The sun., 1908-06-28
GossrP OF WALL sfREET.

2ltt - l.h
The olosins days Of the week proved an
excepelon 70 one Of the trndefs' accepted
theoriee.-thgt after a period OF ssasnaticn
through which prices held nrm q sharp de-
cline should occur whatever might happen
later The records show thas mio mas oc-
CURED 90 frequently and an upvsrd move
ment without any inter venins ec'1, 80 ~ uecnne e
20 seiuo $3.50. ~ ~.r.rded as onIv tha
n.ay ytta,. .hst ,royea tbe rule . l-.-~a ,
oA''p' -
For week or more the street mas been
filled with the kind OF bear sentiment that
might be expected where rune such as that
referred to above finds Almost eehefai @ccept-
ance The financial district has Deem luu OF
people either playing the market short for q
turn or waiting for reaction on wmcn 70 puy
stocks. Only In the degree In which they
were bearish did opinions oinei. Inc pess
encouragement q customer couiu eApect 10
get from his broker was tnet sne niarket
probably would not decnne nucn ana tnat
1t might be well 70 stano reaoy 10 nuy moo
erately on reaction In tne expectation OF
securing q reasonaoie plon An1 ne. s,eas a
majority OF brokers ana eraoers saio uhey
could see reasons why prices should decline,
and all OF them ackhowposeu .hei haInsy
as a basis for an advance. The pessimism In
some Quarters and the lack OF optimism which
GENERAL
MANY others to dispose of their speculative
,nes In the expectation of getting their
boldin ga back at lower prices, and the result
was that every day brought an improvement
I'm the technical position which might have
ayerted decline even had there been no more
substantial forces working toward the sa .1se
end.
,.,. th,t Wall s.roet cor-
tinues Indifferent to the tendency OF railroad
earnings as disclosed by the reports OF the
large number OF roads which make state
ments of gross returns weekly. Since the
last week Of April there has been steady
reduction Of the percentage OF falling OF
as compared with last year. The last week
of NAV furnished an apparent exception.
for which a very satisfactory reason can be
found and the returns for the second week
of June. now coming in. show so far as they
have been received a smaller proportion
of decrease than any other week since the
middle Of April. The Improvement is SLOW.
Us conseIVh' % I've. a, 20 % waro ,ess MARRIED
mouu ~, h,t .o,id he s,id was that ro'
vi u 'ie 80 ..tosar, - tha boftom " tbsra
ceip.s W., n.e @ =, Wei, stroat shor,d
iieho oS'' " ..;,,,,,,,,
ihoueiu'e "'
inst before the market began the decline
that resulted In n succession Of pancs and
tbe establisbment of a level of prices 30, 20
mr. IN nor cent under those Of 1905 Wall Street
oorld see only one side to the trading. The
,,rofossion,Is rvero all oreratipg on the bull
sdo o,d could not be indnced to give il up.
.iIhnu ah taking ore month with another they
uode Ittle money Now they are operating
for lower rr;ces and The question suggests
;ts.,r Arc tbev oyerstaying on the bear side
=. thar d;d on tho otberp
The strength OF the burlington joint 4s
tor1ow no nnvtb;ng else In the market t
80 - ~ .o;d ,ho+ ,nucb that ,rns entireIv
'-.,s ~. i.a,,rht rrt h,, this discussion
at...ah net ~ tho old rumors about n
deal involving the substitution Oh complete
ownership OF the burlington uy rrea' Nor.p
ern for the present JOINT controi were Teitei"teu
and found advocates to argue IN thelr laVor
with degree OF warmth that might Es~s
induced serious consequences mad tine weather
been as hot as at the beginning OF the week.
The Hill stocks were firm.
49,, MA. ,.-- , .ou.rd ,h.
,nion O.. nd go ~. o,osa tu-nad
enu u.,l'' VI .me "rss ai' Sn nrn,ona,,nn ~ tha
pos..'e,' go, r.,oh otTaataJ the wbnIe
that the bears appeared to have concentrated