The Washington herald., 1907-06-14
LITTLETRADING DONE
Volume Is Smallest of Any
Day for Two Years.
DULL AND DEPRESSED ABROAD
Prices Quiet and Dealings Repre-
sent Only the Operations of Room
Trouble in Egypt and BrHziI-The
Wheat Market Exhibits Weakness.

New York. June 12.-Comment concern
ing to-day's stock market seems almost
superhuous after the bare statement that
dealings In stocks were less than 100000
shares, much the smallest OF the year to
date, and the smallest of any full days
business on the stock exchange for
period approximateing two years. Sew
eral leading stocks We're not dealt in at
all until the last hour OF business. and
then only IN one or two hundred shares.
and the changes in prices recorded were
IN the main small.
The market. however, was not only
inert, but heavy, and It seemed plain that
81 any pressing liquidation had taken
place in it, prices would have fallen very
sharply As It was. nearly all the active
stocks closed at declines. The days deal
ings, of course. represented nothing else
than the operations of a few persistent
room traders, and commission houses ap-
peared 10 be doing absolutely nothing in
the market.
The great financial exchanges abroad
We're like our own, duh and depressed.
Discounts were frmer in both Paris and
London; and although time money rates
here were higher in view Of the lessening
bank reserves and the governments call
for public funds. announced after the
close Of business yesterday, negotiations
for metal remittanCes were resumed and
& was considered probable that a fair
amount of gold would be sent to France
early next week.
Trouble in Egypt and Brazil.
Matters that appeared 20 especially IN
fiuence the foreign market were rumors
of financial trouble in Egypt and Brazil.
which were partially explained by the an
nouncemcnt later in the day of an im-
portant failure in Alexandria. So far as
Brazilian affairs were concerned an idea
appears 10 prevail that the Brazilian gov
ernment's scheme Of coffee valoriza-
ton. that IS to say. Of purchases Of coffee /
by the government from the planters of
the country for the purpose Of upholdins
the price of the commodity, has become |
involved in more or less difficulty
On the other hand, the Bank of France !
to-day made another very satisfactory 4
statement Of condition. showing an in /
crease of gold holding and a decrease in /
loans. The Bank of Englands weekly /
statement reported conditions practically |
unchanged, an increase in the institu- /
tiou's reserve being Offset by a corre- /
spending expansion Of obligations
In our own market to-day almost the /
sole topic OF financial discussion was the /
torpidity Of the market itself A failure .
under more or less sensat tional circum- /
stances Of a trader on the Paris exchange /
attracted no attention 20 speak Of. as the /
affair was OF best of small moment
The wheat market exhibited further |
weakness to-day at It's opening. and al !
though prices I'm It afterward rallied the /
opinion Of the produce exchanges seemed |
20 be, i'm the main, that the play in /
wheat was over for the time being. or /
until further ground was afforded for
estimates OF reduced harvests.
Wheat Crop Looks Well.
Nj. James J. Ellrs declaration. published .
IN the afternoon. that the spring wheat .
crop in the Northwest. If somewhat late.
was yet looking we'll, was in accord with
all information on the same subject re-
Gently received from trustworthy sources
IN high banking circles here. Mr. Hills
remarks were read with interest, as they
always are. although his views as TO the
idea of an ultimate government interyen-
lion in aid Of railway credit were not
taken at all seriously.
Rumors Of q break in pig iron prices
were not aCCOmUauini with q visible I
manifestation of any particular weakness
IN the United States Steel shares, and
the passing Of the semi-annual dividend
upon the stock Of the United States Rail
road and Investment Company, Of San
Francisco. was regarded as altogether
logical in view Of the disorganized condi-
ton of business In the California city.
The weakest stocks in the market to-
day were the Intcrborough-Metro
shares, and their decline was thought TO
be connected in some way with the re-
cent enactment at Albany of the public
utilities bill