The Washington herald., 1907-12-17
WALL STREET NOTES
Upward Movement Is Short
lived; Then a Lull.
LONDON A BUYER OF STOCKS
Takes Steel and Copper Issues,
Probably 40 Carry Over the Year
End-Eaort to Depress Market by
Heavy Selling of Steei-BnnlS
Fear n Bull Movement.

New York, Dec. 16.-By way of cele-
brating the substantial Improvement in
the money situation disclosed by Satur-
days bank statement, the traders made
an upward movement in the market at
the opening to-day. from which, however
they probably benefited more in expert
ence than in tangible profits
The advance was exactly proportioned
70 their own exertions on that side. When
they stopped ii stopped, and when they
tried To cash I'm il dropped back so quick
ly that paper profits became material
losses. They had bought on rising mar
ket, and were forced to sell after the rise
had eliminated. and when prices were
running OF at a quick pace After the
failure Of their first venture the traders
lacked the courage, and were not az
forded the opportunity 10 attempt much
on either side OF the market
The decline from the opening bulge was
attributed to rumor of trouble In Phila-
delphia. which was afterward pronounced
In all trustworthy quarters to be entirely
unfounded The denial OF the story did
mongers who brought out a new version
OF it. substituting the name of another
city for that at first mentioned. II is
doubtful whether rumor had anything
TO do with the decline.
Banking interests. while greatly en-
eouraged over the improvement in the
money situation. took the view that the
permissible 10 allow a celebration in the
nature of an active bull speculation, in the
the stock market. and their views on the
point were accentuated by the stifr rates
charged for call funds and the almost
complete absence Of time accommoda-
tions.
London, quite Unexpectedly. turned a
buyer of stocks. taking United States
Steel and the Copper issues in some
quantity Foreign houses were at a loss
how to classify this buying. and some OF
them We're OF the opinion that II repre-
sented transfers Of stocks by speculative
interests which were able 70 make bet
ter terms 10 have il carried over the end
OF the year in London than they could
make here.
Rumors Of a reduction in the dividend
furnished the traders with an easy argu-
ment for a lower range OF prices for
Amalgamated Copper and Anaconda. but
what probably caused more selling of
real stock was the estimate made by
conservative paper OF the accumulation
Of the metal on both continents. which.
Notwithstanding the reduction in Output.
was placed at 10000 tons a month.
There was very heavy selling Of United
States Steel which seemed 20 be designed
for effect on the general list. though
neither in the stock itself nor elsewhere
did it accomplish much in the way of a
decline in prices. Steel stands in
position all alone.
The industrial group may be weak with
out disturbing il 10 any great extent. and
II has shown itself almost equally inde-
pendent OF the railroad group. This in
dependence does not relieve other stocks
OF dependence on Steel On the contrary.
there is no stock on the list that could
exert anything Ike the influence for de-
cline that could be exerted by this issue
4 heavy decline in Steel would be felt
through the whole market. Its weight
would fall as heavily on the stocks OF the
greatest railroads as on those Of other
industrials.
American Sugar Refining was the strong
est stock on the list, not only resisting
the influence OF the weakness in the in
dustrial group, but gaining ground while
the others declined. until al the end Of the
day II showed the substantial advance of
lss points from Saturdays closing There
was nothing new on the stock, but the
more conservative traders after consider
ing the statement made by well-inform-
ed interest as 10 the years results and
the present position of the company, both
as 70 its assets and the way IN which its
stocks are held, came 70 the conclusion
that operations on the bear side were by
no means as safe as some spectators
seemed to suppose.