The Washington times., 1908-06-03
DAYS GAINS

NEW YORK, June 3-Wau Street
operators have not changed their views
about the general betterment in business
conditions, but they were staggered
somewhat by the cut in steel bar prices.
and the proposed reorganization of the
Nabash-Piti sburg Terminal by scaling
OF bonds and Wlplng out OF common
stock and eventual sale 10 Wheeling eHd
Lake Erie. A dividend cut OF TWO also
caused some uueaSiuCSS. There was just
enough uneasiness to be responsible for
q general scaling downward of prices
following the opening as there was a
general desire on the part Of traders
with profits in sight to transfer them
from paper 10 bank accounts. When a
bunch OF traders acquire this desire or
feeling at one and the same time, the
initiative follows and prices have 10
give way.
Such a movement is characterized as
"a large volume of DrOtit-taking or
ders"
As a result thereof the initial market
was characterized by decline Of / 10
. points it the leading issues The
downward movement was accelerated
los the UnCOveTing Of a number OF stop
loss orders and this carried some of
the leaders TO a loss OF 2.s points.
London did not care pIffle about our
securities or our market. II was Derby
Day, and the ponies were IT, with a
vengeance
some stocks opened at the low point.
itlaHt'I@ lllAlt .ttltiltE lllEl raAAEir bAt
the whole market was we'll on the road
10 big declines in the first hour and
we'll into the second as well
Then came the turn The leaders III
the manipulation IN the hurrah boys,
come on. recognized that II womb H5-er
do 10 permit the list 10 break too badly,
and they jumped into the breach, and
with the aid of spectators, who sold
short forced Alright about, and the whole
market moved to a higher level the
leaders practically falling into the clos
ing prices of yesterday, without much
trouble.
ia points. and made fl 1863 IN a few min
utes, comparatively few, later on Then
in the rally II touched 1885 again. just
where it closed Yesterday, This action
was repeated in the market for North
eru Pacific, Reading, Great Northern,
and St. Paul. only I'm less marked degree
of fluctuations. The recovery in some
cases was not up TO the entire loss,
Chesapeake and Ohio became one Of the
strong stocks today and advanced from
44la TO 1855 TO As. Shelter was of a
Steels We're = lower. Copper slightly
easier. on the recovery the volume of
business was moderately large.
Having recovered losses I'm the leaders
the market became very dun and this
quietness prevailed we'll into the sec
ond hour of the afternoon II seemed
rs If the mdntpuldtOTs were taking
bTedr hing spell. In the dullneSS the
leaders and practically the majority of
securities dropped off 2sQ1a point The
exceptions were Chesapeake and Ohio,
Pennsylvania New York Central, and
some OF the minor stocks. 1t was a
case of little apparent interest and
only an occasional movement Of the
tiCkeTs.
The chances are for a decided change
before the close.
In the closing hours Of the afternoon
the market eased of. with declines of
ssd& III nearly all the leaders. Many
of the minor stocks held their own fair
~ well and some others made fair
gains. The last hour of the session was
characterized by good activity but the
price list was unTespOnsive.