The Washington times., 1908-06-02
DAYS DECLINES.

NEW YORK, June .. - They turned
out the band and gave the market a
fine seEd-off, on the tap of the starting
bell, and for a time it was a case Of
get aboard or get left. There was con
siderable steam in the boilers. and with
much hurrahing. St Paul. Union Pa
citic, Hill shares, and Reading led the
upward movement. Other stocks trail
ed along. After going along an hour
and we'll into the second hour. the
pace proved too fast and there was
checking of speed and some reactions
here and there throughout the list 1t
was considered good form TO give
proper expression to the general salts
faction over the adjournment Of Con-
gress, cheap money, ana an emergency
currency law that promises all kinds
Of trouble for Secretary CortelyOu. but
The joy was a little too pronounced,
and the rapid advances gave traders
opportunity 10 get out with fat profits.
Take Profit.
The fact that large number of pro-
TessiOnals bought just before the ClOse-Of
She market on Monday for the rise that
was considered a certainty of the open
ing today, and that. having a good
profit on the point TO ? point advance
that followed the opening they jumped
in and sold and added little short
stock for good measure.
Thus It happened that the market
slowed down going into the noon hour
and that reactions were the rule and
not the exception. The advance had
carried St. Paul to 1895 and Union Pa
ci1c to 80 Reading, Great Northern,
Northern Pacific, and Southern Pacific
moved up points.
When the reaction started, IL seemed
10 strike many traders that perhaps
the sky was not as rOseaJe as II appear
ed TO De and they sold freely, and the
bosses permitted the market TO become
Iired-like, moving slowly with ten
dency to go lower. The chances are
that it will be turned the other way
quickly as there are thousands ana
thousands Of shares still TO be trans
ferred from Rockefeller. Hartman. auc
Gould to the dear public
The reaction carried Union Pacific
from 100 10 l4Sa4, ST. Paul from l37 10
1864, Reading from uTl4 10 1l69s. MOI
thern Pacific lost all but u of its gain.
Atlantic Coast Line = points higher
Central Of Jersey points better The
industries did not enthuse To any great
extent, acting tired.
The dullness lasted through the noon
hour. Just before o'clock the market
started again and recovered fractions Of
the loss. and at the SAME time became
was standing under the list and giving
il good support. The prospects of a
great crop. with better condition of cot
ton, gave the bulls more confidence
Prices well into the second hour of the
afternoon were about p point above the
reaction level save in some of the IN
dustTials, where support seems 10 be
lacking.
The 100 market gives no Indication of
what II may be at o clock. out the
chances seem 10 be favorable for a CON
tinuatiOn of a fair degree of activity and
a strong market,
Slump in Last Hour.
As the day wore on, the market be-
came weaker instead of stronger. The
immense volume Of proht-taking was
largely responsible for the changed con-
ditions, as there was practically no
change in the influences affecting the
list and nothing in the way of news TO
cause any change.
Most of the stocks on this slump
dropped TO practically the lowest prices
of the day and the changes noted above.
indicate plainly the narrowing of the
market and the comparatively small ad-
VanoeS that were scored for the day.
Union Pacific, which was the leader
throughout. came back again to 1881
and Mop held its point advance. but
there were many stocks that aid not
change moe than a quarter either way
and the whole list closed rather sEakey.
IL did not look like a good closing