The Washington herald., 1907-06-18
PRICES Up A LITTLE
Trading Light; Hot Weather
Proves Handicap.
NO ALARM AT RUSSIAN CRISIS
Cznr's Securities Hold Firm, Despite
Dissolution of DOuma-GOId EN-
Money Rates in New YOrk-After
Early Weakness, Wheat Rallies.

New York. June 1.-THE sudden hot
weather and the apathy Of the stock mar
ket combined to produce in the financial
district. to-day. the traditional condition
Of midsummer dullness. Dealings in Sc
curities were not greatly in excess of
those of the record of volume for five
hour business day on the stock exchange
thus far during the year, and nearly
half the transactions that did occur were
in two stocks. the Union Pacific and
Reading common shares.
The common remark concerning the
stock market was that there was no
market at all. The trend of prices was,
however, in the main upward This was
probably due largely TO the circumstance
that during the last three days of last
week the market had steadily declineu so
that profits of between / and points,
which were considered under prevailing
circumstances to be worth taking. had ac-
cumulated on speculative ventures for the
fan in many Of the active stocks.
This conversion Of profits on short
operations into cash gave the market
whatever strontr tendency there was.
The general upward movement IL
sulting from this was constantly
broken by long periods Of an en-
tire cessation Of activity The days mar
ket was absolutely without other than a
technical significance. and changes in
prices at the close which were, in the
main, in the direction Of an advance,
were in few stocks more than fractional
The disproportiOnate amount Of interest
devoted 10 the Union Pacific and Reading
stocks was without any other meaning
than that these issues have long been the
ones most favored by spectators. whether
in operations for the advance or the fall
No Crisis in Russia.
In general the market derived some
help to-day from the fact that there We're
no acutely unfavorable developments fol-
lowing the Russian political crisis. The
political situation appeared TO be respon-
sible to-day at the outset for not a little
weakness in the foreign market and con
sols and French rentes were for a time
sharply depressed. falling, indeed, to the
lowest prices Of the year.
Strange to say, however. Russian bonds
held firm. and there appeared to be no
indications of any immediate outbreak
OF trouble in Russia as q result OF the
surprising action of the Car in dissOlv-
ing the Russian parliament
During the first hour Of business here |
also prices of stocks sought lower level
than they did on Saturday, and il must
BE- admitted that the subsequent improve
ment in the market was accompanied by
no particular exhibition of resiliency.
Speculative sentiment was fav0rably
impressed to-day by the encoura ging
statement regarding railway matters
made by Chairman Martin A. Knapp. Of
the Interstate Commerce Commission. by
the seasouable weather that prevailed
over the entire country. and by the sec
ond notable annulmant by the governor
Of the state OF snapshot legislation
directed against the railways in his veto
of the bills recently passed at Albany
requiring railway companies 10 man
freight trains with larger crews.
Geld Exports Continue.
on the other hand. an adverse factor in /
the market was the prospect of further
large gold exports from the country. Al
though sterling in Paris rose to-day and
the Paris bankers refused TO outbid the
agent of the Bank of England for the
S2'5000 in gold offered in London, ster-
ling here was very strong and rose 10 a
point that threatened metal remittances
in quantity by the earliest available
steamer
It was said in foreign exchange circles /
thai il the Bank 5f England should offer
TO allow interest on gold in transit from
this country 10 England. shipments of
gold TO England as we'll as Paris would
take place from this side, but il did
not appear 10 be thought probable that
the English bank was desirous Of bring
ing in gold upon such terms
One immediate result of gold exports
70 date has been a decided stifening In
the local time money market even if
call money rates have remained COM
paratively unchanged. and in view Of the
fact that the banks surplus at this cen
ter has now been cut down 10 a small /
figure for the time Of the year, it is not !
improbable that the influence Of further |
gold exports will be more directly meas
Ured in rates than heretofore.
Although weather conditions were better /
to-day in every part Of the country. the |
wheat market after time Of weakness /
in the morning rallied sharply in the aft |
ernoon. Stories of hot winds i'm the |
Southwest were at once started on the |
produce exchange to explain this move |
ment but there is little doubt that the |
substantial reason for this rise in wheat |
for the day was the mere natural re-
coverv Of the price of the commodity from |
a decline that has been in many ways al |
most as sensational as the advance that /