The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-06-07
MARKET RULES DULL
Trend of Prices in Direction
of a Higher Level.
UNION PACIFIC STILL LEADS
Many Absentees from Floor of Stock
Exchange-Interest shown in Re-
ment shows Decrease In Cash.
Professional Spectators Busy.

New York. June 6-No other signih-
canoe attached to the stock market to-
day than that of a traders affair
Only a small amount OF business was
transacted, absenteeism on the floor OF
the stock exchange-due. doubtless, to the
fine weather-was noticeable, and the
market was dun and uninteresting.
There was present in the dealings. how
ever. and perhaps even more particularly
the case than on former occasions, a con-
tinuation OF yesterdays strength, so that
featureless as the market was, and desti-
tute, too, Of any signs of active manipula-
ton. the trend Of prices was in the d.
rection of a higher Level.
Again the only explanation heard Of
this course was the desire of profession
al spectators. most OF whom have been
operating during the week for a decline
in value. to close their commitments be-
fore the day set for the Republican ma
tiional convention. and the prevailing idea
in this regard was to-day that Presi-
Dental candidate would De chosen for the
nomination on the first ballot.
Holds Its Leadership.
abate in any way it's leadership of the
market, the net gain here being two
points. as compared with advances of
only a little over a point in the main in
most Of the active stocks. and break
in Missouri Pacific stock, due TO yester-
days action of the directors Of the COM
pany regarding dividends. attracted at
tention
OF news Of market Importance there
was none. save the announcement that,
with the exception of the suit begun by
the government TO assert the constitution
atty Of the commodity clause in the Hep
burn act. no similar proceedings against
corporations would be pressed until late
I'm the year
II was said that the Readings col
lieries would again be closed during a
portion Of next week as in the present
week on account of the small demand for
the product. but the matter seemed 20
be without influence on the price OF
Reading stock.
The Bank Statement.
The weekly bank statement, or at least.
the compilations made under the old
average system, was a good deal Of a
surprise. Instead OF a gain in cash of
between 100000 and 100000. as esti-
mated yesterday. the quantity Of money
held by the clearing house members de-
creased $l.5S9. 500. and this served TO lower
the surplus reserve by $4,000. despite a
decrease in bank loans of S351c,6O0.
The figures. however. showing the ac-
tual condition Of the bank this morning.
as distinguished from the average condi-
tion Of the week. exhibited an increase
in bank cash of S.169OO. and a decrease
in loans of $685.. ZOO
The warm weather which prevailed over
the entire country this week had the eff
feet Of stimulating business of the kind
incident 10 the summer season. and to
this cause the somewhat better showing
in bank clearings for the week and in all
the usual indication of trade is undoubt-
edly true.
There is some uncertainty as 10 the
extent OF the damage done by the over
plus Of moisture in the West and South
west during the month Of May. but so
far little material harm seems 10 have
resulted except TO the cotton crop