The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-07-04
WEEK HAS ENDED
EXCEEDINGLY DULL
New York Stock Market
Surprises Oldest
Brokers.
SALES ARE LESS
THAN EVER KNOWN
Various Reasons Asst ened, But
None Are Very Sat
isfactory.

NEW YORK, July 4-The stock mar
ket has been gradually growing limited
in volume and in range Of prices dur
ing the past week, eliminating yester-
day in the sale of the smallest number
OF stocks in recent years. the total
transactions being only a little above
1900 shares.
The market has been hopelessly dull.
its strength in the face of that dullness
being the most notable feature Of the
situation. All during the week. after
Monday, the prices Of steel stocks. cop
pers and many OF the railroads gradual
" Crawled upward from day TO day
making gains from 1 TO 3 points since
the temporary slump early in the week.
The situation is simply a waiting one.
Trading is entirely professional, and
so narrow that many OF the prominent
houses OF the Street seem to be tenn
pOrarily out Of tho market. a few
brokers seem to be running a secret
game of buying in the small volume OF
stocks offered with a view 10 making
a turn later, on the superstition that
when the market assumes some activ-
ity prices will go up. This accumu-
latiOn OF stock is the chief reason given
. for the strength OF the market, II be-
ing argued that If matter were left to
4 themselves prices would sag. the bears
would find the opportunity sought ana
sdrive the market into a hole, from
which it could be extricated only by the
most drastic short covering.
Shorts Probably Few.
SO far as appearances so the short
interest is not great. The fact is there
IS no pressure 10 sell, and the few
stocks offered at the present prices are
easily taken care Of by the profession
ais, perhaps as explained to accumu-
late a large supply for the raid which
Is thought TO be long overdue.
The situation appears TO be ripe for
some pronounced movement after the
holiday, or at least after it becomes
apparent what is to be done politically
at Denver. The view most generally
taken here is that it is known prac-
tically what the convention Will do. and
there is no excuse for waiting longer
70 carry out the purposes that may
hang upon the nomination Of the Demo
cratic candidate for President
Many brokers believe that the hand Of
the manipulators OF the market will be
shown soon after the opening next
Monday. and that there will not be
another week of such Indifference and
leLhargy as that just passed.
There is little in the price fluctuations
which TO fasten comment. All signs
point to excellent harvests. This will
help business. which Is surely reviving,
as the reports of the railroads and in
duStrial corporations fully prove The
July disbursements of interest and d.
vidends have only added to the immense
accommodations of money here and IN
other Centers, and all the facilities. as
well as the attitude and wish Of the
spectators IS toward greater activity
and a substantial rise in the market
Some Think Stocks High.
Another view taken IS that securities
are now about at their intrinsic value.
considering the earning power Of the
corporations and the general squeezing
out Of fictitious values that followed the
panic. On the ground that stocks and
bonds have reached their natural leve!
II is claimed that there Will be no rapid
rise Of the market or indeed, any rise
that viii give the Spectator hope ~
getting q big reward for his patience IN
tying UP to the long size Of the market
and holding or for 50 long time
Those who take this view declare that
the speculative world must learn that
stocks and bonds must remain at a
lower level that formerly and that Sc
curities are now at really a high point
for the new order Of THINGS
This view is an ingenious one ,.6r.z not
without some strong reasons. but It is
not the reason that spectators like to
contemplate, though possibly II does &c
count FOR the present situation better
than the multitude of assumptions re.a-
tive TO the low price of securities and
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