The Washington herald., 1908-06-26
MARKET STILL DULL
Dealings a Little Larger
Than OH Wednesday.
LONDON HOUSES ARE BUYING
Report of Bank of France shows
Increase in Gold Reserves-Fenture
OF Wall Street Was Further Pres
sure on Rock Island Securities-NO
Significance in stock Movement.

New York, June c5.-Dull as the stock
market unquestionably was to-day. deal
ings in II were little larger than they
were yesterday and the market was not
quite the perfunctory affair that il re-
Gently has been. The welcome change in
weather conditions which had previous
~ been such as 10 discourage all business
activity whatever. was a factor Of meas
urable Importance. and the dealings in Sc
curities were obviously not reduced TO a
dead level OF common torpor, as they were
earlier IN the week
There were specific movements in GER
tain groups Of stocks for particular rea-
sons affecting these properties. and.
while some Of these movements were in
an upward and some In downward d.
rection, the market was OF generally
more lively character.
What was Of more significance, how
ever. was that a steadily stronger under
tone in the trading manifested itself. and
that the trend OF development was in
favor Of values.
London Houses Are buyers.
London houses were again inclined 20
buy stocks. and the foreign markets
were all disposed toward strength, con-
soils IN London making a rather notable
gain. considering the current inertia OF
speculative trading, as manifested in
London and elsewhere
Presumably to-day's increase Of cheer
fulness was directly connected with the
impression made upon financial sentiment
IN these capitals by the heaping up of
gold in the great foreign national banks
in such unprecedented amounts. The
weekly statements Of these institutions.
that were all made public to-day. re-
ported in the case of the Bank Of England
an increase in gold holdings OF $4,000.
and a decided enlargement Of reserves
against liabilities.
The report OF the Bank Of France OK
hiblted an increase Of A.lg0O0O I'm gold
reserves. while the Bank OF Germany
gained 100000 cash and cut down its
loans heavily. No doubt the creation I'm
the hanks abroad OF these enormous and
unused supplies Of gold Is due 10 the same
cause as that which Is operating IN our
own country. general quietude Of trade
and business. but, with the gold produc-
tion OF the world keeping up at a record
and unchecked rate. # is clear that po-
tential forces OF immense magnitude are
Steadily assuming shape which must
prove q unbounded assistance when the
pace Of business once more begins 20
quicken
Pressure on Rock Island.
Our own stock market to-day. however.
did not concern itself with monetary con-
siderations. present or future. The fea-
ture Of business I'm the early part Of the
day was the application OF further pres
sure 70 the Rock Island and St. Louis
and San Francisco securities, and there
were endless rumors IN circulation re-
garding the position Of the two com
panies. t1N
The heaviness Of the issues continued
until shortly before the close OF business.
when those Of them actively dealt in
rallied sharply. and, after the end OF the
business day. II became authorltatively
known that the one danger that had
been considered most acute. that Of a
default on some or all Of the interest pay
ments on the St Louis and San Francisco
securities, due on July !, had been
aveTted.