The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-06-12

NEW YORK, June 12.-Yesterday' 5
total sales 14S,SOO shares. A small total
for a i've hours session. It is Ques-
tionable whether todays total will equal
That Of yesterday. IL was dreary go
ing from the start until well into the
afternoon, and the only promise Of re-
Iief comes from the hope that conces-
siOns made in values may stimulate
something like moderate buying on the
lines OF pront-taling before the closing
song rings,
II was perhaps with a view of inspiT-
Ing some activity that the manipulatOrs
let 80 OF the market Perhaps they
COulu not help themselves, and again
they may not have wanted 10. II is
likely that conditions are such that
an active market at this time is lmpOs-
sible.
There was no cause for the down
ward turn except the weight OF the ne
elected market, although IN spots there
were influences responsible for breaks
Brooklyn RapCd Transit suffered be-
cause OF the repeal of the racing bills
or rather the gambling law under which
race track betting has been permitted.
Headings g~andstand play Of declaT
ing lNluends f0T eighteen months in
advance, arranging IoT dates Of pay
ment etc, was looked upon with some
thing akin 10 suspicion IL was out of
the ordinary. There was no call for IL.
No one has questioned the ability Of
Reading TO nav its dividends, and the
very unusuaIness OF the movement pre-
vented the declarations having any stiff
fleming effect.
The Erie Railroad Company again
came 10 the front as a disturbing ele-
ment. The company has announced its
intention TO fund it's coupons for mum
Der OF years and this operation has
caused uneasiness as TO future diVi-
dends. Union Pacltc bonds sold down
y point, making Il new low record, and
y below the subscription price
This weakness helped along a points
decline in Union Pacific and the mar
keJ followed the pace.
Denials were made OF the intent OF
foreign steel manufacturers to form q
world combination.
The temper of traders or thase who
usually try TO follow the market, OF
the public generally and of the semi
professional operators was all against
any activity. They did not care 10
trade Dizziness vas oYferpowering.
AS the day advanced the maTEet
seemed to grow in weakness and to IN
crease in dullness5 If such thing IS
possible. AT times the tiCkers were
silent for a minute or more at time.
and the gossip dispatches but aCCentu-
ated the inclination OF those. who a
week ago were the most rampant bulls,
20 let the market severely alone
Union Pacific opened at 1873, turned
down and hesitated at 1914. but not
before. st. Paul started at l343s and
stopped midway in the afternoon at
1915. Reading, despite assured dIvi-
dends, sold at 11l%, a loss of "a points.
Northern Pacific was "a lower. Great
Northern. 1ss: New York Central, q Oft
TIE majority Of rails were . lower all
around. Steel, common, and Copper
with Ice were the weaklings.
IN the closing hour of the day the de-
cIines increased 10 2 TO 1 points with
a decidedly weak tone. On the low
point there was considerable covering
by bears who had sold earlier IN the
day. and some little investment buying
This was responsible for a recovery Of
about a point, but the closing was still
soft The declines for the day, as
shown above. give a correct reflection
OF the kind a market & really was.
and there was scarcely a stock on the
list that did not lose from a fraction
10 points
Union Pacific. St. Paul, Reading. and
the Fries were leaders in the decline.