The Washington times., 1908-06-14

DSsh sent OUT Dy secretary COrtelyou,
we may confidently expect the forma-
ton of such an association in every
large city.
Politics a Factor.
The political pot, boiling furiously.
caused some uneasiness on the part OF
traders and the prospect for an anti
injunction plank in the platform, ac-
tualiy caused some people 20 let the
stock market alone. They feared for
increased reCoveries in prosperity II
The demands Of organized labor were
granted.
London has fed our market with Sc
curiies, and has done very little buy
ing even when the price-decline had
offered good profits on their sales.
They were getting out for good. Then,
too, the Street conceived the idea that
the big manipulators Of the market
had distributed much stock and were
about to stand from under during the
political campaign. and as a conse-
quence. they were constrained to stand
from under and 20 permit the market
to take its course.
In the early part OF the week there
were some advances and a better tone
evidently in the hope of giving the
market strength for the marketing OF
the Union Pacific bonds. But the
movement failed TO inspire strength
save in spots here and there.
Torpor followed the closing rally on
Tuesday. Wednesday and Thursday
were the ughtest days, in volume Of
business, for many years and the price
changes were insignificant. This ex-
IRENE dullness was tempting 10 bears.
ard after watching closely, they
plucked up enough courage to try the
market and they found it so easy that
they pressed it further for good breaks.
Pressure Continues.
They continued the pressure on SAT-
urday morning and with good effect.
but they failed to djslodge any mar
gtned stock, for the reason that semi
professional and brokers Office traders
had generally closed out and were
waiting signs Of an up-turn for
chance 10 get II again.
Finding little stock for sale, shorts
were the more anxious TO cover and
the result was a sharp change for the
a
also recovered part OF Fridays loss
and hence the market showed COM
paratively few important changes.
The leaders lost between 1 and 2
points, st. Paul 2, Union Pacific 2,
Reading 2ss, Great Northern rs, North
ern Pacific a small fraction, Fries 4,
and the minor stocks something over a
point. on the average.
The announcement of the cut in the
prices Of steel products did not have
bad effect On the contrary there was
in it the inspiration Of a hope for an
Improvement in the business, which
seemed warranted by the promise Of
still further cuts.
The cut did not result in any con
cessiors, although the Steels were of
nearly a point with the rest of the
market The industrials as a rule did
better than the rails and Copper and
Smelter were just about on "a par with
the closing prices Of last week.
Market Is High.
Even good judges admit that the mar
ket is high. that the Harriman-Stand-
ard Oil interests can put il higher,
that the traders would follow a good
bull movement, but they know that
such a market would be used for the
marketing of insiders securities and
that IL would be Just like the market
has been for ninety days. a purely ma
nipulated artificial market
Contracts for the new Union Pacific
bonds when issued" were admitted TO
quotation on the stock exchange this
morning, aud their price, which went
as low as 45 Yesterday ryorY7rtI,r nose IN
s5ss. Some large sales were subse-
quenuy made at e5iz and 95ss, but the
fact that the bonds were maintained
around their subscription figure re-
moved from the general market one
of the principal influences depressing IL
yesterday.