The Washington herald., 1907-06-21
WALL STREET NOTES
Traders Regret They Cannot
Watch the Suburban.
MARKET Is WITHOUT SPIRIT
Union Pacific and Reading Prsc-
ticaIIy Only Issues in which Any
Interest Is ShOwn-ChesRpea and
Ohio One of the Heaviest on List.
L. 5. Express Shows Big Advance.

New York, June 2).-There was relief
to-day from the monot0ny with which
the traders had for days talked Of what
Mr.. Keene was doing in the market for
this operator had betaken himself to
Shespshead Bay to see h'9 horse run in
the Suburban Handicap and enjoy little
excitement that could not be furnished
by the transactions OF the course Of prices
on the New York Stock Exchange.
The probability is that Mr.. Keene did
about as much in the market to-day as ne
had done on the average for many days
previous. for the veteran operator does
not appear 70 have been taking any in
terest in speculation for some time past.
The very action Of the market should be
sufficient evidence on this point. No
where has there been any indication Of
enough doing 70 interest Mr.. Keene and
nothing even remotely resembling his
methods has for some time been dis
cernible anywhere.
The traders were divided into two par
tiea-those who were at the races and
those who regretted that they had not
gone there. The former party was by far
the larger, and presumably, the happier
one. At all events, It's members could
not have been a more disappointed lot
than those who on the floor OF the stock
exchange showed every sign Of being
almost overcome by the deadly dullness.
Not one Of the latter could muster enough
,Tf -bs-r,
the activity in Reading and Union Pacific
ceased there was some talk Of taking up
new leaders, it was talk merely. with
out the slightest sign Of action to JUS
tify it.
1T is not well FOR the market" some Of
the traders said, that Union Pacific and
Reading should monopollze all the busI-
ness" but they find that while these two
stocks We're active. there was a market.
and that when they ceased TO be active
there was none, The question that then
presented itself was whether it was not
better 10 have a market in two stocks
than no market az all AS far as the pub
lie were concerned, It made no earthly
difference what was the cause, but for
the professional traders whose profits re-
Gently have been none too large IL would
seem that the passage Of an opportunity
TO make the turns In even a couple Of
stocks was a thing TO be regretted.
That the Reading dividend viii not be
changed before winter, the usual season
for increases in the disbursements on the
stocks Of the hard coal roads, became the
general belief before the close OF the day,
but a good deal Of curiosity continued 20
be evinced as to the exact time at which
the dividend to be paid on August 1 had
been determined upon.
No one believed the story sent up from
Philadelphia 10 the effect that the regular
dividend had been declared I'm May.
though an were ready to accept assur-
auces that the matter had already been
passed upon. Except in "a few ultra
speculative quarters, the policy Of defer
ring an Increase until it could be seen
whether q contraction in the business of
the country would not occur next fall
was warmly commended.
Chesapeake and Ohio was one Of the
t.'fif aArN EARHn7 N4 hAt' -+-ff aHaNA fF.....-
was explained by q report that the COM
pany had decided upon an issue Of new
bonds 20 the amount Of }-Ju5.rl1 None
of the new bonds. it was said, would be
issued az present, the intention being
merely 10 place the road iu position
where It would quickly take advantage Of
favorable opportunity iu the money
market should one present itself There
was really nothing so very new I'm the
announcement that the street should have
wondered at H..
In some quarters the advance in time
money ives attributed to shoTt-time b0r-
rowing by some of the railroads. al
though no mention was made Of any par
ucUlar company that is at present in the
market for any large Accommodation. In
fact, it is denied that any road is en-
deavOriHg 10 raise any large amount Of
money although il is said that a good
many companies are endeavoring to Sc
cure small temporary loans. amounting In
the aggregate to q large sum
United States Express. the only one Of
the express stocks that contributed any
thing 70 the days business, advanced
10 3-4 points on a single transaction Of
100 shares.
The total transactions. 1900 shares,
was the smallest since June 10, 1895, and
there were brokers who were willing to
predict that even the record Of two years
ago would not stand long as there were
indications of more extreme dUllncss
ahead.
Interests identified with the United
Metals Selling Company were quoted to-
day as saying that the commission re-
ceived bv their cOmDany for solhng the