The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-23

JdllOH DOdTub III bbOCh OIOhcEb ounces ore.
scented during business hours so blank an
appearance as they did yesterday. Thev
formed q picture as much like absolute stag.
nation as ls ever seen In Wall Street. As an
instance. actual count disclosed the fact that
out OF 400 stocks quoted on the board Of
large office only eighteen had opened ut thu
end Of half an hours business, and although
the number was considerably increased
before the close. most OF the additions to the
list represented only a single transaction OF
100 shares In each OF the additional stocks.
Not In a single stock was there anything ap-
preaching activity, ind in none did any Of
the transactions seem to have any significance
whatever.
No better indication of the listlessness Of
trading on the floor OF the exchange could
be desired than the fact that surprise was
expressed when a transaction OF 900 shares
OF Amalgamated Copper was pnt 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 conditions prevailing. Ordinarily trans
action in / 900 shares OF Amalgamated Copper
would attract about as much attention as a
100 share lot Of some OF the smaller Undue
trials. but yesterday IL came as near furnish
ing a sensation as any broker expected to
find In the days business, and so it was dis.
cussed as a matter Of considerable moment.
although in such a drowsy way as to make
IL evident that the traders were not inclined
to allow II to completely a Ike them up.
Boston seemed to be worked up over the
question Of the commission paid by the Anal.
gamated interests to the United Metals Selling
Company for marketing the product OF their
mines. and nc doubt was disappointed be-
cause Wall Street did not care a picayuns
whether the Hub, which could prove TO It's
-As AI-N
worth $40 or not worth 80 cents. according
to its humor. kept on laying until the crack
Of doom that the commission paid to the
selling company was only l 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 1 per cent. commission unless tbs
selling company had the marketing OF nearly
all the copper produced on this continent
which II has not. for the Calumet and Hecla.
the Phelps-Dodge interests, United Copper
and the Stanton interests have their own
selling agencies. TIL United Metals Selling
Company, according to the popular belief
in Wall Street, Is growing rich on the surplus
earnings left over after the payment OF It's
large dividends, and this could hardly be the
case II outgo In the shape Of dividends was
larger than the income in the way Of COM
missions.
Boston got stung by the copperB-or at
least many well informed people in Wall
Street think so-and is trying to get relief
by rubbing the sore place. The American
Athens would be much more philosophical
and far better of in the end II it would only
forget It,.
Union Pacific, the usual market leader,
was not a market leader yesterday, for the
excellent reason that there was no market
a. 1znI aa The fan trpr0 nafinne that a.
executed during the day without sppre-
ciable price change did not make q market
or even a colorado imitation of one. AT one
time fifteen minutes elapsed between one
transaction and the next in Union Pacific.
and except for a little selling by q few traders
who we're evening up their accounts over
the end Of the week there was nothing what.
ever to disturb the position Of stable eouillb-
rum in which the stock has been for days,
Little waB said about a suit against the COM
pany, the traders being either too languid
to concern themselves with the matter or too
confident that a suit II brought would not
have the kind Of backing that could make it'll
market factor of consequence.
Reading, like Union Pacific, just bobbed
around in an aimless sort OF way, seemingly
waiting for some impulse to give it direction.
Where that impulse might come from none
knew and few seemed willing to concern
themselves with trying to figure II out, The
monotony with which the few transactions
were made at about the same figure was calcu-
lated to kill interest II any had existed;
but as none existed nothing was killed. II
the traders had supposed that there would
be disappointment over the declaration Of the
regular dividend they were mistaken. and
apparently the support heretofore extended
to the stock under par has still to be reckoped
with.
The bank statement did not prove anything
like as bad as had been expected. and on &
reasonably active day, with conditions other.
wise s milar, such an Unexpectedly good show
ing might have been made the occasion Of a
fairly vigorous rally. But it passed almost
unnotlced and the overpowering dulnes'
continued to the end Of the session. One en-
perienced trader who was asked when there
had been an equally monotonous day said he
had never experienced II but that it reminded
him of what he had read in The Rhine of the
Ancient Mariner"
If the fairly good bank statement failed to
put the market up. predictions of trouble In
London in connection with the forthcoming
settlement and the definite statements that
the gold export movement would continue
for some time longer could not put il down,
The supposition was that next Saturday when
the full effect Of the gold exports was re-
fected In the fgures the surplus reserve oil the
associated banks would be wiped out-a not
very satisfactory condition at the time when
prepar atoms will have to be made for the
heaviest interest and dividend pa yments ever
made at the July period,
The money situation appears to be in such
condition that the pre- sent period Of dulnes'
was necessary TO avert a condition OF real
stringency.
Only two stocks, Readi ng and Union Pa
oifc. crossed the 1000 share mark in the two
Of trading. and no other stock con-
5000 shares to the total Of trans
actions,
A satisfactory condition which has not
as much notice as it deserves Is The
In the clearings OF the banks Of II"
country outside of New York, where
the stagn alton OF business on the Stock Ia
change offsets the increase in the volume OF
other business. This condition, especially N
view OF the talk Of a reaction In business ard
OF the effects Of a late spring on the crops and
- Ia aA,,nsAF.- shat nttuhf IN 10