The Washington herald., 1908-06-13
STOCK DEALS LARGE
Volume of Trading Greater
Than Thursday.
FEAR REPUBLICAN PLATFORM
Spectators Watching for Develop
ment of Roosevelt Policy at Chi
cRGO-DOwnwnrd Movement Fol-
lows Opening and Another Fail in
Prices Comes I'm the Afternoon.

New York June 12-Transactions In the
stock market to-day were nearly as large
as those for the three days preceding.
the sales in the first hour amounting to
almost exactly tie total for yesterdays
entire session. The increase in activity
was accompanied by sharp decline in
prices that was especially pronounced I'm
Union Pacific. Reading. and ST. Paul. the
Erie issues and Westinghouse
The downward movement started with
the opening Of the market and assumed
considerable proportions at the end Of
the first hour. the low prices reached in
that period remaining the lowest Of the
forenoon. and until renewal of selling
pressure. about the middle of the after
noon. resulted in a lower level all around.
number Of stop orders were caught on
this second decline. and in the last hour
a small rally occurred on the covering OF
traders shorts
Fear Republican Platform.
The marked changes in the action OF
the market revived Wall street apprehen-
sion as 20 the outcome Of Republican con-
vention, not in regard to the candidate
70 be selected as the standard bearer Of
the party at the elections next fall, but
20 the makeup of the platform on which
he is 20 stand. Earlier in the week hopes
had been entertained that a platform
would be adopted which the business COM
munity could approve. but this morning
the news indicated that the President
was bent on forcing his views upon the
gathering at Chicago and securing the
adoption Of a platform representing his
most drastic policies. including the pur-
pose 20 curb the judiciary In the exer-
else OF the injunction against labor unions.
Second only TO the apprehension re-
garding the makeup of the Republican
platform as a factor in the decline. was
the qualified measure OF success accorded
20 the Union Pacific bond Offering, the
handling Of which appeared TO meet with
almost universal disapproval
IL --s announced early in the day,
when the suubscription books were closed.
thut the issue had been largely over
subscribed, but at the same time. a heavy
selling movement began in the market
for the bonds on the curb, forcing the
price half a point below the level at
which the public Offering was made.
SiEht recovery ht Close.
a slight recovery from the low was
recorded In the last hour. There was
widespread suspicion that the assurances
that the Issue had been oversubscribed
did not mean Just what they appeared to
mean, and that much OF the selling on
the curb was for account Of the syndicate.
which, OF course, could afford 70 sell al a
price considerably lower than than that
at which the public offering was made.
and yet realize handsome profit.
Union Pacific stock received no effective
support on the floor OF the stock-exchange.
its decline OF over four points bringing
little buying except from the short In
tcrest Sinister rumors regarding a large
transportation company and an institu-
ton were current during the afternoon.
but were denied in well-informed quar-
tcrs.