The Washington times., 1908-06-04

NEW YORK. June 4-The price
movement on the stock market today
was as irregular as the course of a
motor car driven by a drunken sailor.
II wasn't a good market, nor was the
sentiment favorable to a continuation
Of the upward movement in prices.
When il was announced ten days ago
that Mr.. Hartman, acting for the
Union Pacific Company had disposed OF
many thousands OF shares Of Great
Northern and Northern Pacific stock,
from the treasury of the Union Pacific
Railroad Company, it was confidently
stated that there would be no occasion
for an issue Of bonds. Then, after some
rUmors. it developed that an issue Of
$40 600 IS had been marketed quietly,
and it began to dawn on the Street
that Union Pacific was being pretty
heavily loaded. and in many quarters
the opinion was expressed that Mr..
Hartman would plaster 1t ali over
with stocks bonds. and perhaps Few
short term notes, just Tor variety of
decoration"
1t is a great road. a fine property.
But with a big surplus as a result of
the years operations ample cash in
bank and the proceeds of the sale OF
I'M shares, there should have been no
occasion for starting the printing
presses to work.
The bond proposition was nerVe-un-
settler, and caused considerable uneasi-
ness aud not a little selling of the
stock on the opening and more there
after.
The cut in prices of finished steel
products was another disappointment
10 the street. All in all IT wasn't an
especially good dny for the bulls and it
did encourage the bears 10 sell a few
stocks here and there
The opening was weak all around, and
5sd% lower on all the leading stocks.
Immediately thereafter there was a re-
C0veTy to practically the closing prices
OF yesterday, IN the leaders, and then
with a skidding turn, the market drop
ped back nearly points, steadied on
some prOfit-taking by shorts and reach
ed about opening prices, only TO go off
stlu further in the erratic fluctuations
Of the noon hour.
Union Pacific opened IS off rallied J.
and then broke 2 points, recovering from
l4I 10 l4S's and then dropping back 10
1875.
St Paul was ia at low and a point
or in the noon hour. Baltimore and
Ohio, rs lower; St. Paul was just at
yesterdays close, although IL had been
y lower, and Is higher Ia the interim.
Great Northern. Northern Pacific, and
Reading were a of in the midday
break
Industrials We're easiec. Copper and
Shelter q off. Steels p Biscuit a point.
The fact that the ROthschilds were
not considered in the financing Of the
Union Pacific bond issue caused some
question as TO the willingness OF the
great finanCiers 20 handle Hartman
securities. II was denied that their ac-
ton was anytime more than an indis-
position on the part of Mr.. Hartman
10 make the price-cOnCessions necessary
10 meet the views of the great bankers. |
But the market was badly in need OF
props and there being no one ready TO
stand under and hold Il, the Priceless
continued 10 about Ill points on the
leaders. This extended through the ma
jority Of rails. although a few held
little better than the others.
Steel continued weak on the price
cutting proposition and lost point
while other indusJTials were soft
AS the session wore on the market
wore downward, liquidation and some
selling on account of bears being plainly
in evidence. It was really the weakest
market that Wall Street has known for
nearly three months, and when the bell
tapped for the close, prices We're grind
ing on the bottoll
The losses were quite severe, with the
leaders the weaKlinSs.