The Washington herald., 1907-06-21
DULLEST DAY In YEAR
Few Traders Present, and
Stocks Are LiStIeSS.
HOLD-UP UNDER BAD NEWS
Despite Adverse Reports ard COndi-
tiOns, Prices show Firmness when
Boston Copper Has Stronger I'M
dertOne-Trnders See Suburban.

tiyity Of the stock market brought the
volume Of stock exchange transactions
to-day to the lowest point Of the year,
and this total was 50 small as to deprive
Of significance whatever trivial fiuctua-
tious there were IN prices.
The extreme dUllness Of the day was al
most utterly unrelieved. and attendance
on the floor of the stock exchange was
sparse TO q degree seldom witnessed, for
which latter circumstances. perhaps, the
fact that this afternoon was the time
set for one os the most notable local
race track events" Of the year was per
ha2s partially responsible. The marke.
wo5bled and shifted around within a
range OF less than half a point, turn
Ovcr OF only a few hundred shares taking
place in some Of the most prominent
issues.
Closing quotations presented a mixed
appearance of small net gains and re
ces5!07s. Nevertheless, it seemed fully
as plain as il has done for many days
Iast that the ref status Of the stock
market was thIt of an equilibrium attest
ing a very thoroughly liquideted or
sold cut condition in conjunction with
an absence Of buying power sufficient TO
inaugurate Il general upward movement. /
II Is needless 20 be said that this stag
nation Of the market, coming after such
q long decline in prices as has occurred
in the last eight months, is by no means
an unfavorable omen from "a speculative
point Of view. In the past the next pc
riod Of activity in the market. following
such a time Of halt and inacuon, has
usually been along the line Of advancing
rather than declining prices.
Market Holds Up Well.
It has not escaped comment that al
though the recent news affecting the mar
ket has been bad In the strict Wall street
sense, the stock market has not yielded
under it, Gold exports, indications Of
higher money rate, prosecutions Of rail-
way companies. industrial failures, and
widespread talk Of business contraction
have not served 10 force prices there,
while a very little amount Of genuine
buying Of stocks easily advances quota
tons.
This condition of affairs was shown
notably to-day by the dealings IT, one
stock. Rock Island common shares. a
firm usually credited with doing a strict
II investment business executed an order
20 sell 500 shares Of the stock az the
market. and The order was carried cut
without putting the price Of the stock
down more than half a point The fact
proves that buying orders tOr the stocks,
although they may not be such as 10
closely follow rapidly advancing quota
tions. are in existence N the market in
greater degree than is commonly sup
posed.
The gossip of spectators to-day was
almost entirely confined TO the topics OF
the Suburban handicap race and the
mystery thrown around the meeting Of
the directors Of the Reading Railway
Company yesterday. at which il was sup
posed action would be taken concerning
the rate Of dividend distribution on Read /
ing common stock. The impression be |
came strong finally that only the regu- /
lar 2 per cent seni-annuaI distribution Of
the stock would take place In August, !
although i was difficult 20 understand
Just why announcement concerning the
fact should not be made in the usual
manner.
All the foreign markets to-day were
quiet, Ike our own, and the weekly re
ports of the great European national
banks told, without exception. Of I'm
proved conditions even If the reserves Of /
these institutions are still es a rule rela-
lively low for the time Of year.
Call Money Rates Up.
Call money rates here rose at one time
70 So per cent, the highest figure touched /
for several weeks, although most Of the
money loaned on the stock exchange dur /
ing the day was put out al a lower price,
The chief influence affecting the terms Of
financial accommodation at the moment
IS undoubtedly the depletion Ct bank re-
serves here, owing to gold exports, and
the idea prevails that these gold exports
may continue until money rates here rise
20 q point that places our money market
more on a parity with those Of the for
eign financial Ceuters. a counter-balanc-
ing factor in this regard may be, how
ever, a lending Of money here by interior
institutions as the price of call and time
funds advances.
One development Of the day which pass
ed quite UnnOuCed in Wall street was a
decidedly stronger undertone 10 the Bos-
ton copper market. caused by the growing
conviction there that the time is not far
distant when there will be q break in the
deadlock that has so long existed between !
the producers Of copper metal and the
leading consumers thereof
It appears 10 be thought probable that
copper mining interests. in view Of all
circumstances, will make some conces- |
siOns in the price Of their commodities.