The Washington times., 1908-06-26
Speculation Ceases Out of
Respect to Grover
Cleveland.
MARKET is DULL
AND PRICES FIRM
Wall Street Hopeful of Good
Crops, Better Business, and
Return of Prosperity.

NEW YORK, June 26.-The stock and
produce exchanges Of the country gen
orally closed at l o'clock today, out
OF respect TO the memory Of Grover
Cleveland. This did not include the
cotton exchanges Of New York and
New Orleans. it being July notice day
and not possible for either TO join IN
halliday adjournment.
The stock market opened strong IN
the main and in many instances higher
than last nights closing The market
at the start was quite irregular. but
after a short time steadied, and before
the end or the short session several
stocks had added fractional or whole
point gains 20 the prices OF yesterday.
At the start declines and advances
were fractional and IL0ut evenly di-
vided throughout the list. Amalgamated
and Anaconda were heavy at the open
ing. the former losing y and the latter
J. Amalgamated subsequently rallied
2. American Locomotive was strong
and advanced Il point as did Westing
house At the end OF the first half
hour of trading, the market became
dull. but with nearly all issues showing
fractional gains. Erie. lst preferred.
rose IA points. while the common de
Clined "a
Owing 10 the report that contracts
had been signed with bankers for the
payment Of interest and maturing obI-
cations of the St Louis and san Fran
cisco railway company, that stock rose
J point to 221E. As the recent raids on
Rock Island securities were partly based
on the uncertainty Of these payments,
announcement that they would be met
strengthened Rock Island.
Disquieting news came by cable from
London that there had been a break
Of one point in Rio Tintos IN that mar
lSet and had a weakening effect upon
the Coppers here and in Boston Anal
gamated opened half point lower than
last night. I'm sympathy with the Eews,
but gained stout fractions as the trad
ing proceeded. and closed Well above
the decline of the morning
The Steel stocks were firm and active.
Smelters opened ex-dividend about 81 a
share below last nights closing. was
quite active and gained half a point
one OF the features OF the market was
the nigh opening of Manhattan Ele-
waited, due TO the adjustment of several
matters that have affected the local
traction shares adversely for several
days.
Union Pacific. Sme,ters. and Reading
were the leaders in a market. VINCE
was almost the counterpart of yester-
CAY. marked by professional tradLES,
small business and gradually rising
News from the business world con
tiIues hopeful and the attention oi
Wall Street is Centered upon the prom
sse Of good crops of all kinds The ira
TreSsign is that with a continuation
OF tie conditions that have prevailed
the wheat. cotton. and corn should COM
l0 harvest and picking. with yields Lna'
tf1n of other years The fact is reCoE-
uized that with good crops the volume
OF business on before the StrlnEeuty ID.
Iast wear cannot long be delayed, and
that the country. Chasteucd by panic.
and with finances newly adjusted VIII
enter upon new period OF prosperity
This is the hope of Wall Street.
strengthened as day follows day OF good
weather over the vast reaches Of agTi-
cultural operations on the W estern con
tiuent-
Railroad news today. tnoush not as
cheering as could have been hoped. was
not without its encouraging features
New Jersey Central in Its last report
shows surplus of S67.S26 for the month
of MAY. without making deductions fer
renewals. As compared with last year,
this is not a very favorable showing, but
Wall Street has had so many knocks
this year that il catches at smaller
things than il once did. and the report
is spoken OF as good under the clrcum-
stances
In a similar manner. the report Of the
American Car and Foundry Company
made public yesterday. gives most spec
Ulators hope The report covered the
fiscal year ended April so, and showed
that the company had disbUrsed larger
dividends than ever before IN its his
tory though fits years earnings had
fallen off something over $500 000. The
report is interpreted 20 mean that the
company e. still making money and that
its management shows that tx is IN safe
hands and is capable Of coming out with
q surplus at the end Of the year.
These indications show the more hope
ful mood into which the financial and
speculative community has entered and
fl would appear that about all that Is
now needed is TOr Wall Street to get rid
,r it's unwonted timiditv to start the
stock market on a long and healthy bul
movement