The Washington herald., 1907-06-23

prise was expressed when a transaction
of 100 shares in Amalgamated Copper
was put through soon after the opening,
the wonder being that any one could be
found willing TO engage in business on
such an important scale under the con-
ditions prevailing.
Ordinarily. a transaction IN 1000 shares
of Amalgamated Copper would attract
about as much attention rs q lG0-ShaTe lot
of the smaller tndUstrials. but to-day 1t
came as near furnishing a sensation as
any broker expected TO find in the days
business. and SO il was discussed as a
matter Of considerable moment, although
In such q dr0wsy way as % make il eyi-
dent that the traders were not inclined
10 allow it 10 completely wake them up.
Boston seemed TO be worked up over
the question Of the commission paid by
the Amalgamated interests TO the United
Metals Selling Company for marketing
the products Of their mines. and no doubt
was disappointed because Wall street did
not care a picayune whether the Hub.
which could prove 20 It's own satisfaction
that Amalgamatcd was worth Sll0 OF not
worth 80 cents. according to its humOr
kept on saving I'LL the crack or doom that
the commission paid % the selling COM
pany was only I per cent Wall street
knows what dividends the United Metals
Selling Company is paying, and Wall
street cannot see how these dividends
could be paid on a per cent commission
unless the selling company had the mar
keting Of nearly all the copper produced
on this continent which 30 has not, for the
Calumet and HeCla. the Phelps-Dodge IN
terest in United Copper and the Stanton
interests have their own selling agencies.
The United Metals Selling Company.
according 20 the popular belief IN Wall
street. is growing rich on the surplus
earnings left over after the payment Of
fits large dividends. and this could hardly
he the case If outgO in the shape OF divi-
dends was larger than the income in the
way Of commissions.
Boston got stung by the Coppers, or at.
least many well-informed peopl in Wall
street think so, and is trying 70 get relief
by rubbing the sore place. The American
Athens would be much more philosophi-
cal and far better off in the end If it
would only forget it,
Union Pacific. the usual market leader
was not a market leader to-day, for the
excellent reason that there was no mar
ket 10 lead as the few transactions that.
We're executed during The day without ap-
preciable price change did not make a
market, or even a colorable imitation OF
one.
At one time fifteen minutes elapsed be-
tween one transaction and the next in
Union Pacific. and except for a little sell
ing by a few traders who were evening
up their accounts over the end Of the
week, there was nothing whatever to dis
turb the position Of stable equilibrium in
which the stock has been IN for days.
Little was said about a suit against the
company, the traders being either too Ian
guild 10 concern themselves with the mat
ter or too confident that suit, if brought.
would not have the kind of backing that
could make it market factor Of conse-
quence.
Reading. like Union Pacific. Just bobbed
around in an aimless sort Of way. SEEM
ingly waiting for some impulse 20 give It
direction. Where that impulse might come
fro.a none knew and few seemed willing
TO concern themselves with trying to fig
ure it out. The monotony with which the
few transactions were made at about the
same figure was calculated to kill interest
ii any had existed. but as none existed
nothing was killed II the traders had
supposed that there would be disappolnt-
ment over the declaration Of the regular
they were mistaken. and appar-
entity the support heretofore extended TO
the stock under par has still to be reck-
oned with.
The bank statement did not prove any
thing Ike as bad as had been expected.
and on q reasonably active day. with
conditions otherwise similar, such a
showing might have been made the Occa-
sion OF a fairly vigorous rally; but It
passed almost unnoticed, and the over
powering dUllness continued TO the end
Of the session One experienced trader
who was asked when there had been an
equally lnonoionous Gay said he had
never experienced it. buJ that it reminded
him Of what he had read in the rhyme Of
an ancient mariner.
If the fairly good bank statement failed
to put the market up, predictions Of
trouble in London in connection with the
settlement and the definite
statements that the gold export move
ment would continue for some time longer
could not put it down. The supposltiOn
was that next Saturday. when the full
effect Of the gold exports had reflected in
tle figures. the surplus reserve of the as
sociated banks would be wiped out-a not
very satisfactory condition at the time
when preparations will have to be made
for the heaviest interest and dividend
ever made at the July period.
The money situation appears to be in
such condition that the present period Of
duIIness was necessary 10 avert a condi-
ton of real stringency
Only two stocks. Reading and Union
Pacific. crossed the 10,0o0 share mark in
the two hours of trading, and no other
stock contributed 500 shares TO the
total OF transactions.
a satisfactory condition which has not
as much notice as It deserves
IS the increased clearing OF the banks
Of the entire country outside Of New
York, where the stagnation Of business
IN the stock exchange offsets the increase
n the volume Of other business. This con-