The Washington times., 1908-07-03
BROKERS CELEBRATE
INDEPENDENCE DAY
Torpedoes and Firecrackers
Roar Through the
Exchange.

NEW YORK, July 3.-Those who ex-
pected a display of independence fire.
works in the stock market today we're
previously disappointed. Not even a
urecracker was exploded IN the way OF
any significant movement OF the mar
ket in any direction. Tile session today
is a replica ot those that have preceded
u this week.
Trading in the first hoGr was without
feature. Price Quotations were without
significance. Most Of the time the ticker
was at q standStill. Although business
was dull stocks were s-rOnE, with an
upward tendency. Union Pacific ad-
VaEced u a point; Reading L. and
Amalga,nated a. Rock Island preferred
was heavy and declined H. Owing TO
ltS victory in the suit brought by At
torney General Jackson 10 annul its
charter. stock Of the Consolidated Gas
company continued sJrouS and rose n.
The steel shares were unchanged
Ihe only important news item that had
any bearing on Wall Street was the an
noUrcement that a receiver had been
appointed in Trenton for the United
BoXboard and Paper Company. This
corporation has outstanding common
stock amounting 10 E140lS.500. and 7 per
cent cumulative preferred stock 10 the
extent Of S14,9iS, 900 Its outstanding
bonds amount 10 81, ,962. 400.
The Cotton Exchange was closed.
On the curb market trading is dull.
with no important price changes.
As has been the case during the
whole period Of dullness through which
the market IS passing. the situation is
Kept well In hand by thOCe who are be
heved 10 be manipulating prices for
their own benefit. Though there is no
large selling movement, all the stock
offered is well taken. and prices, es-
pecially of the leaders, are very gradu
ally climbing higher That there is
quiet and determined accumulation OF
stocks such as Reading, Union Pacific,
ant tie Shelters is believed by many,
and those who profess to hold this
view are also of the opinion that the
strike for a rise when II comes will be
madc III the steel stocks.
Every item OF news bearing upon the
increase Of the steel business is made
prominCn: and commented upon as q
proof Of Increased business activity and
as the E1re herald of better times.
Meanwhile the tip is persistently re
peaIed and sent broadcast over the
country that now is the time 10 buy
SmeIters. This activity on the part Of
what are termed clique houses has
aroused the suspicion Of many IN Wall
street and they are saying today thai
me game VIII be revealed pretty soon
after the opening OF business after the
holiday No one ventures { very def
mite opinion upon what the manipula-
tors are trying to do, but the general
opinion Is that there VIII be a drive for
higher prices, q chasing in of the shorts
and n cleaning UP OF the market, with
the unloading of long lines of accumu-
lated stocks as an incident of the coup.
Accepting this program and GUDDOSiuR
that the fun will begin with a furry in
Steel stocks, and the picture of what
many OF the traders of the Street have
dOped out for next week IS before the
reader.
The strength Of stocks in tho face Of
the long period Of dullness which has
been upon tho market is the most sig
nlncant feature Of the situation.
At midday there is no prospect Of any
cnange IT. the situation TODAY
Members OF the New York Stock Ex
change decided at l o'clock that IL was
necessary to have little excitement
prior 70 the Fourth Of July holiday.
There had been nothing doing all the
morning In the way OF business, and
X did not seem possible TO have a
, strenuous afternoon by any effectuaI
lchange in the market
p Moreover, the brokers were G little
sore because the directors had rescinded
the vote Of the exchange to adjourn to-
6 day. Accordingly, at a given signal.
absent brokers marched into the eI-
change from the Hobbies and a thou
sand torpedoes were exploded almost
simultaneously. They then began firing
CRACKERS and not small crackers, either.
There were cannon crackers and some
foot long, and the din which ensued
was worse than all the legends of psn-
demOnfum. Business was impossible,
tthe boards were abandoned, the tickers
b lapsed into silence, and evervbOdy
shred Of coats and hats were firing
crackers by the bunch and yelling like
boys on the common in the DAYS OF
Lafayette.
The point Of the demonstration was
that the members had decide. that
there should be no business in he az
ternoon Of the Sd of July, and that Incl
dentally the directors should find out
that they could not go counter to the
wishes OF the whole exchange.
The excitement OF the fireworks sub
sided about o'clock. except an occa-
sional explosion. During the melee the
chairman Of the exchange fined nearly
every member on the floor.
Business. however. did not pick I'D
much, when order had been in part
restored. Only an occasional trade was
cOnsummated. The total sales of the
day are under $1,000 shares.
The market closes without any change
in the situation.
DDTCEO EOD TOnAV NN