The Washington herald., 1907-10-11
WALL STREET NOTES
Holland Bankers Send Reas-
Suring Adyices.
SELLS U. S. STEEL
General Electric Proves One of the
Weakest StOcks-Bears Take 40
Miscarries and Securities Becoming
BuIwark of Railroad List.

New York. Oct. l0.-Further reassuring
advices came from Amsterdam to-day re-
garding the situation in that city, and the
little country of which it is the capital,
but with these advices came denial OF
the rumors that had been circulated here
to account for the weakness in Chesa-
peake and Ohio. Southern Pacific. and
many other stocks. Not only did the
Dutch bankers assert that the conditions
in their country were improved. but they
gave the most positive assurances that
the amount OF American stocks sold by
their cOuntrymen was relatively small
Consequently the street was obliged 10
look elsewhere for an explanation of the
liquidation in the past few days.
Not the least plausible theory regarding
the selling OF Southern Pacific and Chesa-
pea!le and Ohio was that some follower
Of an important financial group interested
In these roads had been helped to carry
his load through previous breaks in the
market, but that at last the time came
when help was no longer extended. An
opportunity, Il was argued had been
given 70 put the account in good shape
and as this had not been embraced, the
holder of the stocks was obliged 10 bear
the consequences.
London appeared to be a seller Of
United States Steel, but it is entirely
possible that In this instance appear
anCes were deceptive. The stock met with
support, which, though by no means ag-
gressive, was sufficient 70 enable It 70
retire in fine order.
General Electric was one OF the weakest
stocks In the market The selling was
done largely through the specialist, but
there was no way of tracing back to their
source orders that had been placed in his
hands. The traders Offered guesses on the
point but these guesges were founded
on nothing more than That the specialist
had some time received orders from a
prominent brokerage house.
Pressed Steel Car made a new low rec
ord, and Colorado Fuel and Iron dropped
TO a lower level than it had before sold
I'm several years. Only a poor market
could be found for inactive specialties.
Fer the first time IN nine years, Louis
Vile and Nashville sold under par The
fact spoke of liquidation, but it told more
loudly Of the effect Of the anti-corpora-
ton policies Of some Of the Southern
States. that If carried to their ultimate
conclusion. VIII totally destroy. the in
vcstmeut value OF the stocks Of the COM
panies operating in that section Of the
country.
Notwithstanding the decline IN the
silver market, American Smelling and Re
hning received support consistently from
beginning 10 end Of the session, and the
bears were unable to make any headway
with their operations against H.
Union Pacific was one of the first stocks
to show evidence of support after the
opening Of the market. The bear pro-
sramme was 20 make this stock weak
enough TO affect the whole market. but
;he scheme miscarried and instead Union
Pacific became a bulwark of strength for
the balance Of the railroad list.
At the opening Southern Pacific sold
at 7Sl2. and that quotation marked the
lowest point Of the day. There was SELL
ing at the start for the account of GUS
toners Of commission houses. who had
failed to respond to calls. and the bears
saw to it that the price was made as low
as possible.