The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-11
DAY IN WALL STREET
. Ispee!al 70 The Times pispatch.l

( Z
Especial to The Times Dispatch.l
NEW YORK, July 10.-The fear. that
John Mitchell would be nominated for
Vice President, on the ticket with
Bryan and would win for the Demo-
Gratis the labor vote overhung the mar
ket to-day and caused a good deal OF
selling of stock by real holders who
feared that the election would not be
the walkover for Taft that the Street
assumed it would be. Some observers
said there was far more OF this kind
Of selling than Of the sort which rep
resented q renewal Of Dearish opera
tions. The bears, it was stated. had
not recovered from the effects OF the
punishment administered to them
earlier In the week, and were afraid
to incur the risk OF receiving another.
1t was the erstwhile bulls. who had
profits and were apprehensive that. un-
less converted into cash, these Nigh.
disappear, who supplied the bulk Of
tha selling.
Even If the political situation had not
assumed less favorable aspect from
the Wall Street Point ofsview, 1t would
have been in accordance with precedent
that reaction should occur. The mar
ket had had a good rise and there
was no new force to carry it further.
For the moment, all the good news
was out.
The crop report had been published,
the Baltimore and Ohio declared at the
full rate, and Bryan, the weakest pos
sible candidate, nominated by the con-
vention at Denver. Except when 1t
cones very unexpectedly. good news is
generally discounted. and this seems to
have been the case in the present In
stance. When the facts became es-
tablished beyond any possible contro-
versy, spectators argued that their ef-
fects had already been observed In
the market and that being now things
of the past. they could no more pro.
duce the same effects over again than
the water could go over the mill wheel
twice.
Even II the traders did not take a
position on the bear side 1t was evil
dent that the evidence Of uneasiness
over the political outlook manifested
by many holders OF stocks was not
without its effect upon them. Senti-
ment among them was bearish, al
though they lacked the courage to sell
shor.
They had for days been talking OF an
election scare, but yet distant In point
of time. rather than Of the near future,
and they began to wonder whether they
had not Imscalculated,l and to think
it possible that what they apprehended
as an occurrence OF the coming fall
might happen any moment. In these
doubts they could only walt and watch
Developments. Il
The diffusion over the entire country
OF the news OF the declaration OF the
full dividend on Baltimore and Ohio
brought no buying OF the stock, and
the price did no more than hold at
about the level to which It rose, when
on Thursday afternoon 1t wasas an
nounced that the directors had decided
on the payment ofthe established rate,
Shorts covered then, and, marketwise,
that was the only effect. Those away
from the Street who learned what had
been done, when they read of 1t in
the morning papers, appeared to be en-
tirely different. fias
Thetr interest was not stirred. and
despite the fact that the board of d.
rectors OF the company Ia represen-
tative OF q greater number OF ftnan-
cial groups than that OF fany other
railroad In the country, the dividend
declaration seemed to have failed to
carry the weight which some peQple