The Washington herald., 1908-04-03
WALL STREET NOTES
Traders Who Try to Stimu-
late Market Fail.
FRICTION IN LAwsoN's BOOM
Charge Made that Holders of Yukon
Sold More Than Had Been Agreed
TO Have RetaIIated-UnIOn Pacific
Move Not Clear to Brokers.

New York. April 2.-The traders tried
10 stimulate the market in the first hour
to-day in the expectation Of favorable
announcement regarding the Erie fnanc-
ing They made an honest effort to start
prices toward a higher level, but meeting
with no success soon gave UP. BY noon
numbers of them had left the floor. and
of those that remained as many as could
find room on the seats around the trad
ing posts were sitting down drowsily
pouring over the morning newspapers.
Those who were not fortunate enough
10 get seats made no pretense OF doing
business except at long intervals and il
was said that more than once a trader.
overcome by that tired feeling" made
bluff OF bidding for a stock and then
quietly slipped into a seat as another
broker left il 10 see what was going on.
One OF the very few rumors heard
around the street concerned the lun in
the Lawson campaign and asserted that
some friction had resulted from certain
transactions in Yukon. IL was said that
the Boston operator who made the boom
In the stock bought early in the week
about $1,000 shares. none OF which was
part OF what he had distributed on Satur-
day. There was only one other source
from which the stock could have come.
and Lawson, according TO the rumor. con-
cluded that ne had not been well used.
and. in reprisal. started a bear campaign
in American Smelling and Refining.
On Wednesday the advertisement advis-
ing the purchase OF Shelters appeared
and produced the expected effect-a de-
All NH rTrm1 Ia
for covering. Conferences. II was said.
have recently been held 10 devise means
Of bridging the breach alleged 10 have
been caused by a great outpouring OF
stock from place that was supposed 20
be absolutely proof against anything Of
that kind.
Those stories Of the delivery Of GER
uficates Of Union Pacific and Southern
Pacific In the names of prominent hold
ers Of the stocks Of the Hartman roads
continue 20 recur from time 10 time. That
some certificates have appeared In Wall
street bearing names we'll known 10 the
financial world many brokers assert. but.
OF course. no broker receiving such GER
tihcates can ascertain whether the actual
selling was done recently or a year and
half ago. when Union Pacific was
quoted at about 1s5 and Southern Pacific
at about s5 How long the sellers con-
tinued 10 borrow for delivery before turn
ing over their own certificates very few
people can know and. OF course II is
possible that IN allowing their names 10
appear now the sellers are not averse 20
the creation of a condition that might
enable them 10 recover at a compara-
lively low level what they may have sold
much higher up.
About the middle OF the afternoon the
market begar 10 discount the expected
announcement Of the arrangement OF the /
Erie financing. and the traders reused J
themselves 90 some show OF exertion on |
the buying side. A few OF them started I
bidding for stocks as II they thought
there would be none left in a little while !
and then quietly sold out again as soon |
as a sufficient number Joined the move !
ment. The meeting Of Erie directors was
scheduled for 2:30 o'clock. but had 10 be |
postponed as a quorum could not be Sc
cured