The Washington herald., 1908-06-16
WAITING ON POLITICS
Traders VIII Do Nothing Tn
til After Convention.
FEAR THIRD TERM BoGEY
Wall Street Interests Very Much
Perturbed Because of Necessity to
Fight for Plank Indorsing Integ-
rity of the COurts-FOreIgn BOurses
Reflect American Conditions.

New York. June 15.-The stock market.
after its brief enlivening on Friday and
Saturday, relapsed to-day into the rut of
dullness in which Il held during the
greater portion of last week, and the IN
ertia Of the market seemed more notice
able than at any previous time recently.
even though transactions did not consti-
tute a new low record.
1t was made very plain that the influ-
ence Of politics upon the speculative trad
ing Is almost the sole factor In this re-
gard, or, at least, much more so than any
perturbatlons incident 10 the cutting Of
steel prices or of developments in TIE af-
fairs of the Union Pacific and Erie Rail-
road companies. The general desire OF
professional operators. Of banking inter-
ests, and OF capitalists. large and small
is 10 do nothing IN the way OF a financial
venture until the results of the Republi-
can national convention can be seen and
appreciated.
The nomination Of Mr. Roosevelt, which
was again to-day more seriously talked OF
as a possibility than It has been at any
time Of late, would produce market con-
sequences that are so obvious that it is
needless 20 discuss them.
Business May De AfTrOnted.
But the one matter whose danger seems
near az hand Is the contingency. or what
by many people to-day was regarded as
probability that the power Of the coun-
try's present Chief Executive would be
so exerted over the national gathering Of
the party as to result in committing the
party to expressions of principle which
would either directly affront or greatly
discourage conservative business sentl-
ment in the country IL was very uni
versaily referred 10 in banking circles
as an ominous fact that would have been
utterly unbelievable a few years ago that
actual efforts of a determined and extra
ordinary nature are necessary at a con-
XeHtion Of a particular political party
that is about 10 meet in order 20 secure in
the platform of the party n resolution up
holding the judiciary and the judicial
system Of the United States. Deem dis
gust over such a condition Of affairs was
everywhere apparent.
The most salient characteristic of the
stock market to-day was therefore that in
spite OF all this shadow. the trading
merely went on I'm a dead and alive man
ner and that stocks did not signany de-
cline,
Small Selling Movement.
There WAS a little selling movement
In the middle Of the day but the market
was so narrow that once a slight fall
took place and at the close stocks we're
generally less than one-half n point above
or below the last prices on Saturday.
To some extent speculative enthusiasm
was unquestionably dampened by the
manifest lessening OF vitality in the bond
market.
The truth appears 20 be that the large
new Issues of securities Of the last few
months have again placed the bond mar
ket in such a shape that prospects for
the success OF another large railroad
Issue are pretty poor. The Union Paciac's
bond sale was the last straw IN this re-
gard. On the floor OF the Stock Exchange
to-day, to which dealings in the new Union
Pacific bonds were transferred from the
curb market. the securities with difficulty
maintained themselves above the issue
price and closed below this point. There
was no buying or selling OF stocks here
to-day for foreign account, and reports
from the other side Of the Atlantic were
that the markets were like our own.
restrained By the present acute state Of
az