New-York tribune., 1908-06-10
FINANCIAL AFFAIRS
STOCK PRICES HEAVY.
Market Wholly a Traders Il far
Money Rates Unchanged.

Transa ctions in yesterdays stock market were
lighter than on any preceding day in the current
year and footed up the smallest total since June
"a, 1907, amounting only 1S9,25S shares, of
which Reading, Union Pacific, United States
Steel and Northern Pacific supplied about one
half Price movements showed definite ten
dency until the last hour, when the general
movement in the direction of a lower level,
without, however. material losses in any part of
the list 1t was wholly a traders market, and
poor one at that. The larger speculative in
terests were not disposed operate either
side of the account, and commission houses prac-
tically were without orders for the public, the
best part Of the days business being made UP
of the swapping operations of the floor room
element. In view of the approach of the political
conventions the development of acute dulness IN
t. speculative markets is not at all surprising;
indeed, great activity at this period would not
be in line with precedent or with the plans OF
the market leaders Prices sagged more from
neglect than from active bear pressure. There
was not much stock in the market, according to
traders who bought to even up their books, and
the late decline failed to bring any lQuda
ton, selling a rule being entirely professional
in character. Flood damage reports in certain
sections of the West received little attention on
the board, while the troubles of the Wheeling
& Lake Erie, the expected cut in steel prices
and the indicated success of the Union Pacific
bond offering without market influence
London sold on balance, and in the London mar
ket selling of American securities for Conu-
mental account was reported Central Leather
issues were among the few stocks that ended at
net gains buying of these shares being based
on bulish reports the company by interests
closely associated with the leather trade.
The receivership proceedings in the case of
the Wheeling & Lake Erie do not reflect weak
ness in the railroad situation i'll this country,
and efforts to twist them into bear argument
on securities in general not likely 10 meet
with response from sensible holders of American
railway stocks and bonds. The troubles OF the
Gould roads are due to conditions created by the
companies themselves intensified. of course, by
the factors resulting from last years panic, and
by seeking the protection of the courts the
Gould interests have adopted the only safe way
of settling the financial difficulties of the prop
critics. Many mistakes have been made in recent
Gould financial operations. but it is not unlikely
the lesson learned from these mistakes eventu-
ally will be effective in placing the entire Gould
system in a stronger financial and physical
position than at any time in its history. Weak
spots in the situation gradually are being elm
mated and the foundation is being laid for in
dustrial expansion and financial stability on safe
and sane lines 1t is quite generally believed the
nomination Of Secretary Taft for the Presidency
will be followed by Improvement in the countrys S
business, based on the assumption that his NOM
ination will be equivalent to election and the
maintenance of those national policies which in
the past have promoted industrial prosperity.
And it is commonly believed the nomination Of
Secretary Taft will be the signal for advance
in securities prices. Bryan doubtless
"a ill develop from time to time before November,
but the best informed Wall Street observers do
not look for more than passing movements in
favor OF the operators for lower quotations.
Though securities already have enjoyed substan-
tial appreciation from the panic figures of last
fall there is nothing at the moment in the outlook
that warrants the development of an extended
bear campaign. 1t looks as if the years har-
vests would bring great prosperity TO the United
States.