The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-06-06
SMALL GAINS MADE
Market Prices Tend Up, De-
spite Lull in Trading.
TRANSACTIONS FALLING OFF
Decline of Nearly Two Points in
Missouri Pacific Follows Decision
TO Cut OF Even Scrip Dividend.
Scotland Steel Makers Cut Prices
Five ShiIIIngs "a Ton.

! New York, June 5.-There was for
wonder cessation OF that active manipu-
lation in the stock market to-day which
has been carried on for so long past,
and with the market left to the volitions
OF the professional trading element,
transactions dropped to about one-third
Of their recent daily volume. Up to the
end OF the first hour Of business In the
afternoon on the stock exchange, they
were the smallest in any corresponding
time for over six weeks.
Dealings In two or three stocks con-
tinued TO furnish a large amount of the
business that was done, but the general
trend Of prices during the day. through
an uninteresting series OF small up and
down movements. was in the line of an
upward reaction. after the weakness yes
' terday and the day before, and no doubt
a good share OF this was due to the pur-
chases of stocks made by the short inter
est
The principal stocks closed in the main
at advances OF more than a point. but
in the majority OF instances. changes in
quotations were only in fracuoas. The
United States Steel shares were particu-
larry strong. although again TO more
effective cause for the fact could be as
cribed than the buying In of stocks sold
recently by spectators for the fall
No Reason for Advance.
Certainly there was no reason for an
advance in any news that was forthcom-
ing regarding matters in the iron and
steel trade. All data OF this sort was to
the effect, II anything, that larger busi-
ness IN tho trade had not been promoted
by the cuts IN prices that had already
been made and that despite the recent re-
ported buying movement IN pig iron, pro-
duction in this staple for the month Of
May was less than for the preceding
month.
There were also rumors to-day OF price
reductions IN other lines Of manufactured
steel products besides bar Steel and that
the movement toward lower level was
OF international character was exhibited
to-day by an all-round reduction in prices
by the steel makers of Scotland Of five
shilllngs a ton.
After the close OF business to-day IL
became known that the directors Of Mis-
souri, Pacific Company had entirely sus-
pended distribution on the companys
stock that is 70 say, had even decided
TO discontinue the payment Of dividends
IN scrip, a practice that was inaugurated
last December.
Course ForeshadOwed.
a decline of nearly two points in the
Missouri Pacific shares was doubtless
caused by this development, although the
course taken by the directors has been
amply foreshadowed. and # must be said
that the position Of the various Gould
properties IN general is the subject just
now of more animated discussion than
is that OF any other quarter OF the rail-
way and Industrial world.
a further small advance IN the price
Of lead was the impulse that led to an
advance IN National Lead common stock
this also alphabetically affecting the
American Smelling and Refining and
Amalgamated Copper shares.
But general occurrences having more
or less market values were practically
limited 10 the receipts Of more favorable
news concerning the crops-this having
reference mostly 20 the subsistence or
rain in the West-and TO the easier work
ing Of the money situation both here and
abroad.
Time money was again to-day lower in
this market, while In Europe, the Bank
OF Sweden and the Bank Of the Neither
lands reduced their rates Of discount