The Washington herald., 1908-07-12
BEARS RULE MARKET
Same PreSSuretOSel Exerted
on Friday Continues.
NET LOSSES ARE RECORDED
Union Pacific and Reading Common
Resist All Efforts 10 Advance Quo
to Be Out of Sympathy with the
scheme 20 Increase Prices.

New York. July 1.-THE same pressur,
to sell stocks that was the governing in.
fuence in the security market on Err
day, and 20 a greater or less extent on tn,
day before, was continued to-day. with
the result, for a second time this week
Of producing net losses al the close o
business in the price OF nearly all thu
leading stocks.
To-day's market was totally without
salient feature, but the center Of attack
or liquidation. as the case may be. wai
the Union Pacific common shares. al
though the decline here was no greater
than in many other quarters. The Unior
Pacific common. Reading common. anC
one or two other prominent stocks. have
been relatively backward in the market
ever since the middle Of the week. effort:
10 advance their prices in any notable
degree seeming 20 meet with a good dea
Of difficulty. one reason suggested for
this development in the case Of Union Pa
cifc is that the price of the stock is now
or was a few days ago. not greatly below
the point where the process Of turning
Union Pacific convertible bonds into com.
mon shares may be proftably accom-
plished
Bonds Same aS stock.
An advancing movement beyond this
point would. I'm other words. have TO EN-
brace the price Of the bonds as well as
the stock since the bonds are at this
point equivalent TO the stock. As regards
both Union Pacific and Reading. too, Il
is commonly understood that one very
large capitalist. who Is al times very ac-
tive in the stock market. has not been IN
sympathy with the rise I'm stocks I'm the
last two or three months. and there Is a
presumption that DE has parted with q
considerable quantity OF his holdings OF
the two stocks named.
Nearly all the leading stocks to-day
closed at declines OF something less than
a point. and there was no one stock in
which a rising movement served TO coun-
tcrbalance the effect OF rcCessious else
where. The most prominent subject OF
rumor and gossip was. as heretofore IN
the last two or three days. the operations
of an investment speculative plunger OF
youthful years who has undoubtedly
been responsible Of late for a dispropor-
tionate share Of the activity OF the mar
ket
Wheat Market Firm.
The wheat market was firm throughout
the day. superfcially. because of a GER
tain amount Of success that has attended
the efforts by spectators Of the rise to
start a crop scare over the occurrence OF
high temperature over a limited portion
Of the spring wheat belt Crop scares as
regards wheat are. of course confined
now to the spring wheat district. mas
much as winter wheat Is substantially
harvested.
The small amount Of corn available foI
delivery on September contracts is also
facilitating an upward movement in the
quotation for the particular option named
but the best opinion I'm the grain trade IS
that If present prospects hold for the sea
sons crop Of corn. ruling quotations for
the price OF later options cannot be main
tanned
To-days weekly reports OF the CONNER
cial agencies was generally Of more cheer
ful tone or at least Of eess depressed
feeling IN business circles than has hith-
erto been exhibited.