The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-06-28
Spectators Awaiting Result
of Convention at
Denver.
SALES OF BONDS
CROSS 100000
Show Trend of Sentiment Regard
ing Observation-Disclosures
Reports Better.


most part was quickly recovered, and
since then business has been dull,
prices fairly firm. but somewhat ir-
regular. and the tone Of the market gen
orally hopeful. For persons who bought
on the decline IN the early part of the
week, and who were then carrying long
stock, the market has been Of the ir-
ritating sort, where the holder does not
know which way the cat may jump.
To those who joined the bear crowd
last Monday and Tuesday, expecting
that the market was playing to a fail.
the week has been one Of considerable
disappointment and anxiety To the
quiet observer, with no commitments, it
has appeared that the situation was
waiting one, in which the market is be-
ing manipulated by the professional
traders for sdlne purpose not yet made
apparent.
Most persons will agree with the view
that the market is hung ND. awaiting
the result Of the nominations and plat
form at Denver. which. II about as ex-
pected. viii probably be the signal for
a slow and limited upward movement.
That such movement is likely may be
inferred from the fact that the specula-
tive community is IN a mood to welcome
IT. Money is more plentiful than at any
time before in generation, and even
the best informed students Of finance
can give no satisfactory reasons why
stocks should not sell on a level of 10
or 10 points higher than they now are.
Many Fractional Losses.
II one should go painfully over tba
ri
OF one week ago he would find fraction
al losses on good many stocks. The
reason Is that the better part Of the
list, numerically speaking. has not been
active TO any degree for a week. Even
with the onslaught made upon Rock
Island, and the activity displaved nv
the Pacific railroads. the Coppers and
some Of the industrials. the range Of the
market for the week has been witI,jn
8 points. with prices tonight close To
where they were week ago.
Many Of the stocks 90 not show NET
changes OF more than 4 of a point. and
1t is only the exception where the record
is more than 81 a share. During the en-
tire week trading was strictly of n Dro-
fessionaf kind and represented mostly
operations by the bears to get some hold
have signally failed to do. their best
efforts being met, as was the case with
Rock Island. by support that completely
disarmed them and sent them. scared.
10 the tail timber.
Some Of the trading. especially Of the
last two days. has been the selling out
of long stock to even accounts. and at
times there has been seen a moderate
amount Of short covering The extent
Of the short interest is a sealed book.
50 far as the best informed brokers are
concerned Many are Of the opinion
that by far the larger part Of the opera
tons Of the week were for short ac-
count, but such does not seem to be the
case, and probably the best Judgment
is that the shorts are comparatively few
in number and that their accounts are
eorrespOndingly small
Cash Piles Up in Banks.
One Of the interesting features Of the
situation is the large amount Of money
accommodating here I'm New York and at
other centers- The bank statement yes
terday showed another large aC--rr
tion Of cash in the financial institutions.
and spectators are perfectly aware
that so far as the means for an active
period are concerned they never were
better And yet while stocks are con-
fessedly low. from the speculative
standpoint, there seems to be a fear Of
launching out and buying stocks. except
by the few who are taking them up as
investments, most of the railros Is be-
ing at 8 per cent prices.
Large STUNTS OF money are going into
bonds. The figures today cobering the
transactions for the week show the
sale of more than $1,000 600 in bonds and
about 100000 shares of stocks. The
large buying Of bonds can mean only
one thing, that some of the accumulat-
ing cash Of the country is seeking in
vestment in the bonds Of railroads and
the better paying corporations. The
same fact accounts in a measure for
the piling up of money here in New
York, millions OF dollars coming from
other parts Of the country TO pay for
the bonds bought. many of them in
small amounts by investors. The move
ment is sufficiently marked to attract
much attention, and one Of the things
most often commented upon here is the
continued call from all quarters for
bonds. and still more bonds.
Dividend Showing Good.
Much of the attention OF Wall Street
has been taken UP during the week IN
reading over and digesting the reports
Of railroads and various large corpora
tons who have dividends due this
week, and are making up their mid
year statements. These statements in
the main are a little better than ex-
pected. More concerns are paying divi-
dends, and IN many instances the divi-
dends are larger than was predicted a
month ago. In some instances probably
It has taken close fnanciering TO make
a good showing, but it has been done,
and the temper of Wall Street is better
On that account.
These reports show that the business
depression OF the early part Of the year
was not so serious as expected, anu
that the resumption has been greater
han daily and e7hemeraI reports would
lead one to suppose. The report Of the
Virginia and Carolina Chemical Com