The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-06-25
NEW YORK MARKET.
IN WAITING MOOD
Bears Astonished at Squirt of
Strength in the
Opening.
PRICES FALL OFF
AND TRADING DULL
Brokers Hang About Lobbies Talk
irg Politics Tapes and
Boards Abandoned.

NEW YORK, June 25.-If proof was
wanted that the New York market is
under skillful manipulation. II was fur
nished by the surprise which showed
plainly upon the faces OF the bear crowd
at the opening. When it had been eX-
pected that IL would be easy 10 make
a successful attack and force down
prices, stock dope to that effect having
been sent out during the night ana
telegraphed TO the ends of the country
this morning, all OF yesterdays leaders
opened from Il to a full point ABOVE
last nights closing. and started firm
ana strong ST. Paul showed gain OF
lh, Union Pacific was up q Of point
ana Brooklyn Rapid Transit showed a
Ike gain on the strength OF the report
that the matter OF fares 10 Coney Island
would be Immediately adjusted. Read
ing. Copper. Steel common. and ROCK
Island preferred were 4 higher, write
Chesapeake and Ohio and several OF
the other railroads were Y point up
This served TO discomfort the bears 20
such an extent that they completely
lost their nerve, and during the hrst
hour the market stood firm, with fraC-
tional gains along the Inc There was
however a slim attendance OF brokers'
business continued within narrow lines
only the few leaders being active. Al
10 O'Clock hardly half the list had open
ed at all and there was probably a
greater number OF the members OF the
exchange talking politics in the lob
bies than on the moor watching the
boards.
After 10 o'clock prices began u
weaken some, due apparently 10 iack
OF buying support, and many stocks
lost the greater part OF the gains re-
corded at the opening. Al noon The
market was at. about the level Of las
nights closing very sluggish, and Of
feTing a prospect Of further losses
through the day. The declines were
ket was ssEginG of purely from lach
OF business.
While the room bulls stuck TO thciI
position valiently there was some pres
sure from houses with foreign COnnec
lions and stocks were more freely Of
fered about noon that was the cast
yesterday.
Market news was for the most part
favorable. A dispatch from Pittsburg
that 10000 tons or steel rails had been
sold since the cut OF three weeks ago
attracted much attention, and wal
hailed as an indication. of expanding
business and restored confidence
II some of the timidity could be work
ed out OF Wall Street the marke
would rebound with snap and viSor. But
the best brokers seem TO have a feal
OF going into the market heavily or o
advising their clients 10 do so. Thi:
more than anything else helps to keeI
the market down.
No change took place in the condi
mons curing the nrst hour and a fsail
OF the afternoon. Trading was, II pos
sible, within narrower limits than dur
Ing the morning. and prices hung around
the leN-es OF last night with only small
fractional changes from time 10 time
The market seems hung or a peg wait
ing fer political developments at Den,
veT before any revival OF business.
Tie impression is gaining ground II
Wall Street that Bryan will be forced
through the Denver convention much Al
Taft was al Chicago, and afterwards
the campaign will be left TO the politi
Clans with only mild excitement as sum
ncer grows old ana autumn commences
Al present little advantage in the spec.
ulatiVe way seems imminent from th'
Democratic gathering, but Wall Street
IL IN a waiting mood gith no intention
Of getting excited ono way or another.
The market remained sluggish through
the afternoon, with only small changes
in the quotations. The volume Of bust
ness stuck 20 the same narrow lines
and the stock exchange had the ap-
pearance of a semi-holiday.
The closing prices we're firm. with
fractional changes from the last quota
lions Of yesterday.