The Washington herald., 1908-06-11
MARKET IN A Squirt
Rush at Close Gives Impetus
to Dull Trading.
PRICES TEND UPWARD AGAIN
Btrength of AmRIgamRted Copper,
Anaconda, and Other Metal stocks
In Feature of the Day-Rise in Mis-
souri, Pacific Due TO Purchases
Made by short Interests.

New Work. June lO.-A spurt Of activity
In the closing hour of stock exchange
business to-day alone saved the security
market from making another low record
for trading IN the year.
In the last hour buying and selling OF
stocks increased decidedly. but with the
net result. after all. of making the total
value Of transactions only a little larger
than on the day before. There was. on
the other hand, this difference between
to-day's market and that of Tuesday,
that to-days prices displayed a tendency
to advance that was more uniform and
more strongly marked than was yester-
days movement toward a decline. and
although the usual profit-taking sales by
the room traders just before the close Of
business cauesd a Slight recession Of
prices from the highest Of the day. final
quotations were still left at considerable
gains, considering the utter inertness of
the market itself
AmnIgnmnted strong.
The features Of the market. so far as
there were any at all. were the strength
Of Amalgamated Copper Anaconda, and.
most of the other metal stocks. and an
advance In Missouri Pacific stock. The
rise In Missouri Pacific was undoubtedly
due 20 purchases made by the short In
terest ~ the stock, which has come 10 be
very large The stock lends daily for
delivery either at only trivial rate OF
interest. CT with an absence OF any inter-
est payment whatever and il is obvious
that n premium FOX its use could be Sc
cured by the exercise OF very little effort
What this may indicate is, Of course,
largely q matter Of guesswork. but there
Is supposition IN certain quarters that
the stock has during the recent decline.
been heavily accumulated by strong
financial interests that have not previous
ly been identified with the Missouri
Pacific management
The rise In the metal stocks was due.
perhaps, TO a slight increase in the cur
rent quotations for copper and to va~
rious signs tending 20 prove that the re-
duction in iron and steel prices, promul-
gated late yesterday evening, would In
no way produce that depression in the
market for the shares of the leading iron
and steel corporations that an extended
speculative interest fer the decline IN
these stocks has for "a long time con-
tended.
Union Pacific Bonds offered.
The actual announcement OF this reduc-
ti0n and the formal Offering Of the Union
PaCihC's new bond issue this morning
constituted the two main factors of the
day in the market trading
There was one development OF the day
which did not. perhaps attract any par
ticular attention IN Wall street. and real
ly came too late to be noticed there. II
was. however far more important than
anything else that happened during busi-
ness hours possessing any market bear
ing whatsoever. il was the news con-
tained In dispatches from Chicago. where
the delegates 90 the Republican national
convention are slowly gathering. that the
Republican political platform was 60 be
OF conservative character. devoid OF hos
tillty 10 the courts and the judiciary, and
containing no demands for anti-corpora-
tion legislation or FOR laws passed in re-
stralnt OF trade combinations.
If all this promise s. borne out. the
financial district will feel assured In "a
way that it has not, at any time in re-
cent years