The Washington herald., 1908-06-27
MARKET IS LISTLESS
Early Close Due to Cleveland
Funeral the Cause.
TENDENCY IS STILL UPWARD
Foreign Markets for Various Causes
Are Inclined TO DulIness-Westher
the West-Increase in Bank Cash
Expected with Days Statement.

New York, June 26.-The announcement
after the end OF business hours yester-
day afternoon that the stock exchange
would close to-day two hours IN advance
OF the usual time, In honor of the mem
ory OF ex-President Cleveland. and that
similar action was probable on the part
OF all the leading stock and commercial
exchanges OF the country united with
the approach OF the to-morrow's usual
half holiday TO restrict to-day's dealings
in securities.
Nevertheless, the buying and selling of
stocks In the three hours during which It
took place was almost as great as oc-
Cured in yesterdays full days trading.
and the broad tendency Of the market
was again clearly in an upward direc-
tion. Aside from a rapid advance in
Utah Copper mining stock. presumably
due to some causes specifically affecting
the property. the market was without any
striking feature whatever. nor did its
course appear TO be provoked by any oc-
currences in way Of news.
The foreign markets were vlsibly IN
clined TO dullness and heaviness, that in
banking failure In Munich. while In Paris
the proposition Of the French govern
ment. which was to-day adopted. to ac-
Quire larger share OF ownership in the
railway interests OF the country. was
not well received by the bourse.
Foreign Markets Heavy.
Foreign trading here to-day was. how
g.
Practically the only development of in
terest in the day was further weakness
IN the grain markets, due 90 the wide
prevalence OF highly favorable weather
throughout the wheat and corn growing
sections. It Is admitted IN the grain trade
that whatever damage has been done by
the wet weather to the crops In the West
thus far is OF a sort that can be wholly
repaired by few weeks sunshine and
by like favorable conditions, and there
seems to be every indication that these
conditions are now at hand.
Forecasts Of to-morrow's bank return
were again for a large increase in the
quantity OF bank cash, reaching in some
Instances as high as N3.OOO,OO0 There
were no changes whatever to-day in
cAtliAllb tANAdllbt VI III NlOiltg Adttos
The stock market opened at a slight
advance from last nights closing and
although at one time quotations for the
most active stocks again fell 20 the final
level Of the day before. they did not go
below these In hardly a single instance.
in the last half hour the market again
assumed a vigorous tone and closed AZ
advances which In the cases Of the most
prominent issues were more than n point.
Buying of ST. Paul.
There seems to be rather particular
buying of the Northern Pacific and st.
Paul stocks. presumably because Of the
especially gratifying prospect for the
crops in the Northwest.
The news made public late yesterday
afternoon that such arrangements had
been made as 20 obviate all fear Of de-
fault by the st. Louis and San Francisco
Railroad Company upon any Of its mltur-
ing obligations in July put an end very
logically 70 the application OF pressure
upon the Rock Island and St Louis and
San Francisco securities. No doubt a
good share OF the strength exhibited yes
terday and to-day came from the pur-
chases OF stocks made to protect con-
tracts for the decline.