The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-06-18
DAYS DECLINES.

NEW YORK. June IS.-The volume OF
business continues very light, nor is
there any indication Of an Improvement
Unquestionably the Hartman following
could readily advance the market. but
IL would be only by pure manipulation,
and il is very doubtful whether they
could command any attention from pro-
fesslOnal traders. while IL Is certain that
lley could not win the public into the
market as buyers Of stocks.
The passing OF the dividend on big
Four stock IS taken 10 mean that other
Vanderbilt issues viii follow suit, OF at
lvast pay reduced dividends The I'M
experiences OF this action was shown
by the decline OF rs points after the
announcement yesterday.
Inere were rumOrs on the street that
the Repubuc Steel and Iron Company
would pass ATS perferred dividend
These conditions tend 10 unsettie con-
1ldeuce. 10 cause some liquidation on
The past of investors and 10 encourage
Inc bears ana stimulate their activity
despite the fact that they are extreme
j. cautions.
Traders are watching the Chicago
convention very closely for the out
come of the night Oh the Injunction
plank in the platform They are also
InuCA Interested in the ROCS-gs.- dem
CustTatOn, aud are not willing 10 ac-
cept as final The theory that he VIII
uOJ be nominated.
some indications OF a better tone,
Union Pacific really gaining = soon al
ter the tap OF the bell. But IL was evil
dent that IL was not 90 be an adyanc-
ing market. Liquidation and some short
selling followed. and BY the middle OF
the second hour of The morning the
leading rails were p TO = lower. Some
stocks made greater losses. Baltimore
and Ohio dropped two points, or from
eylz TO, Slla- Atlanta Coast Line fell a
point ana Louisville and Nashville
made the big loss Ior IT., OF - points
Republic Steel, preferred, dropped "a
and Steel, preferred, =. Nest OF the
Gould and Vanderbilt stocks were
neglected, although comparatively
steady.
The peculiar condition about the
market was the absence Of any sell
ing movement, this in itself checking
bear operations. When sales were at
tempted the market showed inactivity.
Wall street perceives that IN order
10 have a builish demonstration on the
nomination at Chicago IL viii have to
scare up more enthusiasm for Mr..
Taft than has yet been manifested in
the convention.
When a large number OF people get TO
thinking one way on the stock market
they are i'm line 10 be deeply diSap-
pointed There is now q widespread no
ton that the nomination OF AiT. Taft
would be greeted with bulge IN prices,
and perhaps three-QuarteT5 OF the mis-
cellaneOus buying observed in the mar
ket during the last ten days has been
so predicated.
The buyers ere rather modest IN their
expectations. A rise OF TO points on
the announcement. they say. would sat
1sfy them.
Thereupon they would sell out their
long stocks and perhaps go short be
sides.
II The market failed to make sucf
q response 10 the nomination IL would
be a disappointment A much larger
the nomination, the stock market
should go up just enough 10 tempt
everybody who was long OF stocks
against a Taft boom to get out and
then go ten points higher still.
II the market We're In the mainland
led condition which half OF Wall Street
thinks IL is dominated by The sheer
force OF a few men commanding large
sums of cheap money, II might very
easily be put up 20 points.
Following the better urging In the
noon hour the market entered and pass
cd well inside OF the second hour Of
the afternoon with Union Pacific, Read
ing. ST. Paul. Northern Pacific. Great
Northern, and most of the tails at
about Wednesdays closing price
Locomotive was pa lower, Baltimore
and Ohio points of, Mobil- = off,
Louisville and Nashville 2, Roc. Island
8, ana Republic, pfd., q. Copper and
Smelter strong.
The belated TAFT boom arrived In the
last hour. The record OF gains shows just
how important II was. It was man
manipulated