Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-20
Today's Dealings Again Largely
Professional.
LIQUIDATION WAS HEAVY
Wide Fluctuations and Large Transac-
lions in Reading.
UNION PACIFIC HELD FIRM
Industrial and Miscellaneous Issues
Differed Little From Railways.
Foreign Bank Statements.
UNION PACIFIC HELD FIRM


cpeFlA4 I'iSINICh 10 Int SlaT
NEW YORK, June 2O.-There Is no good
reason to look for extensive results in a
stock market in which speculative iiquida-
ton has been so thorough and in which
the propulsive power of new buying for
either speculative or Investment account is
so entirely missing as is now the case. Con-
sequently, the extreme stagnaton of the
stock market is not at least an Illogical
characteristic. Those persons who con-
sidered yesterdays market dull We're dis
posed to revise their conclusions In the
light OF the volume of the trading during
the larger part of todays business session.
Except in few cases also the dealings
were of an exclusively professional char
acter has been the case for SO long
past 1t would be we'll within the facts to
say that the Jargon of the race track was
much more in evidence today than Discus
sion of the financial situation at large or
the merits OF particular securities In fact
attendance upon the stock market was
greatly diminished by the general exodus
OF brokers and their clients to today's
classic turf event.
On the floor of the stock exchange and in
commission houses other subject COM
peted in interest with the Suburban handi-
cap; except. perhaps. the postponement yes
terday by the board of directors of the
Reading company of action upon the divi-
dend upon the common stock.
There were further assurances both local
and from Philadelphia, that the regular div
1dend would be paid as usual on August l.
but no satisfying reasons were furnished
as to why the dividend was not declared at
yesterdays meeting.
There We're relatively wide fluctuations
and comparatively large transactions in
Reading today, and in view of the course
followed by the directors yesterday, 1t would
be difficult to say whether the stock should
be described as strong or weak Union
Pacific, properly considered, was more ac-
tive than Reading, and that stock was
iirn. in spite Of the lurking apprehensons
that with the course of the day the threat
ened strike litigation against the compauys
new bond issue might be Instituted
Elsewhere in the railway list price move
ments We're so limited and irregular as to
possess l'ttle significance. Scattering lioui-
dalton broke out in the Rock Island stocks
while the Denver & Rio Grande issues ad-
vanced rather smartly on small transac-
tionS.
Transactions in the industrial and miscel-
laneous issues varied in no essential respect
from thnSss in the railway list. American
Locomotive recovered part of yesterdays
decline and Amalgamated Copper was
steady during the greater part of the day
In spit" of much peSsimistic talk with re-
gard To rcacttonary trade conditions and
a further decline in Rio tintos in the Lon
don market.
Copper metal was heavy In London, but
the decline in copper stocks was caused
primarily by continued Paris selling, which
also. japanese bonds were heavy in the
London market. while ConsOls again show ed
firm tone. American stocks were steady
there also but the sum total of the deal
ingS here for foreign account was not much
In excess Of 5000 shares, with a small pre-
ponderanCe of sales. The Bank of Eng
lands rate OF discount was left unchanged
at per cent and the banks weekly state
ment was fairly satisfactory exhibit al
though the reserves of the institution are
still low for this period OF the year.
The weekly statement of the Bank of
france showed increase in its gold
holdings Of about $G,CCO,Go0. Sterling ex-
change remained .sdiugly firm and
under present arrangements additional gold
shipments seemed likely by the first avail
able steamer. The money market was
again firm. This mornings figures of the
transactions between the banks and the
suotreaSury since last Friday set forth a
loss In cash by the former OF more than
$4.UO0Oo which does not indicate a cheer
full outlook for Saturdays bank statement