The Washington times., 1908-07-05
Volume of Business on
Closing Day Makes
Low Record.
BULLS HOPEFUL,
BEARS SURPRISED
Some Expect Wide Upturn After
Denver Convention, While 9th
ers Think Prices About Normal.

NEW YORK, July Awhile there
was no session OF me stock exchange
to-day, and while Wall street was prac-
ideally deserted On account of the holi-
day. there was still a small contingent
Of the faithful who gathered in accus-
toned places and went over the market
situation as part of their daily mental
food.
These and others who talked OF the
market during the last week voted it
one OF the strangest situations in the
p.rtOd Of their TecO lection. Judged by
the volume Of business the market was
at the lowest ebb kr own in years. Yes
Ierday the total sa'os were around r.
00O-the smallest on record for a single
day since the records were kept in the
new stock exchange. Yesterday was
only a repetition Of other days Of the
week in this particular. in that the
market thinned out day by day TO F'ri-
day. each day having a little less busi-
ness than the preceding
Prices Well Maintained.
Ordinarily a market so dull would be
attended with falling prices. but prices
have been. on the contrary. firm and
steady, and upon many issues better
at the close than at the beginning Of
the week This strength Of the market
under the circumstances Is the thing
which gives hope 70 the bull element
and surprises the bears
The explanation most generally given
for the situation IS that those IN control
Of the market do not intend 10 let prices
get away from them IN either direction.
especially 10 90 lower. Consequently
the stocks offered are being quietly
taken care Of aad accumulated for
some movement sat is expected 10
take place next week or after the meet
ing OF the Denver convention.
Those who hold 10 this view have
made uD their miEds that the market
IS due 70 a rise. and the argument
goes forward 70 the effect that several
houses in Wall street are known 10 be
gathering IN stocks and holding them
for wide turn when the market
breaks from its present moorings. This
argument is also based upon the as
sumption that things political as well
al financial shall go forward in the line
they are now following. 4 hitch at
Denver or a destructive storm OF other
unexpected happening that might se-
riously disturb the situation would top
pie over this theory quicker than a
wink Hence the doubtful premises on
which it is founded.
Stocks At Normal Value.
The better view is that stocks are
now about at their normal value IN the
light OF business activity and the pos
si5ilitles Of Gaming dividends for rail-
roads and the Industrial corporations
for the balance of the year. The public
being out OF the market and small in
ducement for speculation being offered
by the narrow margins Of fluctuation
the market has settled down into a pro-
fessiOnal affair where Il IS likely 70 re-
main until politics and business are
more settled than al present appears.
These and other explanations are Of
fered for the situation. all OF which
have their advocates, but so Tar as can
be seen during a midsummer holiday
there is nothing in sight TO inspire hone
OF any spirit In the market within the
next few days.