The Washington herald., 1908-03-01
WALL STREET NOTES
Traders Find Time Hanging
Heavy ON Their Hands.
BULLS THINK MARKET BETTER
ReOpening of Railroad Shops Looked
Upon as "a Sign of CheerfuIness on
Part of Transportation Lenders.
Bears Discuss Union and Southern
Paciic-Say Government VIII Act.

New York, Feb. 29-One OF the traders
remarked to-day that the governors of
the exchange deserved the thanks OF
every member for having chosen the
present as a suitable time to close the
visitors gallery for the purpose of maxi
ing repairs. 1T saves US humiliation, +"
he said. that the public is not able TO
see how we are wasting our time I
hardly know when I am asleep and when
awake. and from the way hear others
talking around me, know that they
are just dreaming all the time. A few
brokers find the board room most rest
ful place. but for my own part. the alb
solute dullness gets on my nerves"
Not content with their original story OF
an injunction TO restrain payment OF
dividends by Southern Pacific to Union
Pacific, the bears brought out a new
version which asserted that the govern
ment would endeRvor 10 obtain an In
junction restraining the payment Of any
and all dividends by both companies
They attacked both stocks to give an
appearance OF truth 10 their narrative
and succeeded in getting the price OF
Union Pacific lower tlan the lowest
quotation recorded on the last break, on
which occasion. however. the dividend
of IL per cent was included in the price
The bulls prOfesSed no uneasiness. one
OF them said: The bears have fred their
last shot They say the company viii be
restrained from paying dividends. That
is certainly the full limit. a few days
ixt-fU cfac hon
is in their contention, and then it viii be
up 10 them 70 get their stock back. II
say the payment of dividends will not
be restrained. / shall be like them. dis
cussing something Of which l can really
know nOthing-though I may have an
opinion. / am satisfied 70 wait and see. p
For weeks past Saturday has been
making record as reaction day. That
distinction used 10 belong to Tuesday
and perhaps the reason for transferring
It to the end OF the week is 10 give
plenty OF opportunity for discussion over
! Sunday Of the causes assigned for the
decline. In the present temper the dis
cussion is more likely TO intensity the
pessimism than 10 dissipate II.
An active trader who has long sought
for a reputation as the original bull on
Reading" was credited with being the
leader in the attack on Union Pacific. He
was a large seller OF the stock, and ap-
peared 20 have more news" on Il than
anybody else. His arguments embraced
everything from the enjoining Of diyi-
dends 10 the sale OF an additional $780,
C0c.0G0 preferred stock
Railroads which have reopened theil
shops have given the explanation that
their principal reason fer doing so was
to preserve their working organization. II
would not be wise. they say in reply e
Inquiries from Wall street, TO allow ;hs
men 10 drift away and trust 10 chance
for ability 10 assemble a full force in
case changed conditions suddenly created
a demand for more or better equipment
This reopening Of shops explains in part
the increase in the demand for various
lines of railroad supplies, but said the
head Of one of the large car-buiiding con-
Germs, 1T does not explain why the roads
are sending equipment to be repaired al
our shops. 1t seems 10 me that the rail-
road people are really feeling more cheer
full