition
to which there have been engagements
FOR London to the amount of 1.l5}go
Following the gold engagements the
foreign exchange market manifested q
slightly easier tone although the change
in the rate was not at all sufficient TO
wipe out the prospects of further ship
mCuJs being made at profit.
The local money market was quiet
with no material change IN the rates.
which on call ruled around 9 per cent,
never at any time during the day rising
above or falling below this level 60 o
greater extent than 0lc-haf of I per
cent The general opinion was that in
view OF the preparations for the July dis
bugstmcuts. which viii this year be the
largest Oh record, calling for $l,2,Sl.s43. or
approximately l' per cent more than last
year. the money market viii probably
harden before the end Of the week. but
factor worth noting in this respect was
the advance iu New York exchange al
interior cities. which indicated that couu-
fry banks were pr- parlHE 20 send money
here 70 lend I'm Wall street I'm the event
of the rate advancing sharply
Fayora bic 10 Advance.
Naturally. the banking community
would like 20 see an advance I'm the rates
On call money since the present rate Of
about per cent is entirely too low com
pared with every other money market in
the world
Crop news was on the whole favorable,
except for ala interview Elven out by "a
member of Wall street house I'm regard
u tie condition Of cotton. and the grain
markets presented 10 especial feature. al
though en- the interview regarding alleged
damage TO the cotton crop the price Of
this staple advanced about 70 points
The statement was made en- Atchison
official quarters that there was no reason
10 change this roads estimate of mil
a for . q
The stocks Of the Southwestern roads
showed decided hmness. Rock Island be
ing indeed one Of the strongest features
Of the market, partly no doubt as the re-
suit of a report that the new financial
plan Of the St Louis and San Francisco
would make it possible for the latter COM
pany 10 resume the payment Of dividends
on its second preferred stock.
Reading and Union Pacific both scored
sharp advances IN the late trading. al
though there was no Especial news or
TUmor in regard to either, and among
specialties Distilling Of America and
American Smelling and Refining displayed
considerable strength.
Satisfied with Report.
A good deal Of satisfaction was ex-
pressed over the report of the referee in
the S-ceut gas litigation as something
that might have Statutory effect on the
socialistic tendencies of legislation for
the regulation of corporations.
Reports from railroad quarters regard
ing the current volume of business indi-
Gated that the month Of June would make
an encouraging exhibit, and the testimony
as u crop conditions eminatiug from
railroad sources. stimulate the hope that
the government report 10 be issued on
July 10 will Ice altogether more favorable
than that issued two weeks ago.