Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-18
All the Active Issues Scored Ad-
VanCes at the Opening.
A FEW EXCEEDED A POINT
Gains Were Later Largely Reduced,
Some so Per Cent
LIGHT VOLUME OF BUSINESS
London Continued Heavy for the Most
Part-Kansas Rate Litigation
Created Bad Impression.
A FEW EXCEEDED A POINT
LIGHT VOLUME OF BUSINESS


Special Dispatch to The Star
NEW YORK, June 1S-During the
first hour of business practically all of
the more active issues in the stock mar
ket scored advances approXimatIng and
In several cases exceeding one full point.
During the second hour the gains pre-
viously made were reduced by about 30
per cent and after midday prices fuc-
tuated irrcgularly and mainly toward
lower levels. These varying movements
took place upon an extremely llsht vol
ume of business, and trading was of no
less professional character than has
been the case for so long past.
In the earlier part of $he business ses-
sion there appeared TO be fairly large
purchases of stocks, which were COM
monty accepted as representing The COW
ering of short contracts notably In the
instance of Reading common. When the
buying of this description ceased in
Reading and in other stocks the whole
market hattened out, as noted above.
The dividend on Reading common is
scheduled for declaration tomorrow, but
I few persons could be found today who
adhered to the opinion that any change
would be made in the rate, and, i'll fact.
suggestions to that effect met with no
encouragement whatever in authoritative
quarters.
The regular quarterly dividend of per
cent was declared on New Jersey Central.
and when that announcement made
Reading dropped abruptly recent
mors have coupled the two securities in the
predictions OF enlarged dividends. That
proportion OF such activity as the market
showed which was not furnished by Read
Ing was represented by the transactions in
Union Pacific. Amalgamated Copper and
American Smelling.
The Days Chief Features.
Nothing in the way of news or gossip &C
Companied the transactions in those stocks,
however. or. for that matter, the dealings
in other issues. Features of the days
situation of more general Importance COM
prised the engagement of S10O0.000 gold for
export by tomOrrow's comparatively slow
outgoing steamer and a substantial rise in
the grain market In the face of the days
highly encouraging advices with respect to
the progress of the crops. Neither was
the foreign exchange market affected to the
least extent by the days engagement of
gold. and in consequence il was generally
assumed that the outflow of the metal by
Thursdays steamer would be in consider
able volume.
The London stock market continued heavy
for the most part, the monOtonOuS decline
in consols continuing and carrying those
securities DOWN to still another low level
on the current movement. On the other
hand. Rus sian securities rose further they
and the other International securities being
helped by renewed continental support.
Operations in the local market for foreign
account were upon negligible scale.
Railway Rate litigation.
Yesterdays ruling by the United States
district court at Kansas City in the litiga-
ton over the railway rate and fare legis-
lation. passed by the Missouri legislature
created a somewhat disagreeable impress
sion. following as it did the recent reas-
surfing veto and of more or less correspond
ing measures by the chief executive of New
York state.
AT the same time the courts ruling was
by no means final or deiinitive, and IL serves
chiefly TO suggest the prospect for the in
terminable litigation which will follow the
enactment of these restrictive measures In
so many states. Money market conditions
continued ha I'd hot har